You make us move.
Annual
Report
2022

2
Contents
1. Overview of Key figures 3
2. Message to stakeholders 4
3. Shared Value Creation 8
4. Governance 13
5. Customer and Citizen Value 43
6. Environmental Value 49
7. Social Value 66
8. Economic value 74
9. Management responsibility statement and Report of the Joint Auditors 153
10. Appendices 159
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3
1. Overview of Key figures
Adjusted for the year ended 31 December
IN MILLION EUR 2022 2021 EVOLUTION 2022-2021
Total Operating Income
(1)
4,397.5 4,333.7 1.5%
Result from operating activities (EBIT)
(2)
278.5 349.3 -20.3%
Result of the year (consolidated – IFRS)
(3)
245.0 246.6 -0.7%
Operating free cash flow
(4)
397.4 290.5 36.8%
Reported for the year ended 31 December
IN MILLION EUR 2022 2021 EVOLUTION 2022-2021
ECONOMIC VALUE
Total Operating Income 4,397.5 4,335.1 1.4%
Result from operating activities (EBIT) 263.3 338.0 -22.1%
Result of the year (consolidated – IFRS) 231.7 250.2 -7.4%
bpost NV/SA net profit (unconsolidated – Belgian GAAP) 124.3 161.4 -23.0%
Operating free cash flow
(5)
403.2 253.2 59.2%
Net debt/(Net cash)
(6)
437.8 470.3 -6.9%
Basic earnings per share, in EUR 1.16 1.25 -7.3%
Dividend per share, in EUR 0.40 0.49 -18.4%
SOCIAL VALUE
Number of employees (at year end) 34,509 36,272 -4.9%
Number of FTE (average) 31,617 32,429 -2.5%
Number of FTE and interim (average) 39,285 40,339 -2.6%
Employee Engagement score 39.5 - -
Total training hours per FTE 38.5 32.7 17.9%
ENVIRONMENTAL VALUE
Share of emission-free last mile delivery 15.3 8.5 80.0%
CO
2
footprint (tCO
2
e) 425,765 477,243 -10.8%
CUSTOMER VALUE
Customer satisfaction score – bpost Belgium 84.5 83.0 1.8%
(1) Adjusted total operating income represents total operating income excluding the impact of adjusting items and is not audited.
(2) AdjustedEBITrepresentsprofitfromoperatingactivitiesexcludingtheimpactofadjustingitemsandisnotaudited.
(3) Adjusted result of the year represents result of the year excluding the impact of adjusting items and is not audited.
(4) Adjustedoperatingfreecashflowfortheyearrepresentsoperatingfreecashflowfortheyearexcludingtheimpactofadjustingitemsandis
not audited.
(5) Operatingfreecashflowrepresentsnetcashfromoperatingactivitieslessnetcashusedininvestingactivities
(6) Net debt/(Net cash) represents interest and non-interest bearing loans less cash and cash equivalents
ForfurtherdetailsonreconciliationofAdjustedandreportedkeyfigures,pleaserefertosection”ReconciliationofReportedtoAdjustedFinancial
Metrics”ofthisdocument.

2. Message to stakeholders
2022: bpostgroup’s underlying
strength and its strategy for
the future confirmed
Resilience. A quality often associated with the business world at
the height of the health crisis. And one that yet again character-
ized the course of bpostgroup in 2022, as summarized by Audrey
Hanard and Philippe Dartienne.
The President confirms that bpostgroup proved that it is a compa-
ny with stable and solid foundations: “Even if these are set to be
further strengthened, our governance processes worked well. The
Board of Directors and the Executive Committee demonstrated
that we know how to take appropriate steps very quickly together,
enabling the company to continue to perform even in the event of
disruptions.”
Philippe Dartienne, for his part, saw 2022 as a year of confirma-
tion that the strategy, focused on volume and service growth in
e-commerce and logistics in Belgium, North America, Europe and
Asia, was right and was producing results. He applied the word
"resilience" to all the teams that made it through the crucial end-
of-year period without a hitch, using this opportunity to thank all
bpostgroup staff who lived the company’s values day in, day out.
“We want to be a social ladder for our employees", he emphasized,
recalling in passing the priority given to well-being at work.
The President highlighted diversity and inclusion as values that
she wanted to see spread throughout the company. “We want all
our employees to feel good at all levels, including the teams out in
the field who reflect the diversity of our population.”
Despite a complicated economic context
and unexpected changes in its leadership,
bpostgroup stayed its course in 2022,
reconfirming its operational robustness
and the relevance of its strategic plan. Its
President, Audrey Hanard, and its interim
CEO, Philippe Dartienne, were thus able
to speak with confidence about the future
and the challenges to be overcome.
Audrey Hanard
"We want all our
employees to feel good
at all levels, including
the teams out in the field
who reflect the diversity
of our population."

What can you say about the last 12 months?
Audrey Hanard: “We had envisaged 2022 as being a period of sta-
bility. The end of the year was marked by major changes in lead-
ership roles. Though unexpected, the resulting shock waves gave
us the chance to clearly reaffirm the company’s values. bpost was
able to stay focused on its operational challenges, which it over-
came successfully. I would like to take this opportunity to thank
all our staff and their representatives as well as the management
teams: it’s because of them that bpost was able to demonstrate its
resilience in 2022.”
Philippe Dartienne: “I can testify in concrete terms to this
resilience that Audrey referred to. This year again, despite all the
difficulties, we successfully navigated the crucial year-end peak
in all the sectors in which we operate, in Belgium, Europe and the
United States. Singles Day, Black Friday, Cyber Monday, Christmas,
the end of the year... The peak period is tending to start earlier
and last longer. Volumes are difficult to anticipate and require a
very high level of responsiveness. The latter can be ascribed to our
great operational efficiency, to the optimal use of our resources,
but above all to the unfailing commitment of our staff, on whom
we were able to count during this complicated period.”
Your business environment remains very competitive…
Philippe Dartienne: “Here again, bpost demonstrated its
resilience. At the end of 2021, the repositioning or insourcing of lo-
gistics in Belgium by one of the largest e-commerce players could
have been extremely damaging. Together, our teams responded
to develop and implement our own business plan, with the latter
already delivering excellent results in 2022. Ultimately, despite
relatively weak demand, inflation and a general rise in costs, our
performance turned out to be quite satisfactory, and even better
than most of our competitors. We can be proud of that.”
What about the social dimension?
Philippe Dartienne: “In Belgium, bpost initiated five rounds of
wage indexation in 2022. Distinguishing us from other logistics
players, these progressive and consecutive wage adjustments
enabled us to protect our staff from inflation throughout the year.
Moreover, bpost’s business model is based on employees being
hired on permanent employment contracts. This makes all the
difference in a sector – delivery services – often decried for its
precarious working conditions. At bpost, it is the exception for us
to resort to subcontractors to deliver parcels. They are rigorously
selected and regularly controlled.
Audrey Hanard: “In this respect, we are following with interest
the government’s announcements aimed at better regulating the
sector and hope a solution can be put in place to avoid abuse.
Develop your skills and career and build a life: this philosophy is
reflected in our human resources policy, but also in the actions we
take. For instance, bpost played a crucial role in providing support
and a social link during the 2021 floods. This year, the company
made its network available to citizens who wished to donate
goods to the Ukrainian population. We transported the parcels in
collaboration with our Ukrainian colleagues.”
Looking at your Belgian activities, how do you see
business developing in 2023?
Philippe Dartienne: “On the parcel side, the business plan will
Audrey Hanard
“We are following
with interest the
government’s
announcements aimed
at better regulating
the sector and hope a
solution can be put in
place to avoid abuse.”
1.4%
Despite a difficult market,
sales increased by 1.4% to
4.4 mEUR
5

6
continue to bear fruit. We are gaining new customers every day.
Of course, the sector is in constant motion, with a few clouds – in
particular inflation, energy costs, problems in China – hanging
over the growth of e-commerce. It’s up to us to stay effective and
to convince all players to work with us. Opportunities for growth
are still there! Our first argument is our Net Promoter Score, which
measures parcel recipients’ satisfaction with the quality of our
services. It is very high, which differentiates us from our compet-
itors. Platforms are very sensitive to this, meaning that none of
them, even the largest, perform 100% of their deliveries them-
selves. They therefore remain our partners.”
Audrey Hanard: “Our network wants to provide further services
to Belgian citizens, public authorities and SMEs who are devel-
oping their e-commerce activities in Belgium and abroad. That’s
another strategic focus and we’ll be working on new offerings in
this area.”
What about letters?
Philippe Dartienne: “The irreversible decline in volumes contin-
ues, but at a slower pace than we might have imagined, particu-
larly after the COVID-19 years. Mail has already been digitalized in
those areas with the greatest leverage. That said, in a context of
inflation and more expensive financing, players have, for the time
being, deferred several digitalization programs and investment
projects.
Have bpostgroup’s international ambitions changed?
Where is the group today?
Audrey Hanard: “Anchored in Belgium – it’s not for nothing that
we have a Royal Warrant of Appointment – we would also like to
become a global player in e-commerce. We have developed a lot of
skills and experience in our country. And we want to acquire and
develop these abroad, particularly in the most dynamic mar-
kets, allowing the whole company to benefit from them, both in
Belgium and elsewhere. The challenge is to perform wherever we
have a presence.”
Philippe Dartienne: “As for the overall market situation, a decline
in e-commerce volumes led to overcapacity, which exacerbates
the competition. However, since our market share abroad is much
smaller than in Belgium, the growth potential is greater there,
provided we remain true to our quality of service and are able to
offer attractive prices.”
Are you planning any acquisitions to support your
growth?
Philippe Dartienne: “While we have the capacities to grow
organically in the US, we remain open to acquisitions to develop
new services or support our customers in their geographic
expansion. In Europe, acquisitions are also on our roadmap. Our
acquisition of IMX in France in 2022 is a perfect example of this.
The goal here is to reach a critical size in order to serve customers
Philippe Dartienne
“This year again, despite
all the difficulties, we
successfully navigated
the crucial year-end
peak in all the sectors in
which we operate.”
“Despite relatively weak demand, inflation and
a general rise in costs, our performance turned
out to be quite satisfactory, and even better than
most of our competitors. We can be proud of that.”
Philippe Dartienne

7
The goal here is to reach a critical size in order to serve customers
in several territories in Europe. Our conception of logistics is not
limited to transporting a parcel from A to B: it includes value-
added services, as seen with Active Ants and its high-performance
e-fulfilment centers for e-commerce.”
The environmental crisis is starting to hit us all.
Where does bpostgroup stand on this point?
Audrey Hanard: “This is a subject close to my heart. Our carbon
footprint reduction targets have been validated by the Science
Based Targets initiative (SBTi). In short, this confirms that our
ambitions and the resources we are mobilizing are realistic. We
recently joined the index of Bel 20 and Bel Mid companies recog-
nized by ESG Analytics for their good environmental practices.
In 2022, our Ecozone concept won the BeCommerce Innovation
Award, the BeCommerce Logistics Award and the BeCommerce
Special Jury Award – three splendid recognitions of the efforts
undertaken by our teams for a sustainable approach to our
business.”
Philippe Dartienne: “We need to be at the forefront of this fight,
which is an important differentiating factor in our markets. Our
ambitious goals are set to be achieved mainly by using less energy,
by using renewable energy sources and by working on the design
of packaging and the packaging materials used – Active Ants is
a pioneer in this area. All this represents a long-term effort, but
we are maintaining a sustained dialogue with our suppliers and
customers. And we’re making real progress!”
12
city centers where bpost
delivers mail and parcels in
Belgium without emissions
7

8
3. Shared Value Creation
3.1 Who we are
To many, bpostgroup is the human face in a digital world. We are the bridge between the digital and the physical; we connect people and help
our customers succeed.
For almost two centuries, bpost has served Belgian citizens, businesses and public institutions. Over the past decade, bpost has engaged in a
strong diversification path. Whilst we sustain our essential activity in the postal business, we have also capitalized on the globally emerging
e-commerce market.
Today, bpost covers international operations ranging from state-of-the-art fulfilment and warehousing solutions to cross-border transpor-
tation and deliveries and offers several specialized services such as product life-cycle solutions. In other words, bpostgroup has clearly and
confidently established itself as a global service provider in e-commerce and omnichannel logistics.
“ We connect people and
are your trusted guide
to delight customers
in a changing world”

9
The group is structured in three geographic business units as follows:
Belgium
E-Logistics
North America
E-Logistics
Eurasia
• Last mile parcels delivery
(549k parcels per day on average
in Belgium and the Netherlands)
• Mail and press distribution
(5.57 million letters handled daily
in Belgium)
• Retail network and customer care
• Value added services
Full e-commerce logistics offering, among
other things:
• fulfillment and warehouse solutions;
• cross-border services;
• transportation and delivery solutions;
• returns handling;
• customer care.
Logistics backbone for e-commerce,
offering more specifically:
• fulfilment and warehouse solutions;
• cross-border services;
• transportation and delivery solutions,
including specialized last mile delivery
(Belgium/ Netherlands);
• lifecycle solutions, for returns (global)
and recycling/refurbishing of high-end
products (Belgium/Netherlands).
3.2 Operating in a world in perpetual evolution
bpostgroup embraces the new opportunities that arise in a world that is continuously changing:
Digitalization of mail and growing e-commerce
Digital services relentlessly continue to replace physical ones. Whilst this corresponds to declining postal mail volumes, we are also seeing
a growth in e-commerce-related activity and value-added services. We persist in our journey to innovate and adapt our business to meet
the changing needs of our customers in the contemporary world. In this context of increasing digital interfaces, our role as the human face
becomes ever more relevant.
Evolving globalization patterns
Year after year, global trade is faced with new challenges, ranging from supply chain disruption to geopolitical tensions. Our customers
require solutions and responsiveness. At bpost, we scrutinize and act quickly on opportunities that arise. Our broad area of e-logistic
activities, spread out over 4 continents, allows us to provide resilient logistic solutions where our customers need them most.

10
Inflation
Surging costs are hitting millions of families and businesses across the globe. We find it important to strike the right balance, keeping our
costs low, paying our employees with salaries that allow them to deal with inflation, and limit price increases to support our customers too,
whilst continuing to provide a high quality service.
Climate Change
The challenges our planet is facing cannot be ignored. To bend the trajectory of climate change and reduce the impact on the environment,
we believe industry actors need to contribute to reaching the objectives set by the 2015 Paris Agreement. bpostgroup is committed to leading
the way to reduce carbon emissions.
Technology and Innovation
We are engaged in technological innovation. With our bpost app, and with the technology supporting our operations, we ensure that our
customers’ experience is enhanced. Across our activities, we make use of state-of-the-art robotics and automation technologies. Those also
account for improving our employees' safety and wellbeing. Innovative packaging materials, as well as electric vehicles, contribute to our
action to reduce our environmental footprint.
3.3 Our Ambition
In 2030, bpost will celebrate 200 years of success. Our objective is to develop into a global e-commerce & logistics service provider, with a
sustained Belgian anchor, recognized as a reference in sustainability.
Develop into a leading international
e-commerce and logistics service
provider.
Reinvent, secure and grow our
anchorage services in Belgium to
citizens, businesses and public
institutions.
Be a reference in social and
environmental sustainability in
all markets in which we operate.

11
3.4 How we achieve our objectives
We will execute 9 strategic programs to achieve our 2023-2027 targets on our 3 strategic ambitions.
AMBITION STRATEGIC PILLARS ENABLERS
Develop into a leading
international e-commerce and
logistics service provider
1. Intensify organic growth by investing in sales excellence, and by
broadening our customer base in selected market segments
2. Expand our activities through external partnerships or acquisitions, to
leverage synergies of scale and continue to deploy new, transformative
service offerings.
3. Ramp up our cross-border business activities as a driver of growth and
profits.
4. Further develop our high-density last-mile capabilities, with pick-up
and drop-off points in selected markets.
• Focus on client centricity
“We direct all our energy
towards adding value to our
customers.”
• Drive operational excellence
“We continuously improve
our processes towards total
quality and efficiency”
• Invest in business
technologies and
simplification
“We serve our client through
technology enabled solutions
and leverage data and
technology to simplify our
processes and offering.”
• Invest in our people & culture
“We care for each of our
employees. We lift our
careers and develop our skills
for the future.”
Reinvent, secure and grow our
anchorage services in Belgium
to citizens, businesses and public
institutions
5. Defend and grow our existing business in Belgium, by targeting
additional parcel customers and by adjusting our offering and
operations for the declining mail market.
6. Build, develop & acquire new activities, for citizens, institutions and
businesses, focused on e-commerce, digitization and logistic services.
7. Transform our organization to be more flexible, while maintaining
strong social responsibility
Be a reference in social and
environmental sustainability in
all markets we operate in
8. Reduce our environmental footprint, by decarbonizing the e-commerce
value-chain, as well as by re-using and re-cycling packaging.
9. Be a career lifter for our employees, incorporate DE&I values in
everything we do, in a safe, healthy environment of wellbeing.
To implement the strategy, management is committed to act on the basis of 4 key leadership behaviors, considered to best reflect the core
values of bpost
We Care We are Clear We Collaborate
We continuously
Improve
We care about the wellbeing and
development of our employees as
well as the sustainability and quality
of the services we deliver to our
clients
We clarify the priorities of
bpostgroup, incl. roles &
responsibilities, and engage in open
& transparent communication and
feedback to the entire organization
We collaborate as one group, sharing
best practices across business units,
teams & functions, and we create
value together with our clients
We continuously improve our
services through a mix of high-
quality execution and operational
excellence supported by innovation,
continuous feedback loops and
strong technological developments

12
3.5 Our value creation model
bpost has operated and generated value for almost 2 centuries. Today, its significance exceeds its benefits to the entire Belgian society. Over
the past decade, bpostgroup has invested to progressively spread its reach and positive influence at the international level, with a strong
footprint in North America, Europe, Asia and Australia. Its value creation is tangible and omnipresent:
OUR STRATEGIC
VALUES
OUR STRATEGIC
AMBITION
OUR KEY PERFOR-
MANCE INDICATORS OUR SDG IMPACT
Customer &
Citizen Value
Reinvent, secure and grow our
anchorage services in Belgium
to citizens, businesses and public
institutions and develop into a leading
international e-commerce and
logistics service provider.
• Provide proximity services through
our dense presence of local team
members and retail points close to
our customers.
• Allow citizens to communicate and
exchange easily by mail.
• Deliver the shipments of
e-commerce consumers’
predictably, on time.
• Supply e-commerce actors with
reliable, scalable capacity and
seamless integration.
• Offer business customers
affordable and dynamic services, to
reach their market.
Customer
Satisfaction
score 84.5%
By being a socially responsible employer
that values the skills and competences of
our employees, bpost provides training and
development opportunities to our employees,
job seekers, and external partners. bpostgroup is
committed to ensuring sustainable employment
based on continual upskilling opportunities in
response to everchanging job requirements and
society at large.
By investing in the reduction of the environmental
impact of all our operations, buildings and
facilities and investing in renewable electricity,
we contribute to accelerating the transition to
an affordable, reliable and sustainable energy
system.
By being an inclusive organization, offering life-
learning experiences enabling employability for
our people, we help promote long-term, inclusive
and sustainable economic growth, as well as full,
productive and decent employment for all.
By being an important contributor to social
cohesion in society and the preferred partner
for public services providing an affordable and
reliable postal service to all Belgian citizens
across rural and urban areas, we are helping to
build a resilient infrastructure, promote inclusive
and sustainable industrialization and foster
innovation.
By being fully active in providing zero emission
last-mile delivery in Belgian city centers and
by working closely with suppliers, customers
and communities, we help make cities and
human settlements inclusive, safe, resilient and
sustainable.
By being the omni-commerce partner sustainably
diversifying, innovating and growing in
e-commerce logistics services while respecting
our environment, we help ensure sustainable
consumption and production patterns.
By being a reference earth & people friendly
company through our commitment to the Paris
Climate Agreement & to the Belgian Alliance
for Climate Action, via our Science Based CO
2
reduction Target, we contribute to taking urgent
action to combat climate change and its impacts.
Environmental
Value
Be a reference in environmental
sustainability in all markets we
operate in.
bpostgroup is committed to achieving
net zero by 2040 with ambitions to:
• Decarbonize the e-commerce
supply chain
• Re-use and re-cycle packaging
as part of a circular economy
Emission-free
last mile delivery
15.3%
CO
2
footprint
425,898 tCO
2
e
Social Value
Be a reference in social sustainability
in all markets we operate in.
• Create an environment promoting
Health & Safety of our people
• Be a career lifter for our employees
• Champion Diversity, Equity &
Inclusion across the group
Employee
engagement
score 39.5%
Employee training
and development
hours per FTE 38.5
Economic Value
Develop into a leading international
e-commerce and logistics service
provider.
• Enable customers to perform
business around the world
• Generate predictable and stable
dividends and profit growth for
shareholders
Operating Income:
4,397.5mEUR
EBIT 278.5mEUR
At bpostgroup, we are proud of the diverse array of value we generate for our extended set of stakeholders. Our efforts and results are widely
recognized. We have obtained many ESG certificates and we’re delighted to have been admitted recently to the BEL ESG index by Euronext .
For a full list of our ESG awards and recognitions, please refer to the Appendix.

13
4. Governance
4.1 Corporate Governance Statement
Reference Code and introduction
In this Corporate Governance Statement, bpost outlines the key aspects of its corporate governance framework. This framework is consis-
tent with the rules and principles set out in the Law of March 21, 1991 on the reform of certain economic public companies, as amended from
time to time (the “1991 Law”), the Belgian Code of Companies and Associations
1
(the “BCCA’’), the Articles of Association, and the Corporate
Governance Charter.
As a limited liability company under public law, bpost is governed by the BCCA, unless otherwise stipulated in the 1991 Law or other Belgian
laws or regulations.
Articles of Association
The latest version of bpost’s Articles of Association was adopted at the Shareholders’ Meeting of May 13, 2020 and was approved by the Royal
Decree of December 6, 2020
2
.
The main characteristics of bpost’s governance model are the following:
• The Board of Directors sets bpost’s general policy and strategy and oversees operational management;
• The Board of Directors has set up a Strategic Committee, an Audit & Risk Committee, a Remuneration & Nomination Committee and
an ESG Committee to assist and make recommendations to the Board of Directors;
• An Ad Hoc Committee consisting of at least 3 independent directors of the Board of Directors, which is established and intervenes if and
when the procedure prescribed by Article 7:97 of the BCCA, must be applied;
• The Chief Executive Officer (“CEO”) is responsible for operational management; the Board of Directors has delegated the powers of day-to-
day management to the CEO
3
;
• The Executive Committee assists the CEO with operational management;
• There is a clear division of responsibilities between the Board of Directors and the CEO.
Strategic
Committee
Audit & Risk
Committee
Remuneration
& Nomination
Committee
ESG
Committee
Ad Hoc
Committee
Board of
Directors
including
the CEO
bpostgroup
1 Dated March 23, 2019. This Code was published in the Belgian State Gazette on April 4, 2019.
2 This Royal Decree was published in the Belgian State Gazette on December 29, 2020. In accordance with article 41, §4 of the 1991 Law, any
amendment to bpost’s Articles of Association must be approved by a Royal Decree following a debate in the Council of Ministers.
3 On November 9, 2022, upon recommendation of the Remuneration & Nomination Committee, the Board of Directors unanimously decided to
appoint Philippe Dartienne as CEO ad interim with immediate effect, pending the appointment of a new CEO. For ease of reference, references
to the “CEO” in this report should be understood as CEO or CEO ad interim.

14
CEO Belgium
CEO
E-Logistics
Eurasia
CEO
E-Logistics
North America
Chief
Strategy &
Transfor-
mation
Chief
Technology
Officer
Chief Human
Ressources
Officer
Executive
Commitee
CEO
bpostgroup
Corporate Governance Charter
The Board of Directors adopted the Corporate Governance Charter on May 27, 2013. The Charter has been in effect since June 25, 2013 and
was last amended by the Board of Directors’ decision of August 4, 2022.
The Board of Directors regularly reviews bpost’s Corporate Governance Charter and adopts any changes deemed necessary and appropriate.
The Corporate Governance Charter contains rules with respect to:
• the corporate governance structure: bpost applies a “one-tier” governance structure in accordance with article 7:85 of the BCCA;
• the duties of the Board of Directors, Board Committees, Executive Committee, and CEO;
• the responsibilities of the Board of Directors’ Chair and Corporate Secretary;
• the requirements that apply to the Board of Directors’ members to ensure that they have adequate experience, expertise, and competenc-
es to fulfill their duties and responsibilities;
• the disclosure system on mandates held and rules aimed at avoiding conflicts of interests and providing guidance on how to inform the
Board of Directors in a transparent way in case conflicts occur, and a prohibition on director participation in the deliberations and voting
on any matter in which he or she has a conflicting interest.
Reference Corporate Governance Code
The 2020 Belgian Code on Corporate Governance (the “Corporate Governance Code”) is the reference code applicable to bpost
4
. The
Corporate Governance Code is based on a “comply or explain” approach. Belgian listed companies are required to follow the Corporate
Governance Code, but may deviate from its provisions provided they disclose the justification for any such deviation.
Deviations from the Corporate Governance Code
During the financial year 2022, bpost complied with the Corporate Governance Code, with the exception of the following 4 deviations:
• the Corporate Governance Code (provision 5.6) states that the term of a board mandate should not exceed 4 years. However Dirk Tirez was
appointed at the Shareholders’ Meeting of September 15, 2021 as director for a term ending after 6 years as from July 1, 2021. Linking his
board mandate to his mandate as CEO, instead of setting a term of 4 years, was justified and even necessary to ensure continuity in the
organization and management of the company, and contributes to the achievement of bpost’s long-term objectives
5
;
4 The Corporate Governance Code is available on the website of the Corporate Governance Committee
(www.corporategovernancecommittee.be).
5 On December 9, 2022, the Board of Directors and Dirk Tirez mutually decided to terminate their collaboration: as a consequence,
Dirk Tirez resigned with immediate effect as member of the Board of Directorsr and CEO.

15
• the Corporate Governance Code (provision 7.6) provides that non-executive directors should receive part of their remuneration in the form
of shares in the company to allow them to act from the perspective of a long-term shareholder. bpost deviates from this principle, and
does not award any share-based remuneration to the non-executive members of the Board of Directors. Taking into account the current
remuneration as well as the independence of the non-executive directors, bpost is of the view that granting remuneration in shares would
not necessarily contribute to the objectives of the Corporate Governance Code, and believes that the applied remuneration policy already
achieves the objective of enabling such directors to act from the perspective of a long-term shareholder and reduces the likelihood of
conflicts of interest. Moreover, per December 31, 2022, 4 of the 10 non-executive Directors were appointed upon nomination by the refer-
ence shareholder and, based on a survey of Spencer Stuart, many listed companies do not pay their non-executives directors in shares,
including other Belgian state-owned listed companies. Therefore, bpost considers that such deviation from provision 7.6 of the Corporate
Governance Code is justified;
• the Corporate Governance Code (provisions 7.7 and 7.9) states that executives should hold a minimum number of shares in the compa-
ny and receive an appropriate balance of cash and deferred remuneration. However, the members of the Executive Committee are not
awarded any equity-based remuneration (shares, stock-options or other rights to acquire shares) and no part of their remuneration is
deferred. This decision is in line with the majority shareholder’s expectation and bpost considers it to be justified as the Board of Directors
is convinced that the current remuneration package of executives already contributes to achieving the objectives of promoting sustainable
value creation and strategic objectives, as well as attracting and retaining talents. To further align bpost’s remuneration policy with the
Corporate Governance Code, the Board of Directors is evaluating the introduction of a long-term incentive plan (“LTIP”) based on a balance
between the individual and the Group performances, similar to the LTIP implemented by another Belgian stated-owned listed company.
The members of the Executive Committee would be incentivized to align their interests with the sustainable value-creation objectives of
the company through an LTIP based on the satisfaction of performance criteria and paid in cash after a vesting period;
• the Corporate Governance Code (provision 7.12) provides that contracts with executives should include claw-back provisions. However, no
specific provisions on early termination (including on recovery of or withholding of payment of variable remuneration) are inserted in the
contracts with executives. This deviation from the Corporate Governance Code is justified as the variable remuneration of members of the
Executive Committee is capped, and does not represent a significant portion of their remuneration package
6
. In these circumstances, the
insertion of claw-back provisions with regard to the payment of variable remuneration to executives would have a limited influence in the
pursuit of long-term and sustainable value-creation objectives. In addition, the number of situations that could give rise to a claw-back is
very limited, as grants of variable remuneration will be based on audited financial information.
Board of Directors
Composition
General rules governing the composition of the Board of Directors
The composition of the Board of Directors is governed as described below:
• the Board of Directors consists of a maximum of 12 directors, including the CEO, and comprises only non-executive directors, except
for the CEO;
• all directors are appointed (and can be removed) by the Shareholders at a Shareholders’ Meeting, on proposal by the Board of Directors
and from candidates nominated by the Remuneration & Nomination Committee;
• directors are appointed for a renewable term of maximum 4 years, to the extent that the total term of their mandate (as renewed) does not
exceed 12 years. To ensure continuity in the organization, these limitations do not apply to the CEO;
• any shareholder holding at least 15% of bpost’s shares has the right to nominate directors for appointment pro rata its shareholding (“nom-
ination right”). Directors nominated by a shareholder may be independent, provided they fulfill the general independence criterion laid
down in Article 7:87 of the BCCA (also considering the specific independence criteria laid down in Article 3.5 of the Corporate Governance
Code and article 4.2.6 of the Corporate Governance Charter), but do not have to be independent;
• all directors, other than the CEO and those appointed through the aforementioned nomination right, must be independent directors. In any
case, the Board of Directors must comprise at all times at least 3 directors fulfilling the general independence criterion laid down in Article
7:87 of the BCCA, also considering the specific independence criteria laid down in Article 3.5 of the Corporate Governance Code and article
4.2.6 of the Corporate Governance Charter. The bpost Corporate Governance Charter further provides that at least half of the directors
must at all times meet the independence criteria as set out in Article 3.5 of the Corporate Governance Code;
• any director can be removed by decision of the Shareholders at a Shareholders’ Meeting;
• should any director mandate become vacant, the remaining directors have the right, in accordance with Article 7:88 of the BCCA, to tempo-
rarily fill such vacancy until a final appointment takes place in accordance with the abovementioned rules.
6 For the member of the Executive Committee located in the United States, the portion of variable remuneration is higher
in line with local market practices.

16
The current composition of the Board of Directors complies with:
• the gender representation requirements set forth in (i) Article 18, §2bis of the 1991 Law and (ii) Article 7:86 of the BCCA; and
• the language requirements set forth in Article 16, 20, §2, 54/6, 5° and 148bis/1 of the 1991 Law.
Finally, in accordance with the Law of September 3, 2017 on disclosure of non-financial and diversity information by certain large undertak-
ings and groups, bpost applies a diversity policy in relation to its administrative, management, and supervisory bodies with regard to aspects
such as age, gender, educational and/or professional backgrounds. A description of this policy, its objectives, how it has been implemented,
and the results in the reporting period is provided further in this Annual Report.
The Board of Directors was, per December 31, 2022, composed of the following 10 members:
Members of the Board of Directors appointed by the General Shareholders’ Meeting upon proposal of the Belgian State
NAME POSITION FIRST APPOINTMENT AS DIRECTOR TERM
Audrey Hanard
(1) (2)
Chair of the Board and Non-Executive Director 2021 2025
Mohssin El Ghabri
(1)
Non-Executive Director 2021 2025
Laurent Levaux
(4)
Non-Executive Director 2012
(5)
2023
Caroline Ven
(4)
Non-Executive Director 2012
(5)
2023
Members of the Board of Directors appointed by the General Shareholders’ Meeting
NAME POSITION FIRST APPOINTMENT AS DIRECTOR TERM
David Cunningham
(6)
Independent Director 2022 2026
Lionel Desclée
(1)
Independent Director 2021 2025
Jules Noten
(1)
Independent Director 2021 2025
Sonja Rottiers
(1)
Independent Director 2021 2025
Michael Stone
(3)
Independent Director 2014 2026
Sonja Willems
(1)
Independent Director 2021 2025
(1) Appointed by the General Meeting of Shareholders of bpost held on May 12, 2021.
(2) Appointed as Chair by a Board of Directors decision of May 12, 2021.
(3) Appointed by the General Meeting of all Shareholders of bpost other than Public Institutions held on September 22, 2014. His mandate was
renewed by the General Meetings of Shareholders respectively held on May 9, 2018 and on May 11, 2022.
(4) Appointed by the General Meeting of Shareholders of bpost held on May 8, 2019.
(5) First appointment as Director dates from 2012, but not in office from May 9, 2018 until May 8, 2019.
(6) Appointed by the General Meeting of Shareholders of bpost held on May 11, 2022.
Changes in the composition of the Board of Directors
The following changes occurred in the composition of the Board of Directors in 2022:
• at the annual Shareholders’ Meeting of May 11, 2022, the mandate of (i) Michael Stone (ii) Ray Stewart expired. The Shareholders decided to
(i) renew the mandate of Michael Stone and (ii) appoint David Cunningham as independent directors for a term of 4 years;
• on October 14, 2022, following his appointment as member of the Executive Committee, Jos Donvil resigned as non-executive director
upon proposal by the Belgian State, with effect as from October 31, 2022;
• on October 24, 2022, following a compliance review relating to the concession for the distribution of newspapers in Belgium, the Board of
Directors and Dirk Tirez (CEO) mutually agreed that Dirk Tirez temporarily stepped aside pending the review. During that period, the pow-
ers of daily management were entrusted to Henri de Romrée with effect as from October 24, 2022. On November 9, 2022, upon recommen-
dation of the Remuneration & Nomination Committee, the Board of Directors unanimously decided (i) that Henri de Romrée returns to his
function of CEO of e-Logistics North-America, (ii) to appoint Philippe Dartienne as CEO ad interim with immediate effect;
• on December 9, 2022, the Board of Directors and Dirk Tirez mutually decided to terminate their collaboration: as a consequence, Dirk
Tirez resigned with immediate effect as member of the Board of Directors and CEO. In addition, upon proposal of the Belgian State in
accordance with its nomination right and upon recommendation of the Remuneration & Nomination Committee, the Board of Directors
unanimously decided to appoint, by means of cooptation, Ann Caluwaerts as non-executive director replacing Jos Donvil, with effect as
from January 1, 2023
7
.
7 In accordance with Article 7:88 of the BCCA and Article 17 of the Articles of Association, the next general meeting
of shareholders will be entitled to confirm (or refuse) the cooptation of Ann Caluwaerts.

17
In addition to the foregoing, at the Shareholders’ Meeting of May 10, 2023, the mandate of Laurent Levaux and Caroline Ven, appointed as
non-executive directors upon proposal by the Belgian State, will expire. The Board of Directors intends to recommend candidates, nominated
by the Remuneration & Nomination Committee and upon proposal of the Belgian State in accordance with its nomination right, for appoint-
ment by the Shareholders at the annual Shareholders’ Meeting of May 10, 2023 to replace the directors whose mandate will expire.
Newly elected directors can choose to participate in an induction program aimed at acquainting them with bpost’s activities and organization
as well as with the rules laid down in the Corporate Governance Charter. This program includes visiting operational and sorting centers.
Powers and functioning
Powers and responsibilities of the Board of Directors
The Board of Directors is vested with the power to perform all acts that are necessary or useful for the realization of bpost’s purpose, except
for those actions that are specifically reserved by law or the Articles of Association to the Shareholders’ Meeting or other management bodies.
In particular, the Board of Directors is responsible for:
• defining and regularly reviewing the medium- and long-term strategy as well as the general policy orientations of bpost and its
subsidiaries;
• deciding all major strategic, financial and operational matters of bpost and its subsidiaries;
• ensuring that the bpost’s culture is supportive of the realization of its strategy and that it promotes responsible and ethical behavior;
• overseeing the management of the Company by the CEO and the Executive Committee;
• all other matters reserved to the Board of Directors by the BCCA or the 1991 Law.
The Board of Directors is entitled to delegate special and limited powers to the CEO and other members of senior management and can allow
sub-delegation of said powers. On June 30, 2017, the Board of Directors decided to approve a delegation of authority formalizing the dele-
gation of specific powers by the Board of Directors to the CEO and other members of the Executive Committee. This policy, which does not
affect the powers granted to the Board of Directors by or pursuant to bpost’s Articles of Association, has been published in the annexes to the
Belgian Official Gazette on November 16, 2017.
Functioning of the Board of Directors
The Board of Directors meets whenever the interests of the Company so requires or at the request of at least two directors. In principle, the
Board of Directors meets seven times a year and in any event not less than five times a year. In 2022, the Board of Directors met 19 times.
In general, the Board of Directors’ and Board Committees’ decisions are taken by simple majority of the directors present or represented,
although for certain Board matters a two-thirds’ majority is required (such as, e.g., decisions on the approval of all renewals or amendments
to the management contract and certain decisions on the administrative law status of statutory employees). In the case of a tie, the Chair has
a casting vote.
The bpost Corporate Governance Charter reflects the principles by which the Board of Directors and the Board Committees operate.
The Corporate Governance Charter provides, inter alia, that the Board of Directors’ decisions of strategic importance, including the adoption
of the business plan and the annual budget and decisions regarding strategic acquisitions, alliances and divestitures must be prepared by a
standing or an ad hoc Board Committee. For any such decisions, the Board of Directors shall strive to achieve broad support across its various
constituencies, it being understood that, following appropriate dialogue and consultations, the Board of Directors’ Chair may call for a deci-
sion and the proposal shall carry if adopted by a majority of the votes cast.
Evaluation process of the Board of Directors
Under the Chair’s lead, the Board of Directors conducts regular evaluations of its scope, composition, and performance, along with those of
the Board Committees, as well as the interaction with the Executive Committee. If needed, the Chair shall propose the necessary measures to
remedy any weaknesses of the Board of Directors or of any Board Committee.
The Board of Directors conducted an external assessment on its functioning and composition. Such external assessment led by Guberna took
place between September and November 2022. The results of this assessment were presented to the Board of Directors in December 2022
and initiatives are being prepared to ensure that the functioning of the Board of Directors and the Board Committees always continues to
improve. Implementation of these initiatives, will occur during 2023.
The Board of Directors continuously evaluates and improves its functioning in order to steer bpost ever better and more efficiently.

18
Transactions between bpost, its Board members and executive managers
A general policy on conflicts of interest applies within bpost and prohibits any conflict of interests situation of a financial nature that may
affect a director’s personal judgment or professional tasks to the detriment of bpostgroup.
In accordance with Article 7:96 of the BCCA, the below directors declared to the Board of Directors to have a personal conflict of interest of
patrimonial nature in connection with agenda items. They did not to participate in the deliberation or voting on this item.
The relevant Board of Directors’ minutes are the following:
1. Dirk Tirez during the Board of Directors’ meeting of February 24, 2022:
“Prior to turning to the 2021 performance evaluation for the CEO, the CEO declared to have a personal conflict of interest of a patrimonial
nature aimed at by Article 7:96 of the Belgian Code of Companies and Association in respect of the agenda item relating to his 2021 perfor-
mance. The CEO left the meeting room and did not participate in the deliberation, nor the decision. The CEO will instruct the Joint Auditors of
his conflict of interest in accordance with Article 7:96 of the Belgian Code of Companies and Association.
In the absence of the CEO who declared to have a conflict of interest and did not participate in the deliberation and decision of his perfor-
mance, the Chair reported on the recommendation of the Remuneration & Nomination Committee for the 2021 performance rating for the
CEO. The Board of Directors proceeded with the annual performance review of the CEO for 2021.
Decision: After deliberation and upon recommendation from the Remuneration & Nominations Committee, the Board approved the proposal
for the 2021 performance rating for the CEO.”.
2. Dirk Tirez during the Board of Directors’ meeting of October 24, 2022:
“The Board of Directors (the “Board”) was re-convened at the request of the Chair in order to (i) continue to deliberate about an internal
review (the “Cleopatra Compliance Review”) conducted at the direction of the Chair into the compliance with the company’s internal policies
(including the Code of Conduct and requirements in the company’s internal policies to comply with applicable laws and regulations) in con-
nection with the company’s pursuit of the tender for the upcoming press concession (in particular, the newspapers lot) (such pursuit, “Project
Cleopatra”) and (ii) consider further actions to be taken in light of findings revealed from the Cleopatra Compliance Review since previous
meetings of the Board.
Mr. Dirk Tirez was declared to have a personal conflict of interest within the meaning of article 7:96 of the Code of Companies and
Associations with regard to the decisions to be considered by the Board during today’s meeting with respect to the position of Mr. Tirez.
Accordingly, Mr. Tirez did not participate in the meeting, except for delivering a statement. Mr. Tirez was duly informed about the purpose of
the meeting and was given the opportunity to give his views. After delivering a statement, Mr. Tirez was excused from the meeting. […]
External legal counsel provided the Board with a detailed update on the Cleopatra Compliance Review.
[…] Decision: Following deliberation on the matter, the Board unanimously decided the following:
In mutual agreement with Mr. Tirez, Mr. Tirez temporarily steps aside from his mandate as bpost CEO (administrateur délégué gedelegeerd
bestuurder) (hereinafter “Group CEO”) with immediate effect and until completion of the Cleopatra Compliance Review. For the avoidance of
doubt, such leave also includes Mr. Tirez’ any other executive roles in other entities within the group That said, the Board decided to maintain
the payment of Mr. Tirez’ remuneration during this period of temporary leave. This temporarily stepping aside will allow Mr. Tirez’ to fol-
low-up on the request of the Chair to contribute to the smooth running of the Cleopatra Compliance Review. […]
It is noted that the Renumeration and Nomination Committee of the Board was, given the urgency, not able to meet in advance of today’s
meeting of the Board, but all members of the Renumeration and Nomination Committee were present for today’s meeting of the Board and
expressed their views regarding the above matters and decisions to be taken.”

19
3. Dirk Tirez during the Board of Directors’ meeting of December 9, 2022:
“The Board of Directors (the “Board”) was convened at the request of the Chair as a matter of urgency in order to (i) continue to deliberate
about an internal review (the “Cleopatra Compliance Review”) conducted at the direction of the Chair into the compliance with the compa-
ny’s internal policies (including the Code of Conduct and requirements in the company’s internal policies to comply with applicable laws and
regulations) in connection with the company’s pursuit of the tender for the upcoming press concession (in particular, the newspapers lot)
(such pursuit, “Project Cleopatra”) and (ii) consider further actions to be taken in light of findings revealed from the Cleopatra Compliance
Review since previous meetings of the Board.
Mr. Dirk Tirez was declared to have a personal conflict of interest within the meaning of article 7:96 of the Code of Companies and
Associations with regard to the decisions to be considered by the Board during today’s meeting with respect to the position of Mr. Tirez.
Accordingly, Mr. Tirez did not participate in the meeting. Mr. Tirez was duly informed about the purpose of the meeting and was given the
opportunity to give his views.
The Chair introduced a discussion on the Cleopatra Compliance Review and recalled the findings of the review. […]
The Chair made a proposal for the company to enter into the separation and cooperation agreement with Mr. Tirez, which includes the
following key terms: cooperation commitments by Mr. Tirez, confidentiality and communication commitments by Mr. Tirez and the compa-
ny, mutual release of claims by Mr. Tirez and the Board, waiver by Mr. Tirez of his rights to bonuses, no non-compete obligation for Mr. Tirez
(which means that the company does not have to pay any non-compete indemnity), and no remuneration by the company to Mr. Tirez in
connection with Mr. Tirez’ termination or cooperation (the “Tirez Separation & Cooperation Agreement”). […]
Decision: Following deliberation on the above-referenced matters, and in the best interest of the Company, the Board unanimously decided
the following:
• Approves the Tirez Separation & Cooperation Agreement, providing a mandate to the Chair, with the power of substitution, to finalize,
execute, submit and perform, in the name and for the account of the company, the Tirez Separation & Cooperation Agreement.
• Accordingly, pursuant to the terms of the Tirez Separation & Cooperation Agreement, the Board acknowledges and agrees that (i) the
company terminates its collaboration with Mr. Tirez with effect from December 9, 2022, (ii) Mr. Tirez resigns his position as director and
managing director of the company with effect from December 9, 2022, and (iii) Mr. Philippe Dartienne continues as bpostgroup “CEO ad
interim” (délégué à la gestion journalière ad interim persoon belast met het dagelijks bestuur ad interim) until the placement of a perma-
nent bpostgroup CEO. […]
It is noted that the Renumeration and Nomination Committee of the Board was not able to meet in advance of today’s meeting of the Board
with regard to the above decisions, but all members of the Renumeration and Nomination Committee were present for today’s meeting of
the Board and expressed their views regarding the above matters and decisions to be taken.”
Transactions between bpost and its majority shareholder or other related parties
The related party transactions procedure set forth in Article 7:97 of BCCA shall in particular be observed for any decisions regarding the man-
agement contract or other transactions with the Belgian State or other related parties of bpost (other than those within the scope of Article
7:97, §1, section 3 of the BCCA).
In 2022, bpost applied the aforementioned procedure in the context of the extension of the concession agreements for the distribution of
newspapers and periodicals and the relationship agreement entered into with the Belgian State. The announcement regarding the transac-
tions is publicly available on bpost website
8
.
Committees of the Board of Directors
The Board of Directors has established 4 Board Committees which assist the Board of Directors and make recommendations in specific fields:
(i) the Strategic Committee, (ii) the Audit & Risk Committee (in accordance with Article 7:99 of the BCCA), (iii) the Remuneration & Nomination
Committee (in accordance with Article 7:100 of the BCCA) and (iv) the ESG Committee. The terms of reference of these Board Committees are
set out in the Corporate Governance Charter. These Board Committees are advisory committees and strategic decision-making remains the
responsibility of the Board of Directors as a whole.
8 https://press.bpost.be/

20
Strategic Committee
The Strategic Committee advises the Board of Directors on strategic matters and shall in particular:
• regularly review industry, competitive and market developments against the objectives and strategies of bpost and its subsidiaries and
recommend corrective actions if required;
• assist and provide guidance to management in the preparation of strategic files for review by, and related discussions of, the Board of
Directors. This includes without limitations the elaboration of strategic options and scenarios; definition of vision, mission & strategies;
definition of value propositions; elaboration of strategic canvas to monitor execution of the long term strategy through strategic objec-
tives, milestone plans and targets; business, and implementation planning files in general;
• review strategic transactions or initiatives proposed by the Board of Directors, CEO or Executive Committee, including acquisitions and
divestitures, strategic alliances or any longer-term cooperation agreements, and the entry into new markets or geographic areas;
• monitor the progress of strategic projects and initiatives and of the business plan in line with the Company’s progress against strategic
objectives, using predefined and agreed KPIs and provide feedback and recommendations to the Board of Directors on the results and on
corrective actions if required;
• review the results of strategic transactions (e.g., acquisitions, mergers, disposals) against the foreseen value of the transaction to the
Company and recommends action to the Board of Directors as required;
• make reports to the Board of Directors on its activities including an annual review of the performance of the committee and any recom-
mendations for changes in the scope of its duties, composition and working practices.
The Strategic Committee consists of maximum 6 directors. The Strategic Committee’s Chair is designated by the Strategic Committee’s
members.
The Strategic Committee was, per December 31, 2022, composed of the following 5 members:
NAME POSITION
Lionel Desclée (Chair) Independent Director
Michael Stone Independent Director
Jules Noten Independent Director
Philippe Dartienne CEO ad interim
Caroline Ven Non-Executive Director
The Strategic Committee met 6 times in 2022.
Audit & Risk Committee
The Audit & Risk Committee advises the Board of Directors on accounting, audit, and internal control matters, and shall in particular be in
charge of:
• monitoring the integrity of bpost’s financial statements and bpost’s accounting and financial reporting processes and financial statements
audits as well as bpost’s budget;
• monitoring and overseeing the effectiveness of bpost’s internal control and risk management framework;
• monitoring the internal audit function and its effectiveness;
• monitoring the performance of the Joint Auditors and the statutory audit of the annual and consolidated accounts, including any follow-up
on any questions and recommendations made by the Joint Auditors;
• reviewing and monitoring the independence of the Joint Auditors, especially in view of the provisions of the BCCA;
• proposing candidates to the Board of Directors for the 2 Auditors to be appointed by the shareholders’ meeting;
• informing the Board of Directors on the results of the statutory audit and the performance of its tasks;
• appointing, dismissing, replacing, and annually evaluating the performance of the Chief Audit Executive;
• addressing risk management and governance within bpost, notably in light of the Company’s strategy and fostering an appropriate risk
culture;
• approving and reviewing the bpost risk management policy and process aiming at identifying, managing and monitoring critical risks and
following the implementation of such policy and process;
• closely following the process for risk identification within bpost and overseeing the risk exposure of the company: this includes developing
a view into critical risks and exposures and management’s strategy for addressing them;
• regularly advising and reporting to the Board of Directors on risk strategy and risk exposure and informing the Board of Directors of the
implementation of the risk management policy and process;
• reviewing risks and opportunities of the strategy as identified by the Company’s strategic risk assessment and other key factors, such
as: relevant industry trends and changes, emerging or evolving competitive activity, governmental or legislative developments, the
Company’s performance against the financial targets agreed by the Board of Directors and communicated to the shareholders.
The Audit & Risk Committee consists of maximum 5 non-executive directors, with at least 1 independent director. The Audit & Risk
Committee’s Chair is designated by the Audit & Risk Committee’s members.

21
Collectively, the Audit & Risk Committee’s members have sufficient relevant expertise in the field of accounting and audit to fulfill their roles
effectively, notably in financial matters. Sonja Rottiers is competent in accounting and auditing, as evidenced by her current positions as CEO
of Lloyd’s Insurance Company, director of Belgian Finance Club and independent director of Kinepolis Group NV and Matexi NV. Moreover,
she has more than 35 years of professional experience in the financial industry (e.g., as CFO of AXA Belgium and Dexia Insurance). The other
members of the Audit & Risk Committee hold or have held several board or executive mandates in top-tier companies or organizations.
The Audit & Risk Committee was, as of December 31, 2022, composed of the following 3 members:
NAME POSITION
Sonja Rottiers (Chair) Independent Director
Lionel Desclée Independent Director
David Cunningham Independent Director
The Audit & Risk Committee met 5 times in 2022.
Remuneration & Nomination Committee
The Remuneration & Nomination Committee advises the Board of Directors principally on matters regarding the appointment and remunera-
tion of directors, CEO, and Executive Committee and shall in particular:
• identify and nominate Board of Directors candidates to fill vacancies as they arise, thereby considering proposals made by relevant parties,
including shareholders;
• nominate candidates for the mandate of member of the Board of Directors (whether or not in application of the nomination right set forth
in article 14, §2 of the Articles of Association);
• advise the Board of Directors on the appointment of the Chair of the Board of Directors;
• advise the Board of Directors on the appointment of the CEO and on the CEO’s proposals for the appointment of other members of the
Executive Committee;
• advise the Board of Directors on the remuneration of the CEO and the other members of the Executive Committee, including arrangements
on early termination;
• review the remuneration (long term share-based or cash-based, and short-term incentive schemes) of the directors, members of the
Executive Committee and employees;
• establish performance targets and conduct performance reviews for the CEO and other members of the Executive Committee;
• advise the Board of Directors on the remuneration of the Board of Directors members;
• advise the Board of Directors on talent management and diversity & inclusiveness policy;
• prepare and submit the remuneration report to the Board of Directors;
• advise the Board of Directors on the remuneration policy to be submitted, as the case may be, to the Shareholders’ Meeting;
• lead the process for succession planning for Board of Directors and Executive Committee members taking into account the challenges and
opportunities facing bpost, the skills and expertise needed in each position and the appropriate balance of skills, knowledge, experience
and diversity to be maintained on the Board of Directors and its committees;
• explain the remuneration report at the annual Shareholders’ Meeting.
The Remuneration & Nomination Committee consists of minimum 3 and maximum 5 non-executive directors, with at all times a majority of
independent directors. Collectively, Remuneration & Nomination Committee’s members have sufficient relevant expertise with regard to
remuneration policies to fulfil their roles effectively.
The Remuneration & Nomination Committee was, per December 31, 2022, composed of the following 4 members:
NAME POSITION
Audrey Hanard (Chair) Chair of the Board
9
and Non-executive Director
Jules Noten Independent Director
Michael Stone Independent Director
Sonja Willems Independent Director
The Remuneration & Nomination Committee met 6 times in 2022.
9 As Audrey Hanard, Chair of the Board of Directors, went on maternity leave from December 16, 2022 until March 10 2023, the Board of Directors
decided that Sonja Rottiers temporarily replaces her as Chair of the Board of Directors during that time.

22
ESG Committee
The ESG (environmental, social and governance) Committee advises the Board of Directors principally on matters regarding the bpost ESG
strategy and activities, including the preparation and implementation of ESG initiatives and supporting the bpostgroup in developing a posi-
tion as a global leader in ESG performance. The ESG Squad Leaders and Target Owners manage their initiatives with their respective teams,
and together with the group sustainability team, meet on a monthly basis to share progress of their initiatives, including challenges and
opportunities. The Chief Strategy and Transformation Officer, supported by the Group Sustainability Team reports 3 to 4 times a year to the
ESG Committee on the overall progress on the ESG roadmap. During these sessions risks and opportunities are discussed, including a deep
dive on selected topics and steering on the ESG strategy. The ESG governance framework of bpostgroup is depicted below:
Board of Directors, assisted by the ESG Committee
As the company’s ultimate decision-making body, the Board has oversight of all ESG responsibilities, including approval
of ESG strategies and review of ESG performance. The ESG Committee is chaired by the President of the Board.
Chief Strategy and Transformation Officer, assisted by the Group Sustainability team
Responsible for execution and management of all ESG matters, including identifying ESG risks
and opportunities and coordination of sustainability initiatives throughout the group.
ESG Squad Leaders and Target Owners
Embedded across the business and responsible for coordination, implementation
and reporting of ESG matters and initiatives relevant to business units
The ESG Committee shall in particular:
• advise the Board of Directors on the group’s global sustainability strategy and reviews on a regular basis the evolution and impact of such
strategy;
• make recommendations to the Board of Directors with respect to matters affecting ESG responsibilities and related corporate conduct
consistent with the group’s sustainability strategy;
• assist the management in executing the sustainability strategy and implementing the group ESG program and initiatives;
• coordinate and advise on ESG sustainability initiatives and commitments throughout the group and encourage integration of ESG matters
into overall business strategy;
• monitor and advise on ESG trends in public policy, regulation and legislation as well as on emerging ESG matters, and advise the Board of
Directors on additional actions in response to such trends and/or issues;
• identify the ESG risks and opportunities that may impact the group’s ability to create long term value and affect its business, operations,
performance and/or reputation;
• advise the Board of Directors on the inclusion of ESG risks and opportunities into the group’s long term strategy and development;
• submit the sustainability-related information in the integrated report to the Board of Directors;
• assist the bpost Board of Directors, management and communication teams with regard to bpost non-financial disclosure and reporting
obligations;
• assist communication teams regarding group’s key ESG messages with regard to strategy and long-term value creation and ensure that ESG
is properly reflected in financial disclosures and other market communications.
The ESG Committee consists of maximum 6 directors. The ESG Committee’s Chair is designated by the ESG Committee’s members.
The ESG Committee was, per December 31, 2022, composed of the following 5 members:
NAME POSITION
Laurent Levaux (Chair) Non-Executive Director
Mohssin El Ghabri Non-Executive Director
Audrey Hanard Non-Executive Director
Caroline Ven Non-Executive Director
Sonja Willems Independent Director
The ESG Committee met 3 times in 2022.

23
Executive Management
CEO
The current CEO ad interim, Philippe Dartienne, was appointed on November 9, 2022 by the Board of Directors upon recommendation of the
Remuneration & Nomination Committee, pending the appointment of a new CEO. For ease of reference, references to the “CEO” in this report
should be understood as CEO or CEO ad interim.
The CEO is vested with (i) the day-to-day management of bpost and the representation of the company in respect of such management, (ii)
the execution of the resolutions of the Board of Directors and (iii) the special powers delegated to him/her by the Board of Directors in accor-
dance with Articles 18, §2 and 25 of the Articles of Association. The CEO reports regularly to the Board of Directors.
The CEO can be removed by the Board of Directors.
Executive Committee
bpost’s operational management is ensured by the Executive Committee and is led by the CEO. The Executive Committee consists of maxi-
mum 9 members, who are appointed (for the duration determined by the Board of Directors) and removed by the Board of Directors, follow-
ing a recommendation by the CEO and advice of the Remuneration & Nomination Committee.
The Executive Committee convenes regularly at the invitation of the CEO. The Executive Committee is assisted by the Executive Committee
Secretary.
The individual members of the Executive Committee exercise the special powers delegated to them by the Board of Directors or the CEO,
as the case may be. Within the limits of these powers, the members of the Executive Committee may delegate to one or more members of
bpost’s staff special and limited powers. The Executive Committee members may allow sub-delegation of these powers.
The Executive Committee prepares, under direction of the CEO, a business plan assessing bpost’s medium-term purposes and strategy. This
business plan is submitted to the Board of Directors for approval.
The Executive Committee was, as of December 31, 2022, composed of the following members:
NAME FUNCTION
Philippe Dartienne CEO ad interim
Mark Michiels Chief Human Resources Officer
Anette Böhm Chief Human Resources Officer Group
Jos Donvil CEO Belgium
Kathleen Van Beveren CEO E-Logistics Eurasia
Henri de Romrée CEO E-Logistics North America
Nicolas Baise Chief Strategy & Transformation Officer
James Edge Chief Technology Officer
Pursuant to his retirement, Mark Michiels terminated his function as Chief Human Resources Officer as of December 31, 2022.
1991 Law Committee
The 1991 Law contains several provisions detailing the composition, appointment, and functioning of a “1991 Law Committee”. Since the
entry into force of the December 2015 Law, the powers to be assigned to the 1991 Law Committee are limited to the negotiation of the
Management Contract with the Belgian State (it being understood that the Management Contract requires the subsequent approval of the
Board of Directors). Therefore, the 1991 Law Committee remains in existence only for the limited purposes and tasks assigned to it by the
amended 1991 Law.
The 1991 Law Committee was, as of December 31, 2022, composed of the CEO, who chairs the Committee, and two other members (one
Dutch-speaking member and one French-speaking member): Mark Michiels and Catherine Delvaux.

24
Company Secretary
The Board of Directors and the Advisory Committees are assisted by the Group Company Secretary, Ross Hurwitz, who is also bpost’s Chief
Legal Officer and Executive Committee Secretary. He was appointed in such qualities on September 23, 2021.
Joint Auditors
The Joint Auditors audit bpost’s financial condition as well as consolidated and unconsolidated financial statements. There are four bpost
Joint Auditors: (i) two Auditors appointed by the Shareholders’ Meeting and (ii) two Auditors appointed by the Court of Audit, the Belgian
institution responsible for the verification of public accounts (Cour des Comptes/Rekenhof). The Joint Auditors are appointed for renewable
terms of three years. The Shareholders’ Meeting determines the remuneration of the Joint Auditors.
bpost’s Joint Auditors were, as of December 31, 2022:
• EY Réviseurs d’Entreprises–Bedrijfsrevisoren SRL/BV (“EY”), represented by Mr. Han Wevers (member of the Institut des Réviseurs d’En-
treprises/Instituut van de Bedrijfsrevisoren), De Kleetlaan 2, 1831 Diegem, Belgium (its mandate was renewed by the annual Shareholders’
Meeting on May 12, 2021, and will expire after the annual Shareholders’ Meeting to be held in 2024);
• PVMD Réviseurs d’Entreprises- Bedrijfsrevisoren SC/CV (“PVMD”), represented by Mr. Alain Chaerels (member of the Institut des Réviseurs
d’Entreprises/Instituut van de Bedrijfsrevisoren), Avenue d'Argenteuil 51, 1410 Waterloo, Belgium (its mandate was renewed by the annual
Shareholders’ Meeting on May 12, 2021, and will expire after the annual Shareholders’ Meeting to be held in 2024);
• Mr. Philippe Roland, First President of the Court of Audit (Rekenhof/Cour des Comptes), Rue de la Régence 2, 1000 Brussels, Belgium (his
mandate was renewed by the Court of Audit on October 1, 2022 until September 30, 2025); and
• Mrs. Hilde François, Chair of the Court of Audit (Rekenhof/Cour des Comptes), Rue de la Régence 2, 1000 Brussels, Belgium (she was appoint-
ed by the Court of Audit on October 1, 2021 until September 30, 2024).
Shareholding structure and shareholders rights
bpost’s shares are registered or dematerialized. On December 31, 2022, bpost’s share capital was represented by 200,000,944 shares, admit-
ted to trading on the regulated market of Euronext Brussels.
With, respectively, 48,263,200 (24.13%) and 53,812,449 (26.91%) bpost shares in their possession on December 31, 2022, the Belgian State
and the SFPI/FPIM together hold 102,075,649 (51.04%) of bpost issued voting shares. The remaining 97,925,295 shares are held by individual
shareholders and European and international institutional shareholders.
9% 3.6%
STRUCTURE OVERVIEW
Retail Brokers
BY TYPE (IN %) ON
Positions
3.4%
DECEMBER 31, 2022
Unidentified
33%
Institutional
Investors
51%
Belgian State
In 2022, bpost did not receive any transparency declarations disclosing that a notification threshold had been reached (or crossed upward
or downward) in accordance with the Law of May 2, 2007 on the disclosure of significant shareholdings in listed companies and the Articles
of Association. All transparency notifications are available on bpost’s website at http://corporate.bpost.be/investors/share-information/
transparency-declarations.
EY and PVMD are responsible for the audit of bpost’s consolidated financial statements. For the year ended December 31, 2022, EY and PVMD
received 1,300,897 EUR (excluding value added tax) in fees for the audit of financial statements of bpost and its subsidiaries and 64,160 EUR
(excluding value-added tax) in fees for non-audit services. The two auditors appointed by the Court of Audit received 85,661 EUR in remuner-
ation for their services in connection with the audit of bpost’s non-consolidated financial statements for the year ended December 31, 2022.

25
The Company’s shares are freely transferable, provided that, according to Article 147bis of the 1991 Law and Article 11 of the Corporate
Governance Charter, the direct participation of Public Institutions in the registered capital has to exceed 50%.
On December 31, 2022, bpost did not hold any of its own shares.
Each share entitles its holder to one vote. Apart from the restrictions on voting rights imposed by law, the Articles of Association provide that,
if shares are held by more than one owner, are pledged, or if the rights attached to the shares are subject to joint ownership, usufruct or any
other kind of split of such rights, the Board of Directors may suspend the exercise of the rights attached to such shares until one person has
been appointed as the sole representative of the relevant shares vis-à-vis bpost.
Remuneration Report
bpost’s
10
remuneration report (the “Remuneration Report”) is established in accordance with article 3:6, §3 of the Belgian Code of
Companies and Associations (the “BCCA”), the Belgian Code of Corporate Governance 2020 (the “Corporate Governance Code”), market
practices and trends.
bpost considers transparency and clear communication on the principles and implementation of its remuneration policy to be essential. It
therefore shares relevant information in this Remuneration Report on the remuneration paid to the members of the Board of Directors and of
the Executive Committee in the financial year 2022. The Remuneration Report also includes tables providing additional insight into the total
remuneration of the members of the Board of Directors and of the Executive Committee, as well as the performance realized and the pay-out
of the variable remuneration.
1. Procedure for establishing the remuneration policy and setting the individual
remuneration of the members of the Board of Directors and Executive Committee
In accordance with article 7:89/1 of the BCCA and the Corporate Governance Code, bpost has a specific remuneration policy (the
“Remuneration Policy”) setting out the remuneration principles of (i) the non-executive members of the Board of Directors, (ii) the CEO and
(iii) the other members of the Executive Committee.
The Remuneration Policy was prepared by the Board of Directors, upon recommendation of the Remuneration & Nomination Committee,
and approved by the Shareholders’ Meeting on May 12, 2021
11
. The Remuneration Policy, together with the results of the Shareholders vote,
are available on bpost’s website
12
. Any material change to this Remuneration Policy has to be approved by the Shareholders’ Meeting, upon
recommendation of the Board of Directors and the Remuneration & Nomination Committee. In any case, the Remuneration Policy must be
approved by the Shareholders’ Meeting at least every four years. The Remuneration Policy has been applicable since January 1, 2021, and
bpost did not deviate from it during financial year 2022.
bpost distinguishes three different groups for which the remuneration is set out in this Remuneration Report:
• the non-executive members of the Board of Directors;
• the CEO; and
• the members of the Executive Committee.
The individual remuneration of the members of the Board of Directors and members the Executive Committee depends on the category they
belong to.
The Remuneration & Nomination Committee regularly examines the Remuneration Policy’s principles and their application and will continue
to do so. The Board of Directors and the Remuneration & Nomination Committee also continued analyzing the possibility and feasibility of in-
troducing a long-term incentive plan. The purpose of this plan would be to better align the actions and initiatives of management with bpost’s
long-term performance as set out further in this report (see Section 3 below).
10 A public-law public limited company incorporated and existing under Belgian law, having its registered office at Boulevard Anspach 1, 1000
Brussels (Belgium) and registered with the Crossroads Bank for Enterprises under number 214,596,464 (RLE Brussels) (the “Company” or
“bpost”).
This report does not include bpost’s Belgian subsidiaries, the remuneration policy of which is in line with the national reference market, or
bpost’s foreign subsidiaries, whose remuneration policies are in line with local reference markets of relevant companies and aim to attract
and retain qualified and experienced directors and managers. In that regard, it should be noted that (i) all directors’ mandates in Belgian
subsidiaries are unpaid and (ii) the Radial Group has its own incentive plan, in accordance with US market practices.
All amounts mentionned in this report are gross amounts.
11 https://corporate.bpost.be/investors/shareholders-meetings/2021?sc_lang=en: the Remuneration Policy was approved by the Shareholders’
Meeting on May 12, 2021 with a majority of 91,73% votes in favour and 8,27% votes against.
12 https://bpostgroup.com/sites/default/files/2021-07/8-bpost-remuneration-policy-en.pdf We will need to ensure that the link still work after the
revamping of the corporate website (foreseen on Friday).

26
2. Total remuneration of the members of the Board of Directors, the CEO and the other
members of the Executive Committee
A. Remuneration of the non-executive members of the Board of Directors
The remuneration of the members of the Board of Directors (with the exception of the CEO) consists of two elements:
• a monthly fixed fee; and
• an attendance fee for each Advisory Committee
13
meeting attended.
The monthly fixed fee and the attendance fee are subject to automatic indexation on March 1 of each calendar year on the basis of the
Consumer Health Index.
No other benefits were paid to the Board of Directors’ members for their mandate.
The CEO is not entitled to any remuneration for his mandate as a member of the Board of Directors.
Monthly fixed fee
During the financial year 2022, the members of the Board of Directors (with the exception of the CEO) received the following monthly fixed fee:
• 3,859.52 EUR for the Board of Directors’ Chair, who also chairs bpost’s Joint Industrial Committee (Paritair Comité Commission Paritaire), as
indexed on March 1, 2022;
• 1,929.76 EUR for each other directors (with the exception of the CEO) as indexed on March 1, 2022.
Attendance fees
The members of the Board of Directors (with the exception of the CEO) also received an attendance fee of 1,929.76 EUR per attended Advisory
Committee meeting.
Overall remuneration
For the financial year 2022, the overall remuneration paid to all the members of the Board of Directors (with the exception of the CEO) totaled
455,604.47 EUR.
The table below shows the total annual remuneration paid on an individual basis to each member of the Board of Directors (with the excep-
tion of the CEO) based on his/her participation in the Advisory Committee meetings:
BOARD OF
DIRECTORS’
MEMBERS BOARD OF DIRECTORS
STRATEGIC
COMMITTEE
REMUNERATION
& NOMINATION
COMMITTEE
AUDIT & RISK
COMMITTEE ESG COMMITTEE AD HOC COMMITTEE
TOTAL ANNUAL
REMUNERATI-
ON (EUR)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
ANN
CALUWAERTS
(as from
January 1,
2023)
NA NA NA NA NA NA
DAVID
CUNNINGHAM
(as from May 11,
2022)
14,824.12 13/13 NA NA 1,929.76 1/2 NA 1,929.76 1/2 18,683.64
LIONEL
DESCLÉE
22,885.78 19/19 11,442.89 6/6 NA 9,513.13 5/5 NA 9,513.13 5/5 53,354.93
JOS DONVIL
(until October
31, 2022)
19,026.26 9/14 7,583.37 4/4 NA 1,929.76 1/1 NA NA 28,539.39
MOSSHIN EL
GHABRI
22,885.78 16/19 NA NA NA 5,789.28 3/3 NA 28,675.06
AUDREY
HANARD (Chair
until December
15, 2022) (**)
44,898.57 19/19 NA 11,307.22 6/6 NA 3,859.52 2/2 NA 60,065.31
LAURENT
LEVAUX
22,885.78 8/19 NA 1,929.76 1/3 NA 1,929.76 1/3 NA 26,745.30
JULES NOTEN
22,885.78 17/19 11,442.89 6/6 11,307.22 6/6 NA NA NA 45,635.89
13 The Advisory Committees include the Strategic Committee, the Remuneration & Nomination Committee, the Audit & Risk Committee,
the ESG Committee and Ad Hoc Committee.

27
BOARD OF
DIRECTORS’
MEMBERS BOARD OF DIRECTORS
STRATEGIC
COMMITTEE
REMUNERATION
& NOMINATION
COMMITTEE
AUDIT & RISK
COMMITTEE ESG COMMITTEE AD HOC COMMITTEE
TOTAL ANNUAL
REMUNERATI-
ON (EUR)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
AMOUNT
(EUR)
MEETINGS
(*)
SONJA
ROTTIERS
(Chair as from
December 16,
2022) (**)
23,896.61 18/19 NA NA 9,513.13 5/5 NA 9,513.13 5/5 42,922.87
RAY STEWART
(until May 11,
2022)
8,149.46 5/5 NA 7,447.70 4/4 5,653.61 3/3 NA
1,794.09 1/1 23,044.86
MICHAEL
STONE
22,885.78 17/19 11,442.89 6/6 1,929.76 1/2 5,653.61 3/3 NA
7,719.04 4/4 49,631.08
CAROLINE VEN
22,885.78 16/19 9,648.80 5/6 NA NA 5,789.28 3/3 NA
38,323.86
SONJA
WILLEMS
22,885.78 19/19 NA 11,307.22 6/6 NA 5,789.28 3/3 NA
39,982.28
TOTAL 270,995.48 51,560.84 45,228,88 34,193.00 23,157.12 30,469.15 455,604.47
(*) The total number of meetings used as reference in the table depends on when the concerned director has been appointed as member of the
Board of Director or of an Advisory Committee.
(**) As Audrey Hanard went on maternity leave as from December 16, 2022, the Board of Directors decided that Sonja Rottiers temporarily
replaces her as Chair of the Board of Directors during her absence.
B. Remuneration of the CEO and the other members of the Executive Committee
In accordance with the Remuneration Policy, the remuneration package of the CEO and the other members of Executive Committee consisted
in 2022 of:
• a fixed base remuneration;
• a variable short-term remuneration
14
;
• pension contributions; and
• various other benefits.
No shares, stock options, or other rights to acquire shares (or other share-based remuneration) were granted to or exercised by the CEO or the
other members of the Executive Committee or have expired in 2022. No options under previous stock option plans were outstanding for the
financial year 2022.
No substantial changes were made to the remuneration of the CEO and the other Executive Committee members compared to the previous
financial year.
The relative importance of the various remuneration components of the CEO and Executive Committee members is illustrated in the graphs
below.
RELATIVE IMPORTANCE OF THE
VARIOUS ELEMENTS OF THE CEO’S
REMUNERATION (2022)
Variable
remuneration
(objectives 2021)
Base
remuneration
Pension
contribution
Other
benefits
14 A variable long-term incentive is available but only for the member of the Executive Committee located in the United States. See the
Remuneration Policy for more information in this respect.

28
RELATIVE IMPORTANCE OF THE VARIOUS
ELEMENTS OF THE GLOBAL REMUNERATION
OF THE MEMBERS OF THE EXECUTIVE
COMMITTEE (2022 )
Variable
remuneration
(objectives 2021)
Base
remuneration
Pension
contribution
Other
benefits
Base remuneration
The base remuneration consists of a fixed base salary paid in cash, defined by the nature and specificities of the functions, granted inde-
pendently of bpost’s results:
• the CEO’s total base remuneration for the financial year 2022 amounted to 515,995.90 EUR (as indexed on February 1, April 1, June 1,
September 1 and December 1, 2022)
15
. The CEO did not receive any remuneration for his mandate as a member of the Board of Directors;
• the global base remuneration granted to other members of the Executive Committee for the financial year 2022 amounted to 3,826,074.81
EUR (as indexed on February 1, April 1, June 1, September 1 and December 1, 2022). The amount of their individual base remuneration re-
flects the responsibilities and characteristics of the position, the level of experience and the performance of the members of the Executive
Committee during the past year.
The base remuneration of the CEO was paid monthly, in twelve equal instalments. The other members of the Executive Committee were paid
in accordance with local law.
The base remuneration is revised annually based on a benchmark study that covers large Belgian companies so as to offer a total remunera-
tion in accordance with the median on the reference market.
Variable short-term remuneration
The short-term incentive consists of a variable remuneration paid in cash. In 2022, the CEO and the other members of the Executive
Committee in Belgium had variable short-term remuneration with regard to the performance during financial year 2021 of 30% (at target) of
their annual fixed base remuneration. In the case of over-performance, the variable short-term remuneration could exceed 30% and poten-
tially reach a maximum at 60% of their annual fixed base remuneration.
The variable short-term remuneration was awarded on the basis of the achievement of both collective objectives and individual performance
targets, which were set at the start of 2021. The ratio between the collective objectives and the individual performance targets is 70%-30%.
Finally, the collective objectives are segmented for the group and the business units to improve the line of sight.
• The collective objectives (70% of the total potential variable short-term remuneration at target
16
) relate to performance against Key
Performance Indicators (KPI’s) set by the Board of Directors upon recommendation of the Remuneration & Nomination Committee. These
KPI’s include financial and non-financial indicators:
- EBIT (50%): reflects the group and business units’ financial results. The financial results applicable to the CEO and the other members of
the Executive Committee in charge of the support units are linked to the group, while those for the members of the Executive Committee
in charge of a business unit, are linked, for 30% to the group and 70% to the respective business unit. The pay-out factor for 2021 was
between 136.1% and 153.2%.
- Customer Loyalty Index (15%): reflects the loyalty of bpost’s customers. The pay-out for this criterion is equal to the results for the given
year. The Customer Loyalty Index for 2021 is composed of three metrics. The results for 2021 reached a pay-out factor of 123%.
- Short-term Absenteeism Index (5%): reflects the wellbeing or engagement, respectively, of bpost’s staff. The pay-out for these criteria is
equal to the results for the given year. The Short-term Absenteeism Index, measured on a quarterly base and specific to the Business unit
and Group for 2021 reached a payout of between 16.9% and 140% for this criterion in 2021, depending on the area of responsibilities.
To ensure a constant alignment to market reality and best practices, the weight of the non-financial indicators for the collective objectives
was slightly adapted. As from January 1, 2022 (for the variable remuneration to be paid in 2023), the Customer Loyalty Index weighs 20%
and the Short-term Absenteeism Index is no longer taken into account.
15 On December 9, 2022, the Board of Directors and Dirk Tirez mutually agreed to terminate their collaboration: as a consequence, Dirk Tirez
resigned as (i) member of the Board of Directors and (ii) CEO with immediate effect. Dirk Tirez was remunerated as CEO until December 9, 2022.
16 With a minimum of 0% in the case of underperformance and a maximum of 200% in the case of overperformance.
17 With a minimum of 0% in the case of underperformance and a maximum of 200% in the case of overperformance.

29
• The individual performance targets (30% of the total potential variable short-term remuneration at target
17
) are defined and agreed
on at the beginning of each year (i) between the Board of Directors and the CEO and (ii) between the CEO and each Executive Committee
member.
These individual targets are assessed annually during the first quarter following the end of the financial year, by the Board of Directors
upon recommendation of the Remuneration & Nomination Committee.
Clear and measurable targets are set, which are to be achieved within an agreed timeframe. The individual performance is measured
against these targets.
The main individual performance targets to be achieved by the CEO over financial year 2021 were the following:
- achieving specific financial results set by the Board of Directors;
- creating stability, strengthening the management team, and promoting a new culture and values to achieve the Board of Directors’
sustainability strategy;
- securing the long-term sustainability strategy, including (i) developing an ambitious new strategic plan, including strategic alignment
with the Board of Directors and management and (ii) engaging in the transformation set by the long-term sustainability strategy;
- improving overall employee engagement, quality of utility contract performance, and customer satisfaction.
The main individual performance targets to be achieved by the other members of the Executive Committee over financial year 2021 were
the following:
- specific business achievements and development, including (i) developing the future operating and workforce model, (ii) implementing
the EU omni-commerce plan, (iii) ensuring value generation during the year end peak in parcels in Belgium and (iv) continuing the digital
transformation of the group;
- execution of the transformation plan both abroad and in Belgium, including (i) the acceleration of Radial US transformation and (ii)
assisting in transformation set by the long-term sustainability strategy;
- team leadership, employee engagement and customer focus.
In 2021, the individual performance targets reached a pay-out of between 105 % and 150 % for the members of the Executive Committee.
The CEO received a variable short-term remuneration of 218,406 EUR
18
in 2022 based on the achievement of the collective objectives and the
individual performance targets for the year 2021.
The members of the Executive Committee received a global variable short-term remuneration of 1,159,945.49 EUR in 2022 based on the
achievement of the collective objectives and the individual performance targets for the year 2021.
The variable short-term remuneration for the achievement of the collective objectives and individual performance targets during the finan-
cial year 2022, if any, will be determined and paid in May 2023, after the performance assessment of each member of the Executive Committee
and disclosed in the remuneration report to be published in 2024.
Pension contribution
The CEO and the other members of the Executive Committee have a complementary pension plan (second pillar):
• the CEO’s total pension contribution for the financial year 2022 amounted to 214,030.84 EUR;
• the Executive Committee’s global pension contribution for the financial year 2022 amounted to 504,518.67 EUR.
Other benefits
The CEO and the other members of the Executive Committee have received other benefits, e.g., an insurance covering death-in-service and
disability, medical insurance, meal vouchers (except for the CEO), representation fees and a company car. These benefits are benchmarked
regularly and adapted according to standard practices. The amount of the other benefit amount is set out in the table below.
Overall remuneration
The total remuneration paid to the CEO in 2022 amounts to 968,373.62 EUR (compared to 620,659.39 EUR in 2021) and can be broken down
as illustrated in the table below.
18 As the variable remuneration of the CEO amounts to less than one fourth of his annual remuneration, the spreading in time of the criteria for
variable remuneration as laid down in Article 7:91, par. 2 of the Belgian Code of Companies and Associations does not apply.

30
The total remuneration paid to the members of the Executive Committee (other than the CEO) in 2022 amounts to 5,796,181.98 EUR (com-
pared to 3,898,218.66 EUR in 2021) and can be broken down as illustrated in the table below:
TOTAL REMUNERATION OF THE CEO AND OTHER MEMBERS OF THE EXECUTIVE COMMITTEE IN 2022
NAME AND POSITION FIXED REMUNERATION (EUR) VARIABLE REMUNE-
RATION (EUR)
TOTAL REMUNERATI-
ON (EUR)
PROPORTION OF
FIXED AND VARIABLE
REMUNERATION
19
BASE
REMUNERATION
OTHER BENEFITS PENSION
CONTRIBUTION
Dirk Tirez CEO (until
December 9, 2022)
515,995.9 19,940.88
20
214,030.84 218,406 968,373.62 Fixed: 77.45 %
Variable: 22.55 %
Other Executive
Committee
members
3,826,074.81
21
305,643.01
22
504,518.67 1,159,945.49 5,796,181.98 Fixed: 79.99 %
Variable: 20.01 %
C. Use of clawback provisions
There are no specific contractual clawback provisions in favor of bpost for the variable remuneration paid out to the CEO and the other mem-
bers of the Executive Committee.
D. Changes to the composition of bpost’s Executive Committee – severance pay
The following changes in the composition of the Executive Committee occurred in 2022:
• on November 9, 2021, upon recommendation of the Remuneration & Nomination Committee, the Board of Directors decided to appoint (i)
Jean Muls as CEO Belgium and member of the Executive Committee and (ii) Nicolas Baise as Chief Strategy & Transformation Officer and
member of the Executive Committee, both with effect as from January 10, 2022;
• on December 1, 2021, upon recommendation of the Remuneration & Nomination Committee, the Board of Directors decided to appoint
James Edge as Chief Technology Officer and member of the Executive Committee with effect as from January 15, 2022;
• on January 28, 2022, upon recommendation of the Remuneration & Nomination Committee, the Board of Directors decided to appoint
• Henri de Romrée as CEO E-Logistics North America and member of the Executive Committee with effect as from March 7, 2022;
• Anette Böhm as Chief Human Resources Officer Group and member of the Executive Committee with effect as from June 1, 2022;
• on February 15, 2022, upon recommendation of the Remuneration & Nomination Committee, the Board of Directors decided to Philippe
Dartienne as Chief Financial Officer and member of the Executive Committee with effect as from June 1, 2022;
• on October 3, 2022, upon recommendation of the Remuneration & Nomination Committee, the Board of Directors decided to:
- terminate with immediate effect the collaboration with Jean Muls as CEO Belgium and member of the Executive Committee: a severance
pay of 619,461.53 EUR was paid pursuant to the dismissal in accordance with the terms and conditions of the employment agreement.
No non-compete remuneration was paid.
• appoint Jos Donvil as CEO Belgium and member of the Executive Committee with effect as from October 31, 2022 – following his
appointment as member of the Executive Committee, Jos Donvil resigned as member of the Board of Directors with effect as from
October 31, 2022;
• on October 24, 2022, following a compliance review relating to the concession for the distribution of newspapers in Belgium, the Board
of Directors and Dirk Tirez (CEO) mutually agreed that Dirk Tirez temporarily stepped aside pending the review. During that period, the
powers of daily management were entrusted to Henri de Romrée (CEO of E-Logistics North America) with effect as from October 24, 2022.
Henri de Romrée continued to be remunerated as a member of the Executive Committee;
• on November 9, 2022, the Board of Directors unanimously decided (i) that Henri de Romrée returns to his function of CEO of E-Logistics
North America and (ii) to appoint Philippe Dartienne (CFO) as CEO ad interim with immediate effect. Philippe Dartienne continued to be
remunerated as a member of the Executive Committee;
• on November 14, 2022, a special proxy was granted to Koen Aelterman as Chief Financial Officer ad interim (in accordance with the bpost
delegations of authorities), pending the appointment of a new CEO;
• on December 9, 2022, the Board of Directors and Dirk Tirez mutually decided to terminate their collaboration: as a consequence, Dirk Tirez
resigned with immediate effect as (i) member of the Board of Directors and (ii) CEO. Dirk Tirez was remunerated as CEO until December 9,
2022. No severance pay, non-compete remuneration or variable remuneration for the achievement of collective and individual objectives
for the year ended on December 31, 2022 were due;
• on December 31, 2022, Mark Michiels retired as CHRO.
19 Fixed remuneration comprises the base remuneration, the other benefits and the pension contributions. Variable remuneration comprises the
variable short-term remuneration.
20 Other benefits of the CEO include: (i) representation fees (3,300.00 EUR) and (ii) leasing costs for company car (16,640.88 EUR).
21 The base remuneration of the other Executive Committee members include end-year bonuses and holiday pay, as well as the severance pay of
619,461.53 EUR paid to Jean Muls following the end of the collaboration with him.
22 Other benefits of the other members of the Executive Committee include: (i) representation fees and meal vouchers (23,819.64 EUR); (ii) leasing
costs for company car (88,019.56 EUR); (iii) relocation and travel reimbursement (158,258.57 EUR) and (iv) My Benefit My Choice (35,545.24 EUR).

31
3. Compliance with bpost’s Remuneration Policy, long-term objectives
and sustainability
The total amount of remuneration paid out during the financial year 2022 is in line with the principles of the Remuneration Policy approved by
the Shareholders’ Meeting of May 12, 2021.
The objective of the bpost’s Remuneration Policy is to attract, motivate, and retain the best qualified talents needed to achieve bpost’s short-
and long-term goals within a coherent framework. The Remuneration Policy is structured in a way that aligns the interests of the bpost’s
Board of Directors and management with the interests of shareholders, stakeholders and society at large:
• the level of the fixed base remuneration ensures that the bpost Group could always rely on a professional and experienced management,
even in more difficult times, such as the Covid-19 crisis;
• the payment of the variable short-term remuneration ensures the realization of both financial and non-financial performance criteria that
translate the strategy of bpost.
4. Remuneration of employees
bpost applies the same principles of remuneration for its management and employees: they both have a fixed base remuneration, a variable
remuneration and various benefits. The fixed base remuneration component is reviewed regularly. The variable remuneration component
depends on key financial and non-financial metrics of bpost. Additional benefits are granted, depending on the qualifications and seniority of
the staff.
As Belgium’s leading postal operator and a parcels and e-commerce logistics provider in Europe, North-America, and Asia, bpostgroup em-
ploys over 34,509 experienced and talented employees, who are committed to serving bpost’s clients and communities. bpost is dedicated to
continuing to improve working conditions to promote a collaborative, inclusive and healthy workplace. bpost is convinced that this will help
the Company to attract, develop and retain the best talent and capabilities to drive bpost’s strategy.
The ratio between the highest executive remuneration (CEO or member of the Executive Committee, as appropriate) and the lowest employee
remuneration (on a fulltime equivalent basis) within the Company in 2022 was 32.
5. Information on shareholder vote
The Shareholders’ Meeting of May 11, 2022 approved the remuneration report of 2021 with a majority of 87,92% (compared to 79.82% in 2021)
(with 12,08% against compared to 19,80% in 2021).
bpost encourages an open and constructive dialogue with its shareholders to discuss its approach to governance, including remuneration.
One concern raised about the bpost Remuneration Policy is that the company is reporting on previous year performance instead of the
performance during the reporting year for the payment of the variable short-term remuneration. However, as stated above (see Section 2B),
the variable short-term remuneration for the achievement of collective objectives and individual performance targets during the reporting
year, if any, are only determined (and paid) in May of the following year, after the performance assessment of the CEO and of each member of
the Executive Committee. As a consequence, the amount of the variable short-term remuneration, if any, related to achievement during the
financial year 2022 and to be determined (and paid) in May 2023, are not known on the day of the publication of this Remuneration Report and
will be disclosed in the remuneration report to be published in 2024.
6. Remuneration of the members of the Board of Directors and of the Executive
Committee in context
This section places the remuneration of the members of the Board of Directors and of the Executive Committee and its development over
time in the broader context of the average remuneration of bpost’s employees (on a full-time equivalent basis) and of bpost’s performance.
The following table gives an overview of the evolution in time over the last 5 years of the total remuneration of the members of the Board of
Directors of the Executive Committee. The table further displays this evolution in the broader context of the average remuneration of bpost’s
employees (on a full-time equivalent basis) and the overall annual performance criteria.
The methodology used for the calculation of the remuneration average (on a full-time equivalent basis) of the employees is the following: the
sum of the monthly salary, annual bonus, other benefits, divided by the total number of employees on a full-time equivalent basis.

32
FY 2018
(EUR OR %)
% CHANGE
VS FY 2018
FY 2019
(EUR OR %)
% CHANGE
VS FY 2019
FY 2020
(EUR OR %)
% CHANGE
VS FY 2020
FY 2021
(EUR OR %)
% CHANGE
VS FY 2021
FY 2022
(EUR OR %)
BOARD OF DIRECTORS AND MANAGEMENT REMUNERATION (1)
Board of
Directors’
members’ global
remuneration
331,510.77 17% 388,123.43 -17.8% (2) 319,138.05 53.59%
(7)
490,161.55 -7.05% 455,604.47
CEO’s global
remuneration
902,123.95 -18% 736,325.66 -15.4% 623,285.02 -0.42% 620,659.39 56.02% 968,373.62
(10)
Other Executive
Committee
members’ global
remuneration
4,363,457.84 4% 4,277,964.94 10.7% 4,791,691.71
(3)
- 18.65%
(8)
3,898,218.66 48.69% 5,796,181.98
(11)
COMPANY PERFORMANCE
Financial metric
(adjusted EBIT)
424,261,989.47 -27% 310,805,491.40 -9.7% 280,573,881.37 24.51% 349,346,004.54 -20% 278,498,240.70
Total operating
income
(adjusted)
3,850,200,000.00 -0.3% 3,837,800,000.00 8.3% 4,154,600,000.00 4.31% 4,333,721,258.15 1.47% 4,397,525,430.98
Customer
Loyalty Index
57.95% 73% (4) 100.17% -8.2% 91.95% 34%(9) 123.19% -3.36% 119.05%
Short-term
Absenteeism
Index
4.37% 3% 4.52% 9.7% 4.96% (5) 2.41% 5.08% 11.02% 5.64%
Employee
Engagement
Index
72.4% -1.24% 71.5%
AVERAGE REMUNERATION ON A FULL-TIME EQUIVALENT BASIS OF EMPLOYEES
(6)
Employees of
the Company
46,256.00 2% 47,259.00 1.8% 48,118.00 0.1% 48,182.21 5.2% 50,704.15
Explanations regarding information included in the above table can be found below:
(1) The total remuneration of the members of the Board of Directors and of the members of the Executive Committee includes the variable short-
term remuneration. The total remuneration of the Executive Committee also includes severance pays, if any.
(2) The decrease in the total remuneration of the Board of Directors’ members in 2020 is explained by the fact that since October 2019, the
mandate of one independent director was vacant.
(3) The increase in the total remuneration of the members of the Executive Committee (with the exception of the CEO) in 2020 compared to 2019
is explained by (i) changes in the composition of the Executive Committee leading to a higher amount of base remuneration, (ii) an increase in
the pension costs, as well as (iii) the improved Company’s performance in 2019 compared with the results in 2018 leading to a higher amount
of variable short-term remuneration for the performances of the Executive Committee’s members in 2019 paid in 2020.
(4) The increase in the Customer Loyalty Index in 2019 is explained by the good progress of operational indicators linked to mail & parcels
delivery as well as by the positive result of the NPS Parcels, an additional criterion taken into account in the determination of the Customer
Loyalty Index as from 2019.
(5) The percentage of 4.96% is the Short-term Absenteeism Index for the full financial year 2020. However, for the calculation of the collective
objectives of 2020, only the Short-term Absenteeism Index of Q3 2020 is taken into account due to the quarantine impact due to Covid-19, i.e.,
3.94%.
(6) The average remuneration of employees of bpost excludes directors, members of the Executive Committee and the CEO who would have
entered into an employment agreement with the Company.
(7) The increase in the total remuneration of the Board of Directors’ members in 2021 is explained by the fact that (i) the number of Board of
Directors members was lower in 2020 and (ii) there were a significant number of Remuneration & Nomination Committee meetings in 2021 as
a result of the replacement of the CEO and other directors whose mandate terminated.
(8) The decrease in the total remuneration of the Executive Committee is explained by a decreased number of Executive Committee members
during the financial year 2021.
(9) The increase in the Customer Loyalty Index in 2021 is explained by progresses and good performance in all indicators composing this Index in
the course of the year.
(10) The increase in the total remuneration of the CEO in 2022 compared to the 3 previous financial years is explained by the fact that (i) the
insurance policy coverage of the CEO (covering the period from July 2021 – date of appointment of Dirk Tirez as CEO – until 31 December 2021)
was invoiced in 2022 and not in 2021, (ii) in 2020 and 2021, no bonus was paid to the respective CEOs as they had not completed a full year (i.e.,
Jean-Paul Van Avermaet for 2020 and 2021, Dirk Tirez for 2021) and (iii) the indexation during 2022.
(11) The increase in the total remuneration of the Executive Committee in 2022 is explained by (i) the fact that in 2021, the number of Executive
Committee members was lower, (ii) the total remuneration includes the severance pay of 619,461.53 EUR paid to Jean Muls and (iii) the
indexation during 2022.

33
Risk Management & Compliance
Risk Management
bpost’s Enterprise Risk Management (“ERM”) framework assists bpost in managing risks effectively and in implementing the necessary con-
trols to pursue its objectives. The ERM framework covers: (i) risk management, allowing bpost to take informed decisions on risks it is willing
to take to achieve its strategic objectives, thereby taking into account external factors; and (ii) internal control activities, which include all
internal policies, procedures and business practices to mitigate risks. Best practices in risk management and internal control activities (e.g.,
international standard ISO31000) and the Commission on Corporate Governance’s directions have been used as references to define the ERM
framework.
The following description of bpost’s internal control and risk management activities is factual and aims to cover the activities’ main
characteristics.
Risk assessment
The purpose of risk management, embedded in the ERM framework, is to deliver a consistent corporate approach and establish a sound risk
management culture. A strategic risk assessment takes place as part of the process to define/ revise bpost’s strategy. Moreover, there is risk
and internal control management at a process, product or project level. This includes an evaluation of the adequacy of the most important
internal controls to mitigate risks at a process, product or project level. The same structured risk management process is applied:
• identification of the risks that may have an impact on realizing the objectives;
• assessment of risks in order to prioritize them;
• decision on risk responses and action plans to address key risks;
• monitoring action plan implementation and overall risk evolutions and identification of emerging risks.
The coherence of risk activities is ensured by using a single framework of risk evaluation criteria to assess the risks. This ensures the right risks
are circulated, both top-down and bottom-up.
More information can be found in the “Risk Management” section of the annual report
Control activities
In general
Policies and procedures are established for the key processes (accounting, procurement, investments, treasury, etc.). They are subject to
regular controls. Internal controls are monitored where relevant.
All Group companies use an Enterprise Resource Planning (“ERP”) system or accounting software to support efficient processing of business
transactions, to perform accounting and to deliver data for consolidation. These systems provide management with transparent and reliable
information it needs to monitor, control, and direct business operations. A close monitoring of potential conflicts of separation of duties in
the ERP system is carried out on a regular basis. bpost has established management processes to ensure the implementation of appropriate
measures on a daily basis to sustain the performance, availability and integrity of its IT systems. The adequacy and effectiveness is monitored
through internal service level agreements as well as periodic performance and incident reporting to the different Business Units involved.
Specifically related to the financial statements
Systematic and structured finance processes ensure a timely and qualitative reporting. These processes include the following main activities
or controls:
• careful and detailed planning of all activities, including owners and timing;
• communication by the Group Finance Department prior to the closing of guidelines, including on all IFRS accounting principles, to be
applied by all legal entities and operating units;
• separation of duties between the accounting teams in the different legal entities actually performing the accounting activities and the
departments responsible to review the financial information. The review is performed more specifically by (i) financial business partners
responsible, inter alia, for the review of financial information in their area of responsibility, and (ii) the Group Finance Department, which is
responsible for the final review of the financial information of the different legal entities and operating units and for the preparation of the
consolidated financial statements;
• systematic account justification and review after the closing triggering follow-up and feedback of the timelines, quality and lessons learned
in order to strive for continuous improvement.

34
Information and communication
The Internal Communication department uses a wide variety of tools, such as the Company’s intranet and employee newsletters, to circulate
messages in a structured and systematic way both from top management and operational level.
Financial and performance information is shared between operational and financial management and the Executive Committee. Besides the
monthly reporting analysis prepared by the financial business partners, the Executive Committee conducts a thorough quarterly review of
the different Business Units’ performance.
Proper assignment of responsibilities and coordination between the relevant departments ensures an efficient and timely communication
process for periodic financial information. The Group Finance Department communicates on a regular basis all IFRS accounting principles,
guidelines and interpretations, to be applied by all legal entities and operating units, to the accounting teams of the different legal entities
and operating units.
Externally, the Press Relations, Public Affairs and Investor Relations departments manage stakeholders, e.g. press, public authorities and
the financial community. These departments centralize and validate external communications with a potential impact at Group level. This
includes, but is not limited to, financial information.
Financial information is made available to the market on a quarterly, semi-annual and annual basis. Prior to external publication, financial
information is subject to (i) an extensive internal validation process, (ii) review by the Audit & Risk Committee, and (iii) approval by bpost’s
Board of Directors.
Monitoring
Commitment to corporate governance fostering accountability
The Board of Directors supervises the Company’s operational management. The Audit & Risk Committee advises the Board of Directors on
accounting, audit, risk management and internal control matters. Without prejudice to the monitoring role of the Board of Directors, the
Executive Committee establishes risk management and internal control guidelines and procedures and monitors their effective roll-out. A
“three lines of defense” model has been implemented:
• the operational management is responsible for the design and maintenance of risk management and internal controls (first line);
• the second line functions, such as Legal & Compliance, Regulatory, Data Protection, Safety & Prevention, Security or Integrity, provide
expert support to the first line operational management. All second line functions report at least annually to the Executive Committee on
the risk evolution in their respective domains;
• finally, Corporate Audit, responsible for the internal audits of bpostgroup, constitutes the third line of defense. The Corporate Audit
Director reports to the Audit & Risk Committee’s Chair and CEO.
Corporate Audit (internal) and Joint Auditors (external)
bpost has a professional internal audit department that works in line with the Institute of Internal Auditors’ standards. The department is
subject to an external quality review every five years. Corporate Audit conducts an annual risk assessment with a semi-annual revision to
determine the audit program. Via its audit assignments, Corporate Audit provides reasonable assurance on internal control effectiveness in
the different processes, products or projects reviewed.
The Joint Auditors provide an independent opinion on the full year statutory and consolidated financial statements. They perform a limited
review on the half-year interim condensed financial statements. In addition, they review material changes to the IFRS accounting principles
and evaluate the different identified key controls on the processes that support the set-up of the financial statements.
Audit & Risk Committee and Board of Directors
The Audit & Risk Committee advises the Board of Directors on accounting, audit, risk management and internal control matters.
To do so, the Audit & Risk Committee receives and reviews:
• all relevant financial information to enable the Audit & Risk Committee to analyze the financial statements;
• the quarterly treasury update;
• any significant change of the IFRS accounting principles;
• relevant findings resulting from the activities of the Corporate Audit Department and/or the Joint Auditors;
• the Corporate Audit’s semi-annual status report on the follow-up of audit recommendations and annual activity report;
• the Executive Committee’s annual conclusion on the effective execution of bpost’s risk management and internal control activities as well
as periodic information on the main business and related risk evolutions.

35
The Board of Directors ultimately ensures the establishment of internal control systems and procedures. The Board of Directors monitors
the functioning and adequacy of the internal control systems and procedures, considering the Audit & Risk Committee’s review, and takes
the necessary measures to ensure the integrity of the financial statements. A procedure is in place to convene bpost’s appropriate governing
body on short notice if and when circumstances so dictate.
More detailed information on the composition and functioning of the Audit & Risk Committee and the Board of Directors is included in the
section of this Corporate Governance Statement on the Board of Directors and the Audit & Risk Committee.
Compliance
bpostgroup is built upon a foundation of strong corporate values and ethical business practices designed to support our sustainable and
responsible business strategy. These values and practices reflect our commitment to our colleagues, employees, suppliers, customers, busi-
ness partners, shareholders and the larger society. Building a reputation as a trustworthy and ethical organization among our stakeholders is
necessary to maintain sound and robust relationships and drive positive customer experience and financial performance.
To achieve this, bpostgroup encourages each employee to continuously hold themself to the highest ethical standards. These standards, val-
ues and principles are set out in the bpostgroup Code of Conduct, which is reflected in multiple bpostgroup codes, policies and procedures.
Compliance with bpostgroup codes, policies and procedures is carefully monitored. The Board of Directors oversees bpostgroup’s commit-
ment to strong corporate values and ethical business practices regularly and takes decisions and actions for enhancements, as appropriate.
bpostgroup Compliance Department
The bpostgroup Compliance Department is responsible for coordinating compliance activities within the bpostgroup, and aims to promote,
at all levels, ethical conduct, respect of values and compliance with laws and internal and external rules and policies, prevent unlawful or
unethical behavior and ensures an appropriate response in case such behavior occurs. The bpostgroup Compliance Department is managed
by the Director Compliance, who reports directly to Chief Legal Officer and CEO of bpostgroup.
Commitment to integrity and ethical values
METRIC 2021 2022
Number of registered complaints on unethical workplace behaviour 50 53
Number of registered cases of corruption and bribery 0 0
Monetary amount of legal and regulatory fines and settlements above 10,000 EUR
linked to data breaches, corruption or environment damage
0 0
bpostgroup is committed to continuously working to improve its due diligence processes and awareness on integrity and ethical behavior
across the group such as through good communication guidelines, direct employee communication and following up on registered cases
of unethical workplace behavior. Employees are encouraged to report suspected violations or concerns through various channels.In 2022
bpostgroup had no registered cases of corruption or bribery, nor any legal or regulatory fines, or settlements above 10,000 EUR linked to
data breaches, corruption or environment damage. The number of registered complaints on unethical workplace behavior slightly increased,
mainly in North America. To address this, Radial launched, amongst other things, a second Employee Resource Group dedicated to this sub-
ject in October 2022 by initiating a positive movement to speak up and reach out. Over the course of 2022, bpostgroup strengthened efforts to
create an environment across the group where people feel safe and empowered to speak up, and updated its Code of Conduct (see below).
Code of conduct
The Board of Directors and Executive Committee have approved bpostgroup’s Code of Conduct, which was first issued in 2007 and last updat-
ed in December 2022.
The Code – publicly available on https://bpostgroup.com/who-we-are/compliance – has general principles that describe the values and ethi-
cal standards for everybody working in the group and enables appropriate responses in the event that it is not followed. These principles are
reinforced by the relevant codes, policies and procedures that are in place across bpostgroup’s businesses, affiliates and ventures.
bpostgroup expects all its employees to comply with the Code of conduct and use it as a reference in their day-to-day practice. Any violations
of the Code of Conduct must be reported to the established channels provided for in the bpostgroup Code of Conduct, on a confidential basis
as the case may be.
Human Rights Policy
bpostgroup is committed to the highest standards of ethical behaviour in the protection and promotion of human rights (including freedom
of association and collective bargaining, prohibition of forced labor, human trafficking, modern slavery and child labor). bpostgroup has
adopted and published a Human Right Policy. bpostgroup expects all people involved in the group’s business to respect the Human Rights
Policy. There is zero-tolerance regarding violations of human rights and there are no exceptions to this Human Rights Policy.

36
Dealing & Disclosure Code
To comply with insider trading and market manipulation regulations, bpostgroup has adopted a Dealing and Disclosure Code which is publicly
available on https://bpostgroup.com/who-we-are/compliance. This Code, amended from time to time to be in line with the most recent mar-
ket abuse laws and regulations, aims to create awareness around possible improper conduct by employees, senior employees, and persons
discharging managerial responsibilities (being members of the Board of Directors and of the Executive Committee) and their associated per-
sons. The Dealing and Disclosure Code contains strict rules on confidentiality, non-use of “price sensitive” information, and dealing restric-
tions. The rules of this Code have been widely communicated within bpostgroup and the Code is available to all employees, senior employees
and persons discharging managerial responsibilities. In conformity with the Market Abuse Regulation of April 16, 2014, persons discharging
managerial responsibilities at bpost have been informed of their obligations in relation to insider trading under the Market Abuse Regulation.
Commitment to employee development and competence
Good leadership is invaluable and generates better results for bpost. To develop skills, bpost has established its own training center.
Technical courses are held in the business units (e.g., training on the International Financial Reporting Standards (“IFRS”) used to prepare
bpost’s consolidated financial statement) and ad hoc courses are developed on a need-to-have basis. Personal development is driven by clear
job descriptions and a structured bi-annual evaluation. Ad hoc coaching sessions are promoted.
Diversity
Creating a culture of Diversity and Inclusion
bpost is a highly diverse company in terms of its workforce and is committed to creating and supporting a collaborative workplace culture.
Such a diverse environment allows the group to optimize interaction with its customers and stakeholders, and responds to challenges in
different and efficient ways.
In that context, bpost has designed a Diversity Policy aimed at creating diversity and inclusion awareness within the group. The purpose of
this Diversity Policy is to support bpost employees and management in building a culture where diversity and inclusion are a daily practice.
The program focuses on engagement, awareness, and involvement. The Board of Directors sets the tone at the top and is the true sponsor of
the diversity and integration workshops organized for teams investing in diversity and inclusion awareness and/or dealing with specific topics
within the diversity and inclusion framework.
Diversity within the Board of Directors and the Executive Committee
bpost adheres to the view that diversity of competences and views of the Board of Directors and Executive Committee facilitates a good
understanding of the business organization and affairs. It enables the members to constructively challenge strategic decisions, ensure risk
management awareness, and be more open to innovative ideas.
bpost complies with the provisions of Article 7:86 of the BCCA in terms of gender diversity, but the Diversity Policy for the members of its
management goes beyond this strict legal minimum.
In the composition of the Board of Directors and Executive Committee, special attention is paid to diversity in terms of criteria such as age,
professional background, gender, and geographic diversity. When considering candidates for vacancies, the Remuneration & Nomination
Committee takes into account balanced scorecards of such diversity criteria.
Diversity aspects that are taken into account in relation to the bpost Board of Directors and Executive Committee members are the following:
• Gender: gender diversity promotes a better understanding of the market place, increases creativity, produces more effective leadership
and promotes effective global relationships. To achieve greater gender diversity within its management, bpost aims to (i) identify potential
female talents at an early stage, (ii) provide opportunities that allow women to reach their full potential, (iii) enroll women in development
programs that prepare them for management roles.
• Age: age diversity in the workplace is part of the human capital and provides a larger spectrum of knowledge, values, and preferences.
Such age-diverse management will provide a more dynamic environment with continuous movement. To achieve age diversity, bpost aims
to ensure that its management counts (i) older talents, with breadth and depth of work experience, and (ii) high-potential younger talents
who are eager to learn.
• Professional background: to stay competitive in a changing environment, bpost must attract and retain talent with diverse professional
backgrounds. Diversity of professional backgrounds provides bpost with a range of expertise and experience necessary to respond to the
complex challenges it faces. To achieve professional background diversity within its management, bpost aims to identify people who (i)
have distinct professional backgrounds, and (ii) come from various sectors at different points in their career.
• Geographic diversity: geographic diversity is significant and positively correlated with firm performance, especially in increasing business
and strategy internationalization. To stimulate geographic diversity, bpost takes into account foreign elements in the profile and the path
of its candidates.
The Board of Directors assesses annually whether diversity within the bpost management has improved.

37
Board Executive
Committee
40% – 60%
women men women
60 years
and more
5 members
60 years
and more
2 members
40-49 years
1 member
40-49 years
4 members
50-59 years
2 members
50-59 years
2 members
30-39 years
2 members
30-39 years
0 member
Finance & Accounting, Risk Management, Audit
Transport & Logistics, Fullfilment, Warehousing, E-commerce
Postal & parcels services
Digital, Technology & Innovation
Human Resources Management & Talent Development
ESG
10%
20%
20%
30%
20%
20%
20%
30%
15%
20%
25%
10%
Gender
diversity
Age
diversity
Geographical
diversity
Professional
background
Belgian Belgian
Irish GermanAmerican Englishman
25%
– 75%
men
Diversity aspects – Implementation & outcome
On December 31, 2022, the outcome of diversity aspects in relation to the bpost Board of Directors and
Executive Committee members is the following:

38
4.2 Risk Management
Approach and methodology
bpostgroup has defined and implemented an Enterprise Risk Management (“ERM”) framework to embed company-wide risk management
processes in key management activities, such as the Executive Committee’s revision of the strategy or quarterly reviews of the operations.
Risks are identified at different levels in the organization (including, inter alia, operational and financial management; corporate 2nd line
functions, such as Legal & Compliance, Regulatory, Data Protection, Safety & Prevention, Security or Integrity; and the Executive Committee).
It covers the entire business.
bpostgroup discloses the risks and uncertainties in three categories:
• Regulatory/Legal risks: regulatory evolutions and legal compliance issues that could impact the realization of bpostgroup’s strategy.
• External Business risks: external events that may affect the growth strategy.
• Operational risks: mostly internally oriented risks or unforeseen disasters that may result in an impact on bpostgroup’s results. These also
include financial risks.
Based on formalized risk evaluation criteria, approved by the Board of Directors, bpostgroup prioritizes risks to allow appropriate commu-
nication of risks throughout the company (top-down and bottom-up). For the main risks in each category, bpostgroup defined a dedicated
mitigation and monitoring approach. The Executive Committee, Audit & Risk Committee and Board of Directors review the application of this
approach on a regular basis.
Mitigation Monitoring
• Maintaining a constructive relationship with the
authorities and Regulators
• Annual status reporting (Legal/regulatory)
• Immediate reporting of important evolutions
potentially impacting the strategy
• Trackig of the events which influence the risk
assessment
• Networking and influencing (if deemed useful)
• Definition of Plan B (if deemed useful)
• Annual status reporting as input for the Annual Report
(end of year)
• Immediate reporting of important evolutions
potentially impacting the strategy
• Action plans / Projects to mitigate the risks (part
of the BU objectives and budget process)
• Brief status & Emerging risk evolutions are
reported during the Quartely Review (QR)
• Annual update on the risk evolution
(Corporate Risk)
External
Business
Risks
Operational
Risks
Regulatory/
Legal risks
Any of the following risks could have a material adverse effect on bpostgroup’s business, financial position and operating results. There may
be additional risks of which bpostgroup is currently unaware. There may also be risks that are currently considered to be immaterial, but that
may ultimately have a material adverse effect. The risk mitigation, as described below, is meant to provide a high-level overview of potential
and initiated action points in response to the risks and should not be interpreted as a comprehensive list of risk responses. In addition, the
mitigation efforts described below are no guarantee that risks will not materialize. No risk management or internal control system can pro-
vide absolute safeguards against failure to achieve corporate objectives, fraud or breach of rules and regulations.

39
Regulatory/Legal Risks
Appropriate policies, processes and internal control procedures are implemented in order to limit the exposure to complex
regulatory and legal requirements. In addition, bpostgroup strives for a constructive stakeholder management towards,
inter alia, government, decision makers and regulators.
bpostgroup operates in markets that are heavily regulated, including by national, EU and global regulatory bodies. It is
uncertain whether Belgian or European regulators or third parties will raise material issues with regard to bpostgroup’s
compliance with applicable laws and regulations or whether future legislative, regulatory or judicial changes or other
regulatory developments might have a material adverse effect on bpostgroup’s business, financial condition, operating
results and prospects.
Related to our mail and parcel business
In 2012, the European Commission required bpost to repay alleged state aid for the period 1992 to 2012. On May 2, 2013, the European
Commission approved the compensation granted to bpost under the terms of the 5
th
management contract covering the period 2013 to 2015
(“5th management contract”). Although the European Commission’s decisions on state aid provide bpost with a degree of certainty regard-
ing the compatibility of the compensation it receives for the provision of services of public economic interest (“SGEIs”) with state aid rules
for the period from 1992 through 2015, it cannot be excluded that bpost could be subject to further state aid allegations and investigations in
respect of this period in relation to SGEIs, other public services and other services it performs for the Belgian State and various public entities.
In accordance with the Belgian State’s commitment to the European Commission, the Belgian State organized a competitive, transparent
and non-discriminatory tendering procedure with respect to the distribution of recognized newspapers and periodicals in Belgium, follow-
ing which the service concessions were awarded to bpost on October 16, 2015 to provide the services from January 1, 2016 until December
31, 2020. In December 2019, the Belgian government decided to extend the service concessions until December 31, 2022. The European
Commission approved the compensation granted to bpost relating to this extension of the service concessions on September 2, 2021. An
internal compliance review was requested by the Chair of the Board of Directors in August 2022 regarding the then ongoing public tenders of
the Belgian State for the distribution of recognized newspapers and periodicals in Belgium (more details on this internal compliance review
can be found in the Contingent liabilities section of this annual report). In February 2023, the Belgian government announced its intention to
conduct a governmental audit into the compensation for the current press concession (2015-2019), which is extended until end 2023 (or mid
2024 if a new tender is launched and attributed to another party than bpost). Reference is made to the Contingent liabilities section of this an-
nual report concerning the possible scenarios as from 2024 as well as the factors influencing the potential financial impact of these scenarios.
On December 3, 2015, bpost and the Belgian State signed a management contract (“6th management contract”) with respect to a variety
of SGEIs (inter alia, the maintenance of a retail network, distribution of pensions, cash at counter and other services). This 6th management
contract provided for a continued provision of these SGEIs for a period of five years, ending on December 31, 2020, and for a remuneration in
line with the principles of the 5th management contract, as approved by the European Commission on May 2, 2013.
On June 3, 2016, the European Commission approved the 6th management contract and the press concession agreements under the state aid
rules.
In December 2020, the Belgian government decided to extend the 6th management contract until December 31, 2021. The extension was
approved by the European Commission on July 27, 2021. On September 14, 2021, the Belgian government and bpost signed the 7th manage-
ment contract covering the period until December 31, 2026 (“7th management contract”). This contract has been notified to the European
Commission and was approved on July 19, 2022. As a consequence of this approval the contract entered into force.
The 7th management contract is in line with the 6th management contract and only provides for minor changes to the scope of the SGEIs
entrusted to bpost compared to the 6th management contract.
bpost may be required to provide other postal operators access to specific elements of its postal infrastructure (such as information on
requests for mail re-direction in case of address change or parcel lockers), access to its postal network and/or to certain universal services. It
cannot be excluded that competent authorities impose access at uneconomic price levels or that the access conditions imposed upon may be
unfavourable for bpost. In the event bpost were to fail to comply with these requirements, it may also be subject to fines (under the competi-
tion law rules and postal regulation) and/or other postal operators may initiate proceedings seeking damages in national courts.
bpost is required to demonstrate that its pricing for the services falling within the universal postal service obligations (“USO”) complies
with the principles of affordability, cost orientation, transparency, non-discrimination and uniformity of tariffs. Tariff increases for cer-
tain single piece mail and USO parcels are subject to a price cap formula and prior control by the Belgian Institute for Postal services and
Telecommunications (“BIPT”). The BIPT may refuse to approve such tariffs or tariff increases if they are not in compliance with the aforemen-
tioned principles or price cap formula. It should be noted that the Postal Law, which entered into force in February 2018, provides for a price
cap formula as part of a stable and predictable price control mechanism. However, at the request of the Minister of the Post, an evaluation of
the price cap formula has been carried out in the course of 2022 by the BIPT. As a result, the BIPT is tasked to update the benchmarking on a
European scale.

40
In addition, in relation to activities for which bpost is deemed to have a dominant market position (or with respect to which other companies
are deemed to be economically dependent on bpost), its pricing must not constitute an abuse of such dominant position (economic depen-
dence). Failure to observe this requirement may result in fines. bpost may also be ordered by national courts to discontinue certain commer-
cial practices or to pay damages to third parties.
bpost is also subject to the requirement of no cross-subsidization between public services and commercial services. In addition, according to
state aid rules, if bpost engages in commercial services, the business case for providing such services must comply with the “private investor
test,” that is, bpost must be able to demonstrate that a private investor would have made the same investment decision. If these principles
are not complied with, the European Commission could find that commercial services have benefited from unlawful state aid and order the
recovery of this state aid from bpost.
According to the European Commission, cross-border parcel delivery is one of the key elements impacting e-commerce growth in Europe. A
regulation on cross-border parcel delivery was adopted by the Council and EU Parliament in 2018 and imposes increased pricing transparency
and regulatory oversight for cross-border parcel delivery operators such as bpostgroup.
bpost was designated by the Belgian State as the USO provider for an eight-year term commencing in 2011. In the Postal Law, bpost is desig-
nated as USO provider until the end of 2023. The special terms and conditions of the USO are defined in a dedicated management contract
which entered into force in 2019. The obligation to provide the USO may represent a financial burden on bpost. Although the Postal Law
provides that bpost is entitled to compensation by the Belgian State in the event the USO has created an unfair burden, there can be no assur-
ance that the entire net cost of the USO will be covered.
Related to bpost bank
On January 3, 2022 the transaction whereby bpost sold its 50% stake in bpost bank to BNPPF was completed. bpost continues at least until
December 31, 2028 to distribute – as a registered banking and insurance intermediary – banking and insurance products on behalf of bpost
bank through its network of post offices.
bpost bank operates in a heavily regulated market. The regulatory landscape for financial institutions has changed considerably (e.g., in-
creased focus on customer protection, anti-money laundering, etc.) and prudential supervision has been reinforced. It is uncertain whether
future legislative, regulatory or judicial changes may have a material adverse effect on bpost bank’s business, financial condition, results of
operations and prospects which could have an impact on bpost as agent of bpost bank.
Related to other regulatory & legal requirements
The interaction between the laws applicable to all private limited liability companies and the specific public law provisions and principles ap-
plicable to bpost may present difficulties in interpretation and cause legal uncertainty. For instance, bpost is subject to certain specific risks
in relation to employment matters deriving from the application of certain public law provisions and principles.
Amendments to – or the introduction of new – legislation and regulations, including legislation and regulations relating to state pensions,
could result in additional burdens for bpost. There can also be no assurance that bpost will not face challenges regarding certain employment
matters on state aid grounds. Finally, bpost’s contractual employees could also challenge their employment status for being deprived of
statutory employment protection and benefits.
Regulatory changes may (directly or indirectly) impact the attractiveness of mail as a way of communicating and hence bpost’s turnover.
External Business Risks
The risks mentioned in the section below are considered in light of the long term strategy. bpostgroup assigned clear
ownership for each of the risks. The owner monitors the risk, observes trends and initiates mitigating actions if and when
needed. More details on the internal control and risk management system can be found in the Corporate Governance
Statement.
The use of mail has declined in recent years, primarily as a result of the increased use of e-mail and the internet. bpost expects that the
mail volumes will continue to decline. E-government initiatives or other measures introduced by the Belgian State or other public authori-
ties or private enterprises that encourage electronic substitution in administrative mail may also affect the rate of decline in mail volumes.
bpostgroup is taking the next steps in transforming into a future-proof full-fledged e-commerce logistics partner for customers, citizens and
employees. In Belgium, bpost transformed the mail distribution network into a sustainable integrated mail and parcels network and is taking

41
the necessary measures to ensure that its organisation and resources can react with flexibility to the changing market conditions and client
needs. In Europe, bpostgroup will build a leadership position in e-commerce logistics by increasing its size; and in the US, bpostgroup will
profit by maintaining a leadership position in e-commerce logistics with Radial US. However, the speed of the transformation change, the
customers’ and employees’ reactions remain uncertain.
This new “digital” era also impacts the parcels industry in the sense that the e-commerce clients have a limited willingness to pay for the
delivery while requesting additional services (e.g. same day delivery). This might put pressure on the margins and overall profitability in the
parcels industry. As such external factors triggered by the industry, competition and clients (e.g. vertical integration of their last mile deliv-
ery, either by acquisition or organically) could challenge the growth in parcels (both in Belgium and abroad). In addition, a slowdown in the
growth of the e-commerce market could also impact the growth in the parcels distribution and fulfilment business. Management has taken
measures to ensure potential operational or financial impacts will be lowered to their minimum.
bpostgroup’s activities may be also materially affected by many other external factors, such as uncertainty regarding the impacts of the
post-pandemic parcel volume normalization, macroeconomic implications of the war in Ukraine (such as inflation, price increases, lower
consumer spending due to recessionary fears impacting e-commerce) and labour market constraints (such as salary indexations, transport
and energy costs). bpostgroup is monitoring these evolutions and will continue to assess further impacts going forward.
Operational Risks
bpostgroup faces some operational challenges that require an appropriate level of management attention. bpostgroup
initiates mitigating action plans if and when needed. More details on the internal control and risk management system can
be found in the Corporate Governance Statement.
Related to the agility and flexibility of the bpost network
Due to the relatively fixed nature of its cost base, a decline in mail volumes may translate into a significant decline in profit, unless bpost can
reduce its costs. Accordingly and as stated earlier above, bpost has introduced and will continue to introduce multiple levers for the transfor-
mation of the legacy business in order to ensure a swift and efficient alignment of its operational activities to the changing market conditions
while continuing to guarantee the quality of our services and qualitative jobs for its employees. However, there can be no 100 percent assur-
ance that bpost will realize all of the benefits expected from such initiatives in time, since it depends from exogenous factors e.g. the speed of
the mail volume decline. Some of the critical elements for success are change management, project prioritization and stakeholder alignment.
Related to Information and Communication Technology
bpostgroup relies on Information and Communication Technology (“ICT”) systems to provide most of its services. The systems are subject
to risks, such as power outages, disruptions of internet traffic, software bugs, cyber-attacks (such as data exfiltration attacks, encryption
attacks, and other forms of hacking) and problems arising from human error. This may result in loss of data, disclosure of data or significant
disruption of bpostgroup’s operations and that of its customers and clients. In addition, in a world of constant connectivity and dependency
on information that is processed and stored electronically, the lack of protection of confidential and/or sensitive information may result in
inappropriate information sharing.
Increased global cyber security intimidations, threats and more complex and targeted cyber-related attacks threatens the security of bpost-
group, its customers, partners, suppliers and third-party service providers in terms of services, systems and networks. The confidentiality,
integrity and availability of the data of bpostgroup and its customers may be at risk. bpostgroup is taking the necessary measures and making
the required investments to reduce these risks, including employee awareness trainings, protective measures, detective measures, security
testing and roll out of contingency plans.
Related to the integration of recent acquisitions
To pursue its growth ambitions, bpost has bought several companies over the last few years. The most important acquisition was Radial in
the US. As for all acquisitions and integration paths there is the risk of not being able to successfully integrate and whether bpost’s subsidiar-
ies will actually realize the related business plans. bpost has strengthened its post-merger integration activities to mitigate this risk as much
as possible.

42
Related to the ability to divest non-core activities
In order to implement its strategy, bpost may wish to divest certain non-core activities. Finding the right buyers willing to take over the activi-
ties at the right price may be challenging and depend on various factors and market circumstances, which could be beyond bpost’s control.
Related to the attractiveness of bpostgroup as employer
bpost may face difficulties to attract and retain the operational workforce it needs to ensure day-to-day delivery of mail and parcels. In
addition, as any large employer, talent management in view of effective succession planning for critical functions and successful in-sourcing
of certain new capabilities may also be challenging. To develop career opportunities in a proactive, structured and managed way within the
group, across the various businesses and support units a Talent Acquisition function has been developed at bpostgroup level with the aim to
develop future leaders in-house, on the basis of career paths and development routes.
Related to the business continuity
bpostgroup’s ability to serve its customers highly depends on its network of operational centers. bpost operations mainly consists of sorting
centers in Belgium. Radial operations consist of fulfilment centers located in North America and Europe. In Belgium, bpost operates six
sorting centers, where it centralizes, sorts and prepares the mail and parcels for distribution. In North America, Radial operates 24 fulfilment
centers and in Europe it operates 8 fulfilment centers, where they store, pick, pack and ship parcels for distribution. If one or more of these
facilities were to shut down for a period of time due to, e.g., power outage, accident, strike action, natural disaster resulting in fire or flooding,
terrorist attack or otherwise, bpostgroup may be unable to distribute or respect delivery times for a period of time. This could have a negative
impact on bpostgroup’s reputation, customer satisfaction and financial performance.
Related to “Force Majeure”
The risk of a potential prolonged interruption of operations due to extreme natural events (e.g., fire, flood, storm, pandemic, and increase in
employees’ health issues due to pollution) has increased. bpostgroup seeks to prevent damage to buildings and interruptions to operations
as much as possible through prevention and contingency programs. The detrimental consequences of these risks are covered by insurance
policies.
bpostgroup has also performed a physical climate risk assessment as part of the EU taxonomy requirements on its Belgian operations to
assess the chronic and acute extreme weather events as a result of climate change. bpost has in place mitigation plans for the risks that are
most likely to increase in likelihood in the next 20-30 years due to climate change according to the Business As Usual scenario, including heat
waves, wildfires, heavy precipitation, coastal and fluvial floods and landslides.
In addition, bpostgroup’s sustainability strategy includes ambitious targets to reduce its Greenhouse Gas (“GhG”) emissions. bpost commits
to be one of the greenest players in the countries it operates with the target to reach net-zero emissions by 2040 and reduce 55% emissions
by 2030 compared to 2019 in our own operations (in line with the SBTi 1.5 degree Celsius pathway). bpostgroup estimates that these various
green initiatives will contribute to the global effort to reduce climate change and the occurrence of extreme natural events. If bpostgroup
would not be able to achieve these ambitious targets, this may lead to reputational damage, financial loss and customer churn.
Financial Risks
bpostgroup faces different types of financial risk. These include:
• Market risks from movements in foreign exchange rates, interest rates and other market prices (see note 30 Financial instruments and
financial risk management)
• Credit risk (see note 30 Financial instruments and financial risk management)
• Liquidity risk (see note 30 Financial instruments and financial risk management)

43
5. Customer and
Citizen Value
549
thousand
last-mile parcels delivery
per day in Belgium
5.6 million
letters delivered per day
Day after day, we connect people, businesses and society. Whether
it is our associates in our fulfilment centres, preparing client or-
ders, our call center agents answering consumer questions, or our
postwomen and men passing by every street in Belgium every day,
always on the move.
With bpost’s dense retail network, we have at least one post office
in every municipality of Belgium, providing sending and receiving
services, banking services, and an ATM when it is not offered by
other banks. We play a prominent role in the social fabric of soci-
ety. Our proximity and the trust our people enjoy also enable us to
offer innovative solutions that bring citizens and authorities closer
together. Simply put: we are a catalyst of social cohesion, today
and in the future.
With a customer satisfaction of 84.5% across both residential and
commercial clients, bpost proves every day it is a trusted partner
in Belgium. bpost is the provider of Universal Postal Service in
Belgium and formalized its commitments towards its proximity to
Belgian citizens in the 7th management contract that was signed
in 2021 and runs to the end of 2026.
As a national postal operator, bpost’s history is closely inter-
twined with the history of Belgium, however in recent years we
have transformed ourselves from a traditional postal company
into a global parcels and e-commerce logistics provider. We are a
global group headquartered in Belgium, comprising various enti-
ties around the world, each with their own strengths and services.
84.5 %
customer satisfaction
score Belgium
2,760
total number of PUDO points
3.3 million
registered consumer
preferences

44
5.1 Customer Experience
KPI UNIT 2019 BASELINE 2021 2022
Customer Satisfaction score – bpost Belgium % 82 83 84.5
Total number of PUDO points (including parcel lockers) Number 2,088 2,500 2,760
Total number of parcel lockers Number 150 501 692
(1) The B2B Net Promoter Score includes bpost, Eurosprinters, Radial US, Landmark Global UK and Active Ants.
(2) The B2C Net Promoter Score includes “bpost, Dynagroup, Leen Menken and Apple Express.
Customer Satisfaction
At bpostgroup we measure our customer experience and loyalty through the Net Promoter Score (NPS) on a scale of -100 to 100. NPS is a wide-
ly used metric that is used by many of our customers. Their responses give us insight into their overall satisfaction level, including how willing
they are to recommend bpostgroup products or services to others.
We track NPS at all of our subsidiaries and brands and separate between B2B and B2C customers as the nature and the respondents of these
customer segments are very different. Each unit within the group uses the granular results to create specific action plans and to improve the
NPS going forward.
bpost also conducts a separate customer satisfaction survey which includes both residential and business customers. Since 2019 our
customer satisfaction score has steadily increased from 82% to 84.5%. A key achievement in 2022 is the increase in satisfaction of registered
mail for both residentials and business. In addition we also note an increase in satisfaction on sending and receiving of parcels for residential
costumers.
PUDO – convenient and sustainable
We provide customers with convenient and sustainable solutions, one of which is our Pick-Up Drop-Off (PUDO) network in Belgium.
Consumers can choose to conveniently drop or ship their parcels at one of the 2,760 PUDO points including post offices, post points, parcel
points and parcel lockers. New lockers have now been added at more than 200 locations, where they are available 24/7 using smartphone or
e-mail code access. The lockers are conveniently located at high footfall places such as train stations and supermarkets.
The bpost PUDO network is already comprehensive, and by 2030 will be increased to 4,000 points across the whole of Belgium. The PUDO
service not only offers convenience, but helps reduce CO
2
emissions by having fewer failed deliveries, and by consolidating volumes –another
step towards achieving our sustainability targets.
Customer preferences
In order to be best in class for customer convenience, and to deliver a first time right
service, bpost continues to invest in supporting customer preferences. For example a
customer can choose a specific neighbor for a delivery if they are out, indicate a safe
place to leave a package, or reroute to a pickup point. These solutions ensure that
customers receive their parcel in a timely and convenient way, which helps increase
customer satisfaction and Net Promoter Score (NPS) ratings. The added benefit is the
positive impact on the environment, as all parcels are successfully delivered at the first
attempt – a perfect example of how customer convenience and sustainability can go
hand in hand. A similar service has recently been set up for registered letters, through
a legal mandate granted to bpost. This allows the postal worker to simply deposit the
registered letter in the mailbox if there is no-one to sign for it, instead of requesting
the customer to pick it up a day later at a pick-up point. No less than 3.3 million parcel
preferences and 200,000 mandates have been registered to date.
3.3 million
Belgians have given
their parcel receiver
preferences, and
200,000
have ‘sign for me’
activated.

45
Parcel handover – logical and convenient
At the start of 2022 a bpost pilot project in eight Belgian municipalities, gave residential customers the option of handing over parcels they
wanted to send, to the person delivering a parcel to them. After tremendous success the service was rolledout to the whole of Belgium by
the end of the year. As a bonus, bpost also piloted the Recupel project nationwide. Customers can collect small used household goods such
as hairdryers, toothbrushes, and old phones, package them up, attach a Recupel label and request the postal worker to take it whenever a
parcel is delivered.
A commitment to SMEs
bpost commitment to SME’s has been there from the outset. During the Covid-period bpost pioneered with their “everybody online” program
to help SME’s move online. In 2022 bpost launched a new SME initiative , with a new offer for companies sending less than 1,000 packages a
year. SMEs can create a free, professional account, without a fixed contract, but with a market-consistent pricing policy. It’s a game changer
for many smaller businesses in the e-commerce space, and it perfectly matches bpost’s mission to help companies grow.
“This new deployment expands Radial’s ability to
strategically scale to meet the growing needs of dynamic
and growing customers like SKIMS.”
Rick Faulk, CEO of Locus Robotics
Dynahealth helps healthcare providers focus on what’s truly important
Key trends, such as an aging population, elderly people’s desire to stay at home as long as possible, and rising costs in hospitals have led to
DynaGroup look at solutions for the healthcare sector in the Netherlands and Belgium. With increasing needs for more in-house health solu-
tions, and a market not yet able to fulfil these, the company puts it ‘Can deliver complex products, install equipment, and do repairs. Meet
Dynahealth!’
Dynahealth provides the following solutions:
• Last-mile logistics services (next day or even same day solutions);
• Fulfilment services (central stock at a single location or spread over several
locations);
• Installation services (such as wall-mounting a shower set, installing a hospital
bed and smart home accessories for patient-related remote care);
• Technical specialists also provide preventive and corrective maintenance ser-
vices both at the customer and at one of the Dynahealth sites, including product
cleaning and refreshes;
• Asset management (a central administration system covering all products).
“We chose bpost for several
reasons: the quality of the
service, the proximity and
fair, competitive prices
for Belgium. We count
on bpost for the end of
the year period, because
we are now sending 30-
40% more parcels to our
private customers.”
Pierre-Yves Orban
Co-Founder, Javry
“Providing logistics, installation
and repair services to the customer
lightens their workload, so they can
focus on what’s truly important:
caring for patients. This end-to-
end solution is also in line with our
circularity philosophy of extending
the life of products to make
them much more sustainable.”
Stephan Van Mulken
CEO DynaGroup
“Newpharma is partnering with bpost for
three main reasons: NPS, NPS and NPS.”
Pierre De Lit, COO-CTO Newpharma Group.

46
5.2 Digital Innovation
With bpostgroup’s mission being ‘to connect the digital with the physical’, digital innovation is clearly a vital part of delivering on that mis-
sion. In the last year there have been a number of initiatives which underscore this:
Robotics at Radial
Radial US deployed autonomous mobile robots (AMR) at their fulfillment center in Romeoville, IL in partnership with Locus Robotics. This
innovative technology will support high-volume order fulfillment for SKIMS, a solutions-oriented retail brand creating the next generation of
underwear, loungewear, and shapewear.
Locus’s AMRs also help expedite the onboarding of new Radial employees and seasonal workers so they can be highly productive, faster. The
solution includes integrated multi-language capabilities and an intuitive interface, without the need for long training times or added training
and development resources.
In partnership with Advanced Handling Systems (AHS, LLC), a leading full-service integrator of automated fulfillment and distribution solu-
tions, Radial implemented a new Exotec Skypod system for Gymshark a fitness community and apparel brand based in the United Kingdom.
The Exotec Skypod System is the first of its kind to use mobile robots that can move in three dimensions and reach heights of 40 feet to
enable efficient, high-density inventory storage. The Exotec Skypod uses laser scanner navigation and robust software to increase warehouse
throughput. The system is also designed to improve working conditions for the fulfillment associates and foster more sustainable warehouse
productivity by reducing highly repetitive, physically intensive tasks like walking, lifting, and bending.
My bpost app
My bpost app is currently rated as the best productivity app in Belgium. We have
now reached 2.6 million downloads of the app, which is the most complete track
& trace app for smartphones. My bpost allows customers to track all barcoded
shipments, from bpost and other carriers, and also to create labels for parcels.
Users can also set their preferences for both parcels and registered letters, making
use of our ecofriendly lean PUDO lockers, and use chatbot and live chat functional-
ities when help is needed. My bpost users updated on the arrival of their precious
goods. In an ever more digitalized society, the My bpost app is an important asset
in making our current services digitally accessible, and leveraging new opportuni-
ties in the future.
bpaid – the card that allows you to be yourself
bpost applies its inclusion policy to all of its products and services, and at the end
of 2022, all customers were given the option to choose the first name they want to
see on their prepaid bpaid card to reflect their own sense of identity. What’s more,
we also added a notch to the prepaid card to ensure that blind and partially sighted
people can easily find it in their wallet.
The Connecting Smiles Project
The Connecting Smiles Project puts the customer at the center of everything we
do, with a CRM transformation that give a 360° view of customer interactions. The
goal is to create happy customers, happy employees, and improved efficiency and
self-service through digital first. The integration of B2C and B2B customer care has
been successfully launched in 2022.
Active Ants Multiwarehousing solutions across
Europe and the UK
Active Ants is expanding across Europe, into Belgium and Germany in
recent years, with the UK being the latest addition to the portfolio. With
this expanding footprint, Active Ants is able to offer a multi-warehouse
solution to customers across Europe, giving the ability to place stock as
close as possible to their clients. Because its warehouses are located close
to key ports (Schiphol/Amsterdam airport, Brussels Airport, the ports of
Rotterdam and Antwerp), Active Ants can offer the best entry point into
Europe and can onboard new products extremely quickly.
“Active Ants set itself apart
from the other candidates due
to some unique solutions, such
as simple software integration
with language recognition for
orders, no-air packaging tailored
to the product and affordable,
flexible custom printing on boxes
to improve brand recognition.
The presence of Active Ants
in Belgium, the Netherlands,
Germany and the UK means we
can accelerate our international
growth without having to search
for a new local partner.”
Nicolas Bartholomeeusen
Founder, Imby Pet Food

47
5.3 Community engagement:
our social projects across the globe
bpost doesn’t operate in isolation, but within society at large. This society consists of different communities, for which we are grateful: they
make our work interesting and worthwhile. As bpost grows, these communities grow with us: we started as a Belgian postal operator, but
the business and communities have a more international character today. To stay close to our roots, we support a number of social projects
across the globe.
Bridge the Digital Divide
Within the framework of the 7
th
management contract, bpost has committed to support the digital transformation of the Belgian State
through the launch of pilot projects. In this way and via its post offices, bpost wants to act as a human and physical point of contact for the
public sector's digital services, particularly for isolated, vulnerable or digitally impaired citizens.
The post offices may help the State to ‘detect’ these citizens and direct them to digital support solutions in partnership with local
organizations. Post offices may also offer support to help these citizens with certain digital procedures (e.g., filling out a file, applying for a
public transportation pass, or other types of procedures that require online identification), in partnership with the public services concerned
and according to their requests.
bpost has launched pilot projects and is actively seeking partnerships with organizations and public authorities to continue to bring these
projects to life.
The bpost Literacy Fund
In 1997, the bpost Literacy Fund was established to improve literacy rates by supporting new literacy projects run by various organizations.
Managed by the King Baudouin Foundation, the bpost Literacy Fund was boosted in 2009, when we started donating part of the revenue of
a Christmas stamp sale. Since then, the Fund has received about 1.4 mEUR, and in 2022 received 90,000 EUR worth of grants. Going forward
the fund will expand its scope to areas of climate change, the circular economy, social integration, diversity and inclusion, and health and
well-being.
bpostgroup initiatives to help Ukraine
During 2022 and into 2023 a number of initiatives were launched to fundraise for Ukrainian refugees, and to help those hardest hit by the crisis
of the war in Ukraine:
bpost partners with Ukraine’s national postal
operator
bpost supports everyone affected by the humanitarian crisis in Ukraine, and we
collected donations of vital supplies at our 657 post offices in March and April 2022.
In response to the humanitarian crisis, bpost volunteers drove company trucks filled
with the donations, all the way to the Ukrainian border. The cargo was then handed
over to Ukrposhta, Ukraine’s national postal operator, which ensured it reached the
people most in need.
The GivingTrax campaign for Ukraine
Landmark Global US, along with their partner GivingTrax, launched a campaign to
raise funds for charities working with those directly affected by the war in Ukraine.
Employees were invited to donate to the International Rescue Committee, the Global
Empowerment Mission, and the Save The Children Fund. Landmark matched all
donated funds 100%, and the total impact with employee and company donations
was 28,425 USD.

48
Radial EU and e-logistics Eurasia
Radial EU also teamed up with a local fundraiser in Poland,Europa Razem (Europe Together), to help Ukrainian refugees fleeing the war.
Europa Razem provides the most needed humanitarian aid to refugees and others most affected by the events in Ukraine. They work in close
contact with our colleagues from Radial Poland who supported Ukrainian refugees in 2022, and into 2023. Colleagues from all business units
in Eurasia (Active Ants, Dynagroup and Landmark Global) have donated to Europa Razem, to support the actions in Poland, and Radial Poland
as a company has also made donations.
The Oldham Foodbank charity
Since 2022 colleagues at Radial UK have donated pasta, long life milk, rice, tinned fruit and other long lasting food to the Oldham Foodbank.
The charity provides three days of nutritionally balanced emergency food and support to local people, who are referred to them in crisis situa-
tions. The Oldham Foodbank is part of a nationwide network supported by The Trussell Trust, working to combat poverty and hunger across
the UK. The Oldham Foodbank opened in 2012, and in 2022 supplied 8,048 three-day emergency packages.
Social2Gether Initiative
DynaGroup decided to donate to several
charity initiatives each year, based on
employee suggestions about which charity
initiatives to support. It’s a way of giving
back to the local community, and society
at large, with special Social2Gether award
hand overs being arranged with recipients.
5.3 In summary: Customer and Citizen Value at bpostgroup
bpost is a dynamic organization, putting great value on its proximity to citizens and society. 2022 saw many initiatives at all levels of our
business, ranging from new digital offerings which benefit society, moves towards ever greater inclusivity, and the support of those in need.
Our commitment to sustainable practices runs deep, and we encourage our partners to also increasingly pay attention to this. Some of the
programs mentioned here are ‘big’, others are smaller in their scope and intention, but be in no doubt, they are all important – to customers,
citizens, and to bpost.

49
6. Environmental Value
-7%
reduction in CO
2
emissionsscope 1 and 2
vs. 2021
15%
emission-free last-mile
delivery in Belgium
43%
renewable electricity
consumed
80.9%
recycled content
in sold packaging
“ Be a reference in
environmental sustainability
in all markets we operate in.”
As a global logistics service provider, bpostgroup has an impact on the environ-
ment across the e-commerce value chain. Every day we ship more than a million
parcels around the world, using one of the largest car and truck fleets in Belgium,
generating a significant carbon footprint. Which is why we are determined to fight
climate change and be a force for good in the countries where we operate.
In 2022, we set ambitious science-based targets for the group in line with the 1.5°C
pathway. These include: a 55% reduction in our scope 1 and 2 emissions and a 14%
reduction in scope 3 emissions by 2030 – compared to the 2019 baseline.
To accelerate our progress, we rolled out a new ESG strategy and governance
structure, while also investing in sustainable policies to electrify the bpost fleet and
company cars, roll out ecozones across Belgium, re-use and recycle packaging, use
green electricity and reduce the carbon footprint of our buildings.

50
Our Net Zero Ambition
bpostgroup is committed to achieving net zero by 2040. This shared long-term ambition encourages us to accelerate our efforts to decarbon-
ize the e-commerce supply chain and re-use and re-cycle packaging as part of a circular economy.
Our approach can be summed up in the following medium-term targets: Reduce scope 1 and 2 emissions with 55% by 2030:
• 100% zero emission last-mile deliveries
• 100% green electricity
• 100% recyclable or re-usable packaging
• 100% of new company cars zero-emission
BPOSTGROUP IS
FIRMLY COMMITTED
TO FURTHER STEP
UP SUSTAINABILITY
EFFORTS
Public
commitment to
set SBTi targets
Target setting
approved by Group
Executive Committee
Signing of the
Belgian Charter
for Sustainable
Development
New group
sustainability
strategy defined
and validated
Reach
net zero
emissions
2017 2018-2019 2020 2030 204020222021
Member of Belgian
Alliance for Climate
Action (BACA)
Implementation ESG
roadmap + roll-out
of new sustainability
governance structure
bpostgroup
materiality
assessment
completed
Reduction by
55% of GHG
emissions
from own
operations
Public commitment
to 1.5°C SBTi targets
6.1 Decarbonizing the e-commerce supply chain
Progress towards our targets
AMBITION 2030 TARGET 2022 PROGRESS TOWARDS TARGET 2022 ACHIEVEMENTS LOOKING FORWARD
Reduce scope 1 and 2
emissions with 55% by 2030
and reach net zero by 2040.
• 100% zero emission last
mile
• 100% green electricity
• 100% truck fleet on
alternative fuels by 2030
• 100% of new company
cars zero-emission
• 15% zero emission last mile
delivery
• 43% green electricity
• 46 truck fleet on alternative
fuels
• 7% new company cars zero
emission
• Expanded to 9 eco-zones
in total
• 615 electric vehicles
• Collaborative Urban
logistics pilot in Antwerp
• Solar panels on 30+
buildings across the
world
• Moved in to BREEAM
Excellent certified HQ in
March 2022
• bpost continues to invest
and aims to more than
double its green fleet
in 2023.
• In 2023, we plan to test
zero emission trucks and
to continue to acquire
double deck trailers for
the first mile.

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Carbon footprint
Performance Summary
2019 BASELINE 2021 2022 TREND
SCOPE 1 tCO
2
e 88,997 95,084 90,143
Fuel fleet tCO
2
e 67,983 72,993 69,107
Natural gas & heating oil tCO
2
e 20,986 22,065 21,020
Oil for generators tCO
2
e 28 26 16
SCOPE 2 tCO
2
e 30,266 32,837 28,620
Electricity (market-based)
1
tCO
2
e 29,794 32,384 28,348
District Heating tCO
2
e 472 453 272
SCOPE 1 & 2 tCO
2
e 119,263 127,921 118,763
Subcontracted road transport tCO
2
e 113,440 118,902 89,663
Business travel tCO
2
e 1,374 513 731
Employee commuting tCO
2
e 32,977 31,091 27,011
Waste tCO
2
e 3,932 3,287 4,690
Subcontracted air transport Belgium tCO
2
e 37,597 16,096 19,133
TOTAL CO
2
EMISSIONS HISTORICAL
(SCOPE 1+2+3)
tCO
2
e 308,583 297,810 259,991
Subcontracted air transport Subsidiaries
2
tCO
2
e 34,733 39,039 42,029
Fuel & energy related activities not
included in scope 1 or 2
tCO
2
e 22,248 23,818 22,304
Purchased goods & services tCO
2
e 76,260 116,576 101,441
SCOPE 3 tCO
2
e 322,562 349,322 307,002
TOTAL CO
2
EMISSIONS (SCOPE 1+2+3) tCO
2
e 441,824 477,243 425,765
In 2022 we expanded the perimeters of our carbon footprint reporting to comply with the SBTi standards. We added the emissions from
Purchased goods & services and the upstream emissions, well-to-tank, of our fuel- and energy-related activities and the subcontracted air
transport emissions from bpostgroup’s subsidiaries. As a result of this adaptation, the total footprint increased. For the purposes of compari-
son we also included the historical perimeter.
In scope 1 we observe a 5.3% decrease in our fleet fuel consumption thanks to the continued efforts to decarbonize our last mile.
Furthermore, our natural gas and heating oil consumption decreased despite the opening of several buildings, thanks to efforts to reduce
energy usage in the wake of the energy crisis in Europe, more high-performance buildings and a warmer year.
In scope 2, electricity emissions have been falling thanks to increased production from solar panels and an increased share of green
electricity.
In scope 3 we see that business travel has increased due to the lifting of Covid restrictions. In contrast, we see a decrease in employee com-
muting thanks to fewer worked days, more home working and more granular calculation methods. Waste emissions increased due to more
hazardous waste generated by entities due to the disposal of specific equipment in our facilities. Subcontracted air transport has increased
due to more air traffic. Also, Radial US, Apple Express, and Landmark NAM have been included for the first time in the subcontracted air
transport.
1 The market-based method reflects bpost’s choices in terms of electricity supply, such as the purchase of electricity from renewable energy
sources. This is set out in detail in contracts between bpost and its energy suppliers.
2 As of 2022 we collect detailed subcontracted air transport data for the subsidiaries. We extrapolated 2019 – 2021 data for comparison
purposes.

52
Green fleet and delivery
Performance Summary
METRIC UNIT 2019 BASELINE 2021 2022
KPI – Share of emission-free
last-mile delivery
(1)
% - 8.5% 15.3%
Total number of emission-
free ecozones
Number - 1 9
Share of last mile alternative
fuel vehicles
(1)
% 31 33 40
Share of new company cars
zero-emission
(1)
% 0 0 7
(1) New metric since 2021
bpostgroup made a big leap forward in electrifying its fleet. It quadrupled its electric van fleet, ordered more than 1,000 additional electric
vans and rolled out the Ecozone concept to 8 more cities.
2022 Key Initiatives
A growing fleet of electric vehicles
Reducing its reliance on fossil fuels is a key strategy for bpostgroup. That’s why, in 2022, bpostgroup made a huge leap forward in sustainable
distribution by quadrupling the size of its electric fleet.
In a step-by-step process of fleet renewal, bpost procured:
• 46 new LPG trucks
• More than 500 new electric vans
• 275 new e-trailers, for use with electric bikes
In the neighbouring Netherlands, Dynagroup started a pilot project to decarbonize its distribution with the launch of two large full-electric
vehicles in the field.
New charging infrastructure
By 2030 bpost aims to install more than 4,500 chargers. In 2022 more than 1,000 charging points were up and running, twice the number in
2021. Meanwhile, Radial North America launched its first electric car charging stations in the new Indiana facility. And during construction of
the facility, infrastructure was also built to accommodate future electric truck charging stations.
Zero-emission company cars at bpost
Back in 2021 bpost updated its company car policy 2021 with the aim of encouraging the transition to electric vehicles. The impact of this
proactive strategy of using financial incentives and support to install a charging point at employees’ homes continued into 2022.

53
The initial efforts have been supplemented:
(i) with an awareness campaign to select fully electric car when appropriate;
(ii) and (ii) by negotiating with our parking provider to propose solutions for battery charging at the headquarters in Brussels.
In 2023 the company car policy will undergo a further analysis with a view to accelerating the transition to zero emission ahead of the 2026
deadline.
New and greener models for urban logistics
Even more pick-up points across Belgium
In 2022 300 new pick-up points were added to the existing network. These included new parcel lockers at 200 locations. In total bpost offers
2,800 pick-up points (including post offices, post points, parcel points and parcel lockers). By 2030 we aim to have approx. 4,000 pick-up
points throughout Belgium, so that everyone in the country will be able to pick up or drop off their parcels at a point nearby.
Ecozones
Ecozones are a dense network of collection points within city centers (post offices, post points and parcel points), parcel lockers and a fleet
of 100% green vans and bikes, which aim to slash the number of car journeys made for the purposes of deliveries. This generates two major
benefits for cities and city-dwellers: first, it improves the air that they breathe; and second, it makes their busy lives easier.
In 2019 bpost launched a pilot project in Mechelen, and since then several Belgian cities have been transformed to a bpost Ecozone. Namur,
Leuven, Mons, Brussels, Kortrijk, Bruges, Ostend and Louvain-la-Neuve are all serviced with zero-emission vehicles.
According to researchers at Vrije Universiteit Brussels (VUB), bpost has reduced its carbon emissions by 90% in the Mechelen Ecozone on top
of the achieved a significant reduction in noise and traffic. The project also won the Environmental Achievement of the Year category at the
Parcel and Postal Technology International Awards hosted in Vienna in October 2021.
Route optimization
In the Netherlands, DynaGroup is also looking for ways to reduce travelled kilometers and CO
2
emissions. To achieve this aim, they have
implemented a new route optimization software. This powerful cloud-based solution integrates with the existing Transport Management
System, resulting in an almost 5% decrease in CO
2
emissions thanks to more efficient rounds with fewer kilometers.
CULT
bpost is a member of Collaborative Urban Logistics & Transport (CULT), a community of companies who share a vision on sustainable urban
logistics. Since embracing this model, km-driven have been reduced by 25% and emissions by 90% through combined city deliveries in
Antwerp. Danone, Delhaize, Jacobs Douwe Egberts, Pro-Duo, Proximus, Telenet and Schoenen Torfs combine their volumes to retail outlets
and individuals in the city of Antwerp and have bpost to deliver them together. The smart bundling of goods on the outskirts of the city imme-
diately translates into a 25% reduction in kilometers driven and 90% fewer emissions.
Green buildings
Performance Summary
INDICATOR UNIT 2019 BASELINE 2021 2022
Share of renewable
electricity
% 49 41 43
Total renewable energy
capacity installed
MWp 4,830 7,451 8,238
Total surface of solar
electricity capacity installed
m² 45,890 57,304 66,042
bpostgroup increased its share of renewable electricity compared to 2021. In Belgium we have almost reached the 100% goal, while produc-
ing nearly 7% of the energy we consume. In the US we have increased our installed solar electricity capacity.

54
2022 Key Initiatives
Towards fossil-free at bpost
bpost is making investments to reduce the environmental impact of all its opera-
tions, buildings and facilities, all of which consume electricity, gas and water. In April
2022, almost 1,500 employees at bpostgroup central services moved to the new
MULTI Tower in Brussels, which is the perfect showcase for bpostgroup’s sustain-
ability ambitions. It is the Belgian capital’s first carbon-neutral, fossil fuel-free
building, with 89% of the building materials recycled from other urban buildings.
The building was also awarded ‘BREEAM excellent’ (Building Research Establishment
Environmental Assessment Method) certification. What’s more, the hives for 100,000
bees which were set up on the roofs of the MCM in partnership with cooperative
Made in Abeilles, were also relocated to the roof of the MULTI Tower.
BREEAM certifications in the Netherlands
In the Netherlands, Dynagroup moved to BREEAM certified (very good) and fossil-free-fuel buildings in Bleiswijk and Amsterdam. Also Active
Ants has achieved a BREAAM certification for its building in Roosendaal.
Towards 100% LED lighting
In an effort to decrease our energy consumption , bpost is improving the energy efficiency of our operations and facilities. In terms of elec-
tricity, we replaced the lighting in all our sorting centers, thereby halving consumption in more than 170,000m². An additional 1.6 million sq
ft of LED lighting upgrades were completed in Radial facilities in 2022, so that over 70% of the general lighting in the Radial network is now
composed of energy-efficient LED fixtures. In terms of natural gas consumption, and in line with the European and National target, we also
reduced the temperatures in all of our buildings.
Green Power in the USA
Moving towards solar energy, Radial US launched its first rooftop solar array powering a 475,000 sq ft site in Rialto, California in June 2022. The
500kW set-up, constructed in partnership with the building owner, produces enough solar energy to provide 100% of the building’s electricity
requirement for most of the year, and up to 80% of the site’s energy consumption at peak times. Radial is currently working on additional so-
lar projects in the California market, as well as other North American geographies where conditions are favorable for sustaining solar power.

55
Carbon offsetting
Performance Summary
INDICATOR UNIT 2019 BASELINE 2021 2022
Total carbon emissions offset for the customers tCO
2
eq. 2,000 7,880 32,307
bpostgroup’s priority is to reduce its emissions as much as possible. In the transition period we also offset
part of our emissions in the group to accelerate this global journey towards a low-carbon economy.
bpost compensates CO
2
emissions that we cannot (yet) avoid for all parcels within Belgium and for all Clean
Mail, Contract Letters and Direct Mail delivered in our (Hyper) MassPost Centers. In addition, the Dynagroup
in the Netherlands also offers offsetting service for their Dynafix customers and for all of the Pieter Pot cus-
tomers, a grocery retailer that strives for zero waste and carbon-neutral deliveries.
In 2022 bpost invested in the Gold Standard Ghana Cookstove project. By providing as many Ghanaians as
possible with efficient cooking stoves that require up to 50% less wood and charcoal, we help reduce emis-
sions and save Ghanaian forests. Learn more about this project.
Sustainable Procurement
Performance Summary
INDICATOR UNIT 2019 BASELINE 2021 2022
Share of significant tier 1 suppliers
covered by the Supplier Code of Conduct
% 35 34 49
Share of procurement spent on
significant tier 1 suppliers screened on
CSR by Ecovadis
% 39 57 65
Share of tier 1 suppliers with SBTi
approved targets
(1)
% - - 15
(1) New metric
In 2022, bpost procurement department made great strides in adjusting its policies, processes and approach to purchasing so as to achieve
greater responsibility and sustainability. As you can see in the table above, the implementation of the ‘Sustainable procurement program’
has had a real impact on the increase in indicators such as ‘Share of significant tier 1 suppliers covered by the Supplier Code of Conduct’ and
‘Share of procurement spent on significant tier 1 suppliers screened on ESG by Ecovadis’.

56
Key Initiatives in 2022
Sustainable Procurement Program
The role of procurement is essential to the development
of the corporate ESG ambitions, strategy and roadmap
at bpostgroup. In 2022, the Sustainable Procurement
Program was introduced to better match its policies,
processes and purchase approach in this area.
The program addresses two levels: first, the interaction
with suppliers and the supply chains; and second sourcing
sustainable solutions for bpostgroup.
Sustainable Supply Chain
Driving sustainability throughout our supply chain is a key factor in adding value to bpostgroup. The way to achieve this is by building strong
relationships with our key suppliers.
We aim to work with suppliers who demonstrate good and sustainable practices in the environments and communities where we, and
they, operate. Our Supplier Code of Conduct guides our partners in appropriate governance of environmental, social and governance risks.
Benchmarked and updated in 2022, the renewed bpost ambitions and targets in the supply chain, 14% reduction of CO
2
emissions by 2030
compared to 2019, were added. The Code specifically adheres to understanding & reducing these carbon emissions. Which is why key suppli-
ers of new contracts are expected to report back on their carbon footprint and engage in emission reduction.
New processes and tools were also installed so that we could integrate the Code in our way of working. In a further development, bpost no
longer engages in business with third parties that do not fully comply with these principles. This is laid down in our tender documents and in
the general conditions of the contract.
Sourcing Sustainable Solutions
bpostgroup is committed to procuring sustainable products and solutions. This means that the minimum requirements of the Supplier Code
of Conduct are imposed and tailored to a specific sourcing project. Understanding suppliers’ solutions and how ESG can be an intrinsic part of
the design, manufacture, use and end-of-life stage of a product or service is essential, and is translated to the tendering process.
6.2 Re-using and re-cycling packaging
as part of a circular economy
Progress towards our targets
AMBITION 2030 TARGET 2022 PROGRESS TOWARDS TARGET 2022 ACHIEVEMENTS LOOKING FORWARD
Offer sustainable solution
for the e-commerce value
chain through recyclable
and re-usable packaging
Offer bpost packaging
that is 100% recyclable
and has at least 70%
recycled content, by
2030
• 86.3% recyclable packaging
• 80.9% recycled content
• New packaging contract
with supplier consists of
100% recyclable and 100%
recycled cardboard
• Active Ants reducing package
size and eliminating dunnage
with a packaging machine
that right sizes the box
• Pilot Hipli with re-usable
packages (up to 100 times)
• Roll-out the re-usable
package solution of Hipli
• Continue to pilot and
add re-usable packaging
solutions

57
Sustainable Packaging
Performance Summary
INDICATOR
UNIT 2019 BASELINE 2021 2022
Share of recyclable or re-usable sold
packaging
(1)
% - - 86.3
Share of recycled content in sold packaging
(1)
% - - 80.9
Share of recycled waste % 87 81 88
(1) New metric
At bpostgroup we are aware of the resources we use and the waste we produce, which is why we manage our waste streams responsibly.
Compared to 2021, we see a high share of > 85% recycled waste. At all our locations we sort waste according to different streams and work to-
gether with a registered waste partner for recycling (paper, drink cartons, plastic bottles, metal) or disposal with energy recovery. In Belgium,
100% of all plastic, paper and cardboard waste is recycled and 100% of our unsorted waste is incinerated for energy recovery. Our aim is to
reach the same targets at all locations across the group.
In 2022, we added two new indicators on sustainable packaging: share of recyclable or re-usable sold packaging; and share of recycled con-
tent in solid packaging. bpost post offices sell packaging such as bubble envelopes, gift boxes, standard boxes and fashion bags. In 2021 we
launched the first fully recyclable and recycled fashion bag, and in 2022 we were able to find a solution with our supplier to move all our pack-
aging that is sold on our website and in our retail offices that are 100% recyclable and made out of close to 100% recycled fibers. Furthermore,
all of our boxes can be re-used after being sent. As a result of these initiatives, we have already met the target we set for 2025.
2022 Key Initiatives
Three sustainable collaborations right on the doorstep
It started as a pilot in 8 municipalities but was so successful that bpost rolled it out to the whole of Belgium in late 2022: Residents can hand
over a parcel, to be sent or returned, to the postal worker when they come to deliver another parcel. Users have reported their satisfaction,
with convenience, sustainability but also more personal contact with postal workers being the most important factors.
In another collaboration, bpost teamed up with Nespresso, another company that is concerned about the environmental impact of its oper-
ations. Coffee lovers can hand over their used capsules in a green recycling bag provided by Nespresso to bpost postal workers or drop them
off at a nearby post office.
And finally, bpost and Recupel have partnered up so that residents can hand over small electrical items, from hairdryers to laptops, due for
recycling to postal workers when they come to the door to deliver a parcel. Recupel supplies the recycling bags and labels to users upon
request. This sustainable pilot project will run till at least the end of February 2023.
Hipli: Parcel packaging that can be reused 100 times
In 2022 bpost launched an innovative, sustainable pilot project with Hipli. The French company’s reusable mailing bags were tested in
partnership with Torfs, A.S. Adventure and Juttu. After delivery, the customers popped the empty bags into a bpost red mailbox. bpost then
grouped the empty returns and sent them in a bundle to a Belgian sheltered workforce for cleaning and reconditioning. The pilot was success-
ful and has resulted in a commercial offer for interested e-shops & other packaging suppliers (e.g. Re-Zip, …). It is our ambition to extend this
project, and therefore a second pilot will be set up during 2023 to test returns of re-usable packaging via our retail network for larger empty
packages and parcel returns. This project received the “Packaging innovation of the year” award at the Parcel and Postal Technology Awards
in Frankfurt.
Robotics for optimizing sustainable packaging
The bpostgroup subsidiary Active Ants is expanding its first Belgian fulfilment center in Willebroek. At this site, storage, order picking, packing
and sorting are all fully automated. As well as providing the best working conditions for employees, robotization also reduces the environ-
mental impact of the activities. The various packaging machines are able to adapt the box size to the content, weigh them and affix a shipping
label. This means filler is no longer needed to prevent the contents moving around in the box. Storage is also optimized, because the robots
are able to store on average six times the volume in every square meter as well as re-use their own energy, which substantially reduces power
consumption in the complex.

58
Increasing recycled content in packaging
In support of one of Radial’s largest clients, a cosmetic company with a portfolio of high-end
brands, we sourced increased recycled content corrugate. Standard corrugate contains a
limited recycled content (30-70%). We transitioned the two highest volume shippers used
for the client to 100% recycled corrugate and sourced FSC certified materials for specifically
targeted brands within the clients’ portfolio.
In a decisive step forward, Radial US eliminated non-recyclable materials after investigating
alternative mailbag material options with a higher recycled and/or recyclable content for
the cosmetic company. A paper-based mailbag that is curbside recyclable was chosen by the
client and deployed prior to our end-of-year peak season. As a result, approximately 1,292
kilograms of material were diverted from the waste stream during the peak season alone.
Dynalogic in partnership with Pieter Pot
Dynalogic gained a new Benelux customer called Pieter Pot. This company makes daily grocery deliveries in reusable glass jars. The val-
ue-added services from Dynalogic ensure that all the jars are delivered correctly and that the delivery registration is performed properly.
Dynalogic has the target to make all shipments carbon neutral and therefore compensates all last-mile CO
2
emissions that are released during
delivery.
Improving waste management with Greenwaste
DynaGroup started a cooperation with Greenwaste to further investigate how best to treat current waste streams. In other words, where to
optimize and opt for reuse or recycling instead of landfill. This initiative helps us improve our waste management.
Les Petits Riens
As part of its ISO 14001 certification, bpost has set up a sustainable project with the charity ‘Les Petits Riens’ in its NBX sorting center
(Brussels). Last year, bpost sent nearly 90,000 kg of unclaimed goods to Les Petits Riens for those people it helps, and the project consists
of replacing the cardboard boxes for delivery with reusable bbox pallets. Each bbox pallet can hold up to 100 kg, which saves up to 900 kg
of cardboard. For bpost the impact is social, environmental and economic. For Les Petits Riens, bpost plays a substantial role in delivering
donations to nearly 1,500 people in need.
6.3 EU Taxonomy
6.3.1 Introduction
This section reports on the key performance indicators required under Regulation EU 2020/852 and the related Delegated Acts (the EU
Taxonomy Regulation). The EU Taxonomy was enacted by the European Commission to support the objective of directing capital flows
towards a more sustainable economy. Reaching this objective is essential to meet the European Union (EU) ambition of becoming climate
neutral by 2050.
The EU Taxonomy is a classification system defining which economic activities can be considered environmentally sustainable. An environ-
mentally sustainable activity is one that:
• Is included in the EU Taxonomy Climate Delegated Act i.e., is an “eligible activity” (detailed in section 6.3.2);
• Meets the Technical Screening criteria to prove substantial contribution to one or more environmental objectives (detailed in section
6.3.3);
• Does Not Significantly Harm any of the other environmental objectives (detailed in section 6.3.3);
• Complies with Minimum Social Safeguards, related mainly to human rights due diligence, anti-corruption and anti-bribery, taxation and
fair competition (detailed in section 6.3.3).

59
An environmentally sustainable activity, also referred to as an "aligned" activity, is considered to make a substantial contribution to one of
the six environmental objectives of the EU Taxonomy:
• climate change mitigation;
• climate change adaptation;
• the sustainable use and protection of water and marine resources;
• the transition to a circular economy;
• pollution prevention and control;
• the protection and restoration of biodiversity and ecosystems.
As a logistics and postal company, we strive to reduce our impact on the environment on several levels. We refer to chapter 6 Environmental
Value of this report to inform our stakeholders where we stand in our sustainable journey. In this chapter we look at our contribution through
the EU Taxonomy lens, which is new legislation, progressively being introduced over a number of years and for which no common interpreta-
tion of the legislation exists yet in the sector. bpostgroup has chosen to apply a prudent approach to assess eligibility and alignment.
For the financial year 2022, bpostgroup is required to report its contribution, in terms of 'eligible' and 'aligned' activities, for two of the six en-
vironmental objectives: climate change mitigation and climate change adaptation. In the coming years, bpostgroup will be required to report
on its contribution to the other four environmental objectives as well.
EU Taxonomy eligibility and alignment must be reported in financial terms, as percentages of a company's total revenue, capex additions and
opex (detailed in section 6.4).
6.3.2 bpostgroup EU Taxonomy eligibility assessment process
An ‘eligible economic activity’ is one that is described in the EU Taxonomy. It is not necessarily one that is environmentally sustainable, but
one that can be considered environmentally sustainable (i.e. 'aligned') if it additionally meets additional criteria (see section 4.3) laid out in
the related Delegated Acts.
The evaluation of our eligible activities under the EU Taxonomy involved the following steps:
a. Looking for a corresponding activity based on bpostgroup’s main NACE Code (H53.10 - Postal activities under universal service obligation).
This identified activity 6.6 Freight transport services by road.
b. Reviewing the description of Taxonomy activities referring to a bpostgroup NACE Code.
c. Further screening our activities and matching them with other activities described in the EU Taxonomy (besides activity 6.6 listed above).
d. The result of this second screening led us to identify the following additional eligible activities performed by bpostgroup:
v. Operation of personal mobility devices, cycle logistics
vi. 6.5 Transport by motorbikes, passenger cars and light commercial vehicles
vii. 6.15 Infrastructure enabling low-carbon road transport and public transport (transshipment infrastructure). We have considered all of
our sorting centers in the EU as part of the transshipment infrastructure included in the description provided by the EU Taxonomy.
The eligibility analysis was performed by collaborating with and involving each of the relevant business units, as well as the Corporate and
Support Units which carried out the exercise detailed above.
At this stage the company considers that, consistent with 2021 reporting, E-Logistics North America and a major part of the activities of
E-Logistics Eurasia are not in explicit scope of the EU Taxonomy. Therefore, adopting a prudent approach, bpost considers the activities of all
of our e-commerce fulfillment centers an non-eligible. However there’s little guidance from the EU on the interpretation of what is included or
excluded in a specific activity. This analysis has been made based on our best interpretation efforts while maintaining the prudent approach
mentioned above.
6.3.3 bpostgroup EU Taxonomy alignment assessment process
An ‘aligned economic activity’ is one that is Taxonomy-eligible, and furthermore meets the accompanying Technical Screening criteria to
prove Substantial Contribution to one of the environmental objectives of the EU Taxonomy, as well as the Do No Significant Harm criteria for
that activity and the Minimum Safeguards. Such an economic activity is considered environmentally sustainable ('aligned').
3 Regulation EU 2020/852 of the European Parliament and of the Council, published in the Official Journal of the European Union on June 22,
2020.
4 The Climate Delegated Act (Commission Delegated Regulation (EU) 2021/2139 of June 4, 2021) and the Disclosure Delegated Act (Commission
Delegated Regulation (EU) 2021/2178 of July 6, 2021).
5 The Minimum Safeguards shall be procedures implemented by a company that is carrying out an economic activity to ensure the alignment
with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles
and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental
Principles and Rights at Work and the International Bill of Human Rights.
6 The criteria for the other four environmental objectives are expected to be officially approved by the end of 2023.

60
The evaluation of our activities to determine if they are additionally aligned under the EU Taxonomy involved the following steps:
a. For each eligible activity, analyzing whether the applicable Substantial Contribution criteria for that activity are also met.
b. For each eligible activity, analyzing whether the Do No Significant Harm criteria for that eligible activity are also met.
c. Analyzing whether bpostgroup as a whole complies with the Minimum Social Safeguards.
a) Substantial Contribution Technical Screening Criteria
The Technical Screening criteria which must be applied to determine whether an eligible activity makes a substantial contribution to one of
the environmental objectives of the Taxonomy are different for each Taxonomy-defined activity. It Is therefore necessary to separately exam-
ine the various Taxonomy-eligible bpostgroup activities as they are grouped under the Taxonomy.
Local delivery services
A significant portion of bpostgroup's postal delivery services are conducted by (e-)bike and/or cargo bike and are considered Taxonomy-
eligible under Taxonomy activity 6.4 'Operation of personal mobility devices, cycle logistics (substantial contribution to climate change
mitigation)'. As these activities are inherently 'green', the substantial contribution criteria are straightforward: the activity must employ
zero-emission personal mobility devices powered by the user, a battery or a combination of both, and the mobility devices must be legal-
ly permitted to operate on the same infrastructure as bicycles or pedestrians. The bpostgroup activities identified as eligible meet these
Technical Screening criteria.
Medium-range delivery services
For longer distances and larger packages, bpostgroup employs a fleet of light commercial vehicles which is in the process of being converted
from internal combustion engines to electric power. Eligible under Taxonomy activity 6.5 'Transport by motorbikes, passenger cars and light
commercial vehicles (substantial contribution to climate change mitigation)', such delivery services are subject to a Technical Screening crite-
rion for vehicle emissions: light vehicles for the carriage of goods (vehicle category N1) must emit no more than 50 gCO2/km. Delivery services
conducted with bpostgroup's electric delivery vans meet this requirement.
Bulk transport of post and packages
For the bulk transport of post and packages over longer distances, bpostgroup employs a modern fleet of conventional lorries and trac-
tor-trailers, which is eligible under Taxonomy activity 6.6 'Freight transport services by road (substantial contribution to climate change mit-
igation)'. However, the Technical Screening criteria are stringent: heavy-duty vehicles (trucks/lorries and tractor-trailers falling under vehicle
categories M1 and N1) must be either zero-emission or qualify as 'low-emission heavy-duty vehicles' with specific CO2 emissions of less than
half of the reference CO2 emissions of all vehicles in their vehicle sub-group. Because bpostgroup's bulk transport employs conventional
vehicles which produce emissions that can be considered average for their vehicle sub-group, these eligible activities currently do not meet
the set emissions requirement.
Supporting infrastructure
All bpostgroup's delivery services depend on a supporting network of sorting and distribution centers, which seek to adhere to the latest
environmental standards. Activities related to postal and package delivery (excluding e-commerce) are considered Taxonomy-eligible under
activity 6.15 'Infrastructure enabling low-carbon road transport and public transport (substantial contribution to climate change mitigation)'.
The Technical Screening criteria specify that infrastructure and installations must be dedicated to transshipping freight between the modes:
terminal infrastructure and superstructures for loading, unloading and transshipment of goods. Additionally, the infrastructure must not be
dedicated to the transport or storage of fossil fuels. The identified bpostgroup eligible activities meet these Technical Screening criteria.
b) Do No Significant Harm Technical Screening Criteria
In order to qualify for alignment, Taxonomy-eligible activities must also not do any significant harm to any of the environmental objectives of
the EU Taxonomy. Although there is substantial overlap, the specific Do No Significant Harm criteria can differ per Taxonomy-defined activity.
All Taxonomy-eligible activities
As part of the Do No Significant Harm criteria, all bpostgroup Taxonomy-eligible delivery services and supporting infrastructure must be
subject to a robust climate risk and vulnerability assessment. Similarly, for all eligible activities, measures must be in place to reduce waste
during use and at end-of-life, in line with the transition to a circular economy. More Information on the climate risk and vulnerability assess-
ment conducted by bpostgroup can be found in the chapter Governance (Risk Management)
Activities employing transport vehicles
To prevent pollution, the tires used on light commercial vans, lorries and tractor-trailers must comply with the highest class (class A) of ex-
ternal rolling noise requirements, and must comply with one of the highest two classes (class A or B) for energy efficiency (rolling resistance).
7 The EU Taxonomy includes a reference to NACE codes (Revision 2) on each activity. However, such references are only indicative and do not
prevail over the specific definition provided in the text of the Climate Delegated Act.
8 As defined in Article 3, point (12), of Regulation (EU) 2019/1242 of June 20, 2019.

61
Moreover, building on the Do No Significant Harm requirements for circular economy, bpostgroup's light delivery vans and bulk transport
vehicles, must be reusable or recyclable to a minimum of 85 % by weight, and reusable or recoverable to a minimum of 95 % by weight to qual-
ify for Taxonomy-alignment. Although bpost has invested over the years in electric vans, the rigorous interpretation of the Do Not Significant
Harm requirements by bpost make that only more or less 7% of these investments will be aligned.
Supporting infrastructure
Additional Do No Significant Harm requirements apply for supporting infrastructure (sorting and distribution centers). Environmental
degradation risks related to preserving water quality and avoiding water stress are identified and addressed. At least 70 % (by weight) of
any non-hazardous construction and demolition waste that is generated on construction sites is prepared for reuse, recycling and other
material recovery, and where applicable the EU Construction and Demolition Waste Management Protocol is followed. Where relevant, noise
and vibrations from use of infrastructure are mitigated, and during construction or maintenance works measures are taken to reduce noise,
dust and pollutant emissions. An Environmental Impact Assessment or screening has been completed, and where an Environmental Impact
Assessment has been carried out, the required mitigation and compensation measures for protecting the environment are implemented. For
sites/operations located in or near biodiversity-sensitive areas an appropriate assessment, where applicable, has been conducted and any
necessary mitigation measures are implemented.
Nearly all of bpostgroup's Taxonomy-eligible activities that meet the Technical Screening criteria also meet all applicable Do No Significant
Harm criteria. Only bpostgroup's medium-range delivery services employing electric delivery vans do not fully meet the criteria because only
7% of the vans meet the stringent requirements for the tires used.
c) Minimum Safeguards
To be compliant with the Minimum Safeguards as set out in the EU Taxonomy, a company must implement procedures to ensure its alignment
with the following international standards (please refer to footnote 3):
• the OECD Guidelines for Multinational Enterprises;
• the UN Guiding Principles on Business and Human Rights;
• the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation
on Fundamental Principles and Rights at Work;
• the International Bill of Human Rights.
In addition to the already established procedures, bpostgroup has continued to progressively introduce measures concerning the topics of
human rights due diligence, anti-corruption and anti-bribery, taxation and fair competition. These measures are considered to provide a
sufficient level of assurance to conclude bpostgroup’s compliance with the Minimum Safeguards.
For more Information, see Chapter Governance Corporate Statement of bpostgroup's FY2022 Annual Report, and Human Rights Policy.

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6.4 EU Taxonomy KPIs
6.4.1 Turnover
SUBSTANTIAL
CONTRIBUTION CRITERIA
DNSH CRITERIA
( DOES NOT SIGNIFICANTLY HARM)
ECONOMIC ACTIVITES
CODE ABSOLUTE TUROVER PROPORTION OF TURNOVER CLIMATE CHANGE MITIGATION CLIMATE CHANGE ADAPTATION WATER AND MARINE RESOURCES CIRCULAR ECONOMY POLLUTION BIODIVERSITY AND ECOSYSTEMS CLIMATE CHANGE MITIGATION CLIMATE CHANGE ADAPTION WATER AND MARINE RESOURCES CIRCULAR ECONOMY POLLUTION BIODIVERSITY AND ECOSYSTEMS MINIMUM SAFEGUARDS TAXONOMY ALIGNED PROPORTION OF TURNOVER, YEAR N TAXONOMY ALIGNED PROPORTION OF TURNOVER, YEAR N-1
(19)
CATEGORY (ENABLING ACTIVITY OR)
(20)
CATEGORY (TRANSITIONAL ACTIVITY)
(21)
EUR MILLIONS % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 ENVIRONMENTAL SUSTAINABLE ACTIVITIES (TAXONOMY-ALIGNED)
Operation of personal mobility
devices, cycle logistics
6.4 18.2 0,4% 100,0% 0% 0% 0% 0% 0% n.a. Y n.a. Y n.a. n.a. Y 0,4% n.a.
Transport by motorbikes,
passenger cars and light
commercial vehicles
6.5 8.8 0,2% 100,0% 0% 0% 0% 0% 0% n.a. Y n.a. Y Y n.a. Y 0,2% n.a.
Infrastructure enabling low-carbon
road transport and public transport
6.15 714.5 16,2% 100,0% 0% 0% 0% 0% 0% n.a. Y Y Y Y Y Y 16,2% n.a. E
TURNOVER OF ENVIRONMENTAL
SUSTAINABLE ACTIVITIES
(TAXONOMY-ALIGNED (A.1)
741.4 16,9% 100,0% 0% 0% 0% 0% 0% 16,9% N.A.
A.2 TAXONOMY-ELIGIBLE BUT NOT ENVIRONMENTAL SUSTAINABLE ACTIVITIES (NOT TAXONOMY-ALIGNED ACTIVITIES)
Transport by motorbikes,
passenger cars and light
commercial vehicles
6.5 1,004.1 22,8%
Freight transport services by road 6.6 200.4 4,6%
TURNOVER OF TAXONOMY-
ELIGIBLE BUT NOT
ENVIRONMENTALLY SUSTAINABLE
ACTIVITIES (NOT TAXONOMY-
ALIGNED ACTIVITIES) (A.2)
1,204.5 27,4%
TOTAL (A.1 + A.2) 1,945.9 44,3%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B)
2,451.6 55,7%
TOTAL (A + B) 4,397.5 100,0%
Numerator
The numerator includes the eligible and aligned net revenue related to the economic activities listed below:
• 6.4. Operation of personal mobility devices, cycle logistics
• 6.5. Transport by motorbikes, passenger cars and light commercial vehicles
• 6.6. Freight transport services by road
• 6.15. Infrastructure enabling low-carbon road transport and public transport
From this list, only activity 6.15 could be considered as enabling, as referred to in Article 10(1) point (i) of Regulation (EU) 2020/852.
We avoided double counting by following our financial reporting process; each unit provided the information separately, based on the classifi-
cation of activities. Total net revenues were then aggregated and validated by the finance consolidation team.
In line with our eligibility analysis, the numerator does not include revenue from e-fulfillment center activities.E-Logistics North America
and a major part of E-Logistics Eurasia turnover), hence a major part of our turnover has been excluded for eligibility and alignment upon the
interpretation by bpost of the EU legislation.

63
Denominator
The denominator is the total net turnover for the financial year 2022, as seen in the consolidated income statement included in the financial
consolidated statements.
6.4.2 CAPEX
SUBSTANTIAL
CONTRIBUTION CRITERIA
DNSH CRITERIA
( DOES NOT SIGNIFICANTLY HARM)
ECONOMIC ACTIVITES
CODE ABSOLUTE TUROVER PROPORTION OF TURNOVER CLIMATE CHANGE MITIGATION CLIMATE CHANGE ADAPTATION WATER AND MARINE RESOURCES CIRCULAR ECONOMY POLLUTION BIODIVERSITY AND ECOSYSTEMS CLIMATE CHANGE MITIGATION CLIMATE CHANGE ADAPTION WATER AND MARINE RESOURCES CIRCULAR ECONOMY POLLUTION BIODIVERSITY AND ECOSYSTEMS MINIMUM SAFEGUARDS TAXONOMY ALIGNED PROPORTION OF TURNOVER, YEAR N TAXONOMY ALIGNED PROPORTION OF TURNOVER, YEAR N-1
(19)
CATEGORY (ENABLING ACTIVITY OR)
(20)
CATEGORY (TRANSITIONAL ACTIVITY)
(21)
EUR MILLIONS % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE
ACTIVITIES
A.1 ENVIRONMENTAL SUSTAINABLE ACTIVITIES (TAXONOMY-ALIGNED)
Operation of personal
mobility devices, cycle
logistics
6.4 2.3 0.7% 100,0% 0% 0% 0% 0% 0% n.a. Y n.a. Y n.a. n.a. Y 0.7% n.a.
Transport by motorbikes,
passenger cars and light
commercial vehicles
6.5 0.2 0.1% 100,0% 0% 0% 0% 0% 0% n.a. Y n.a. Y Y n.a. Y 0.1% n.a.
Infrastructure enabling low-
carbon road transport and
public transport
6.15 22.2 6.7% 100,0% 0% 0% 0% 0% 0% n.a. Y Y Y Y Y Y 6.7% n.a. E
CAPEX OF ENVIRONMENTAL
SUSTAINABLE ACTIVITIES
(TAXONOMY-ALIGNED (A.1)
24.8 7.5% 100,0% 0% 0% 0% 0% 0% 7.5% N.A.
A.2 TAXONOMY-ELIGIBLE BUT NOT ENVIRONMENTAL SUSTAINABLE ACTIVITIES (NOT TAXONOMY-ALIGNED ACTIVITIES)
Transport by motorbikes,
passenger cars and light
commercial vehicles
6.5 26.9 8.2%
Freight transport services
by road
6.6 9.9 3.0%
CAPEX OF TAXONOMY-
ELIGIBLE BUT NOT
ENVIRONMENTALLY
SUSTAINABLE ACTIVITIES
(NOT TAXONOMY-ALIGNED
ACTIVITIES) (A.2)
36.8 11.2%
TOTAL (A.1 + A.2) 61.6 18.7%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-
eligible activities (B)
268.0 81.3%
TOTAL (A + B) 329.7 100,0%
Numerator
The numerator includes: (i) capex and additions of right-of-use assets linked to the taxonomy-eligible and taxonomy-aligned activities listed
in Section 4.3 above and (ii) capex and additions of right-of-use assets linked to expenses related to other taxonomy-eligible and taxono-
my-aligned economic activities, following Section 1.1.2.2 of Annex I of the Disclosure Delegated Act. The total EU Taxonomy-eligible capex is
mainly calculated from the following economic activities:

64
• 6.4. Operation of personal mobility devices, cycle logistics
• 6.5. Transport by motorbikes, passenger cars and light commercial vehicles
• 6.6. Freight transport services by road
• 6.15. Infrastructure enabling low-carbon road transport and public transport
• 7.2. Renovation of existing buildings
• 7.5. Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of
buildings
• 7.6. Installation, maintenance and repair of renewable energy technologies
• 7.7 Acquisition and ownership of buildings
Denominator
The denominator is comprised of bpostgroup total capex (investments made in the financial year 2022) and additions of right-of-use assets ,
as seen in the consolidated income statement included in the financial consolidated statements.
6.4.3 OPEX
Numerator
The numerator includes: (i) opex linked to the taxonomy-eligible activities and taxonomy-aligned listed in Section 4.3 above and (ii) opex
linked to expenses related to other Taxonomy-eligible and taxonomy-aligned economic activities, following Section 1.1.3.2 of Annex I of the
Disclosure Delegated Act.
We should note however that the opex concept under the EU Taxonomy follows a limited definition of the regular financial notion of opex.
According to Section 1.1.3.1 of Annex I of the Disclosure Delegated Act, the expenses allowed to be considered as part of the opex KPI are
direct non-capitalized costs from: research and development, building renovation measures, short-term leases, maintenance and repair, and
other day-to-day expenses for the servicing of property, plant & equipment.
Out of those concepts, bpost was able to identify short-term leases and maintenance and repair expenses (under the bpost accounts ‘rent
and rental costs’ and ‘maintenance and repairs’, respectively).
The total taxonomy-eligible and taxonomy-aligned ‘limited’ opex is mainly calculated from the following economic activities that meet the
reduced definition stated above:
• 6.4. Operation of personal mobility devices, cycle logistics
• 6.5. Transport by motorbikes, passenger cars and light commercial vehicles
• 6.6. Freight transport services by road
• 6.15. Infrastructure enabling low-carbon road transport and public transport
• 7.3. Maintenance and repair of energy efficiency equipment
• 7.6. Installation, maintenance and repair of renewable energy technologies
• 7.7. Acquisition and ownership of buildings

65
Denominator
The denominator is the opex for the financial year 2022 exclusively linked to the total category amounts for ‘rental and rental costs’ and ‘maintenance
and repairs’.
SUBSTANTIAL
CONTRIBUTION CRITERIA
DNSH CRITERIA
( DOES NOT SIGNIFICANTLY HARM)
ECONOMIC ACTIVITES
(1)
CODE ABSOLUTE TUROVER PROPORTION OF TURNOVER CLIMATE CHANGE MITIGATION CLIMATE CHANGE ADAPTATION WATER AND MARINE RESOURCES CIRCULAR ECONOMY POLLUTION BIODIVERSITY AND ECOSYSTEMS CLIMATE CHANGE MITIGATION CLIMATE CHANGE ADAPTION WATER AND MARINE RESOURCES CIRCULAR ECONOMY POLLUTION BIODIVERSITY AND ECOSYSTEMS MINIMUM SAFEGUARDS TAXONOMY ALIGNED PROPORTION OF TURNOVER, YEAR N TAXONOMY ALIGNED PROPORTION OF TURNOVER, YEAR N-1
(19)
CATEGORY (ENABLING ACTIVITY OR)
(20)
CATEGORY (TRANSITIONAL ACTIVITY)
(21)
EUR MILLIONS % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 ENVIRONMENTAL SUSTAINABLE ACTIVITIES (TAXONOMY-ALIGNED)
Operation of personal mobility
devices, cycle logistics
6.4 1.1 0,5% 100% 0% 0% 0% 0% 0% n.a. Y n.a. Y n.a. n.a. Y 0,5% n.a.
Transport by motorbikes,
passenger cars and light
commercial vehicles
6.5 0.3 0.2% 100% 0% 0% 0% 0% 0% n.a. Y n.a. Y Y n.a. Y 0.2% n.a.
Infrastructure enabling low-carbon
road transport and public transport
6.15 1.1 0.5% 100% 0% 0% 0% 0% 0% n.a Y Y Y Y Y Y 0.5% n.a. E
OPEX OF ENVIRONMENTAL
SUSTAINABLE ACTIVITIES
(TAXONOMY-ALIGNED (A.1)
2.5 1.2% 100% 0% 0% 0% 0% 0% 1.2% N.A.
A.2 TAXONOMY-ELIGIBLE BUT NOT ENVIRONMENTAL SUSTAINABLE ACTIVITIES (NOT TAXONOMY-ALIGNED ACTIVITIES)
Operation of personal mobility
devices, cycle logistics
6.4 0.0 0,0%
Transport by motorbikes,
passenger cars and light
commercial vehicles
6.5 37.7 18.4%
Freight transport services by road 6.6 1.4 0.7%
OPEX OF TAXONOMY-ELIGIBLE
BUT NOT ENVIRONMENTALLY
SUSTAINABLE ACTIVITIES (NOT
TAXONOMY-ALIGNED ACTIVITIES)
(A.2)
39.0 19.1%
TOTAL (A.1 + A.2) 41.6 20.3%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible
activities (B)
163.2 79.7%
TOTAL (A + B) 204.8 100,0%

66
7. Social Value
8.9%
decrease in
accident rate
>600
People with large
distance to the labour
market trained to a job
through bpost boost
At bpost, we believe it is essential to engage every employee in our
mission to be a major part of our customers’ daily lives. We value
the wide array of skills, competences, and loyalty of our employees,
and recognize that people are key to the success of bpostgroup.
2022 was the third year in a row where the COVID-19 pandemic had
a major impact on wellbeing, and operational activities, with the
first quarter being particularly impacted. Fortunately, the rest of
the year was less affected, and we took the opportunity to get back
on track with a more normalized wellbeing policy.
It is our duty to provide all employees with the best corporate
culture, safeguarding good working conditions, ethical behavior,
health, safety and wellbeing at work. We achieve this by taking vari-
ous actions within the different countries, businesses, and business
units to strengthen and anchor this culture-shaping process. We
regard every employee as part of the extended bpostgroup family,
which encompasses more than 34,000 people across the globe,
from very diverse backgrounds.
34,509
number of
employees
37%
women in
management
117
nationalities
represented across
group
“ Be a reference in social sustainability
in all markets we operate in.”

67
Our Ambition
bpostgroup’s ambition is to be a reference in social sustainability in all markets we operate in, with a focus on three material areas where
bpostgroup can have a significant impact:
• Health & Safety of our people first: Become an employer of choice by creating an environment promoting physical safety and mental
well-being
• Be a career lifter for our employees: Be a career lifter, especially for short-schooled labor, by offering high quality employment and
up-skilling and re-skilling programs, creating career paths within or even outside bpost
• Champion Diversity, Equity and Inclusion across the group: Be an employer of inclusion and equal opportunity, where all people of
every ethnicity, social background, religion, gender, age, and ability or disability – visible or invisible – feel welcomed and valued
7.1 Health & Safety of our people first
Progress towards our targets
AMBITION 2025 TARGET
1
2022 PROGRESS TOWARDS TARGET 2022 ACHIEVEMENTS LOOKING FORWARD
Become an employer
of choice by creating an
environment promoting
physical safety and mental
well-being
• Reduction in number of
accidents by 14%.
• Reduce absenteeism to
6.9%.
• 8.9% reduction in accidents
compared to 2019 baseline.
• Absenteeism is increasing due
to COVID-19 and a general
rising trend in the market.
• Verbal aggression
prevention program
extended to mail
operations
• Data analytics exercise in
the field of absenteeism
• Further development
of a safety performance
barometer
• Mental wellbeing
program for operational
managers
• Further strengthening
safety culture through
new way of working,
train the trainer program
and onboarding action
plans
• Roll-out mental
wellbeing program
Performance Summary
2
BPOST BPOSTGROUP
2
METRIC UNIT 2019 2021 2022 2022
KPI – Absenteeism of own employees % 7.96 8.33 9.51 6.64
KPI – Frequency rate of own
employees
Accidents per
1,000,000 hours
worked
27.14 27.59 24.65 21.49
Severity rate of own employees Lost days per 1,000
hours worked
0.84 0.89 0.77 0.58
Lost days of own employees Days 29,205 31,200 27,641 29,002
Occupational accidents of own
employees
Number 949 1,054 890 1,120
Total number of work-related
fatalities of own employees
Number 2 1 2 2
Since 2020, absenteeism levels are on the rise, a trend that continued throughout 2022. COVID-19 continued to impact bpost’s absenteeism
levels, especially at the beginning of the year due to the Omicron peak. The year-end was marked by a particularly high number of viral infec-
tions and other season-related diseases, combined with a lower readiness for preventive vaccination campaigns including COVID-19 and flu.
1 These targets are specific to bpost.
2 Group-wide health and safety figures are disclosed for the first time given the challenges of consolidating varying local health and safety
definitions across our global operations. Historical figures for bpost can be found in the appendix ‘non-financial consolidated statements’.

68
Next to physical illness, research in Belgium indicates a rising trend in the number of employees combatting psychosocial difficulties, which
is also reflected in the company data. In addition, the broader social framework plays an important role in the increase in absentee rates, as
2022 was marked by economic and social crises.
The relatively low intensity of the Covid pandemic allowed us to put much more focus back on safe working behavior. This resulted in remark-
ably better safety performance indicators, especially during the first three quarters of the year. The most prevalent safety incidents in our
business are slipping, falling, tripping, or the improper use of vehicles. To limit the risk of accidents and health issues, we perform regular risk
analyses. The identified risks are communicated within the organization together with clear measures to be taken.
What can be achieved by this kind of focus is demonstrated by bpostgroup’s American entity, Radial US, which performed 80% better than
the US national average for injury rate. Radial US integrated continuous improvement practices into safety programs and held safety-specific
Kaizen events to improve practices and procedures across the network. Radial improved in all injury prevention leading indicator categories
(Behavioral Based Safety observations, Safety Committee Attendance and Near Miss Reporting) compared to the previous year.
Key 2022 Initiatives
The Safety Register and Safety Performance Barometer
We implemented several successful health and safety initiatives. These included the use of a safety corner on the work floor, encouraging em-
ployees to report any type of safety incident, as well as safety communication campaigns. A Safety Register also helps to follow safety checks
in a structured manner, and from this we can draw important lessons learned, which are then communicated to employees.
The ‘Safety Performance Barometer’ is an improved well-being instrument that measures safety performance and gives a strong focus on
leading safety indicators. It works by consolidating existing safety performance indicators, through which we gain insight into the overall
safety performance of a region. This allows prioritization of where, and what aspects, the need is greatest. The safety performance barom-
eter is linked to the bpost Safety Register. First launched in 2019, it is now fully integrated into the management performance monitoring
processes.
The Safety Games
In 2022 we trained our employees on safety using
‘gamification’: An application sends them two
questions per day on issues related to any health
and safety matter, to refresh their memory. There
is a total of fifty questions, which vary depending
on the season. For every correct answer the play-
er wins ten stamps. As well as in Mail Distribution,
the Safety Games concept is also now used in our
Logistics unit.
Psychosocial wellbeing of our employees
At bpost, we want to make sure our employees remain healthy, including psychosocial as well as physical aspects. Our ‘Health Surveillance’
system provides mandatory medical check-ups for all bpost postal workers. To measure the psychosocial wellbeing of employees, we survey
their level of engagement. In addition to our employee Assistance Program, external psychologists are available for more complicated indi-
vidual problems. There is also a confidential line, which employees can call anytime – 24/24, 7/7. These tools will be implemented on a global
scale in the near future.
Mental Health and Wellness Employee Resource Group (ERG)
In October 2022, in honor of Mental Health Awareness Month, Radial US launched a second Employee Resource Group dedicated to this
subject. Mental health and wellness is for everyone, and Radial US’ mission is to provide services that promote health and well-being, foster
self-regulation, and remove the stigma around mental health – by initiating a positive movement to speak up and reach out.

69
7.2 Be a career lifter for our employees
Progress towards our targets
This progress towards targets is expressed across bpostgroup, as can be seen when comparing past achievements with ambitions going
forward:
AMBITION 2025 TARGET
1
2022 PROGRESS TOWARDS TARGET 2022 ACHIEVEMENTS LOOKING FORWARD
Be a career lifter,
especially for short
schooled labor by
offering high quality
employment and up- and
re-skilling programs,
creating career paths
within or even outside
bpost
• Be recognized as a
“great employer”
• To reach “best-in-class”
industry employee
engagement
• Develop up- and
reskilling journeys
for bpost employees
to support internal
mobility.
• Radial US and Landmark
Global US score well above
US benchmark in employee
engagement
• 17.8% increase in employee
training hours per FTE,
compared to 2019 baseline.
• For the first time, we
aligned the “My Voice”
employee engagement
survey across bpostgroup
• In 2022 bpost upskilled 80
employees to truck drivers
• bpost boost will have
trained and guided more
than 600 unemployed to a
job through nontraditional
channels since the start
• Dynagroup launched a
Training Academy and
Experience Center with a
focus on soft skills required
for customer trainings
• New Hire Orientation &
Onboarding Program
Pilot and expansion
of employee resource
groups to increase
employee engagement
and retention at Radial
US.
• Roll out of employee
engagement action plan
and e-learning program
based on national results
of My Voice survey across
bpostgroup.
Performance Summary
METRIC UNIT 2019 BASELINE 2021 2022
KPI – Employee engagement
4
% - - 39.5
EMPLOYEE TRAINING AND
DEVELOPMENT
KPI – Total training hours
per FTE
hours 32.8 29.8 38.5
EMPLOYEE TURNOVER
Total Employee Turnover
of own employees
% 15.7 19.0 16.3
Voluntary Employee
Turnover of own employees
% 4.5 10.5 10.2
NEW EMPLOYEE HIRES
Total new employee hires
5
Number - - 4,319
At bpostgroup, the opinions and feedback of our employees are greatly valorized, as our employees are the drivers of the company. For the
first time, we aligned the “My Voice” employee engagement survey across the group to gain a deeper understanding of how employees feel
and perform inside the company. The survey is conducted on a bi-annual basis with frequent pulse checks in between, and results are bench-
marked according to the region and industry. Employee satisfaction scores vary across different regions and local teams work on develop-
ment plans to reinforce our strengths and address our development opportunities.
Results show that overall, respondents are satisfied with their jobs and proud to work for bpostgroup. U.S. subsidiaries Radial and Landmark
Global Inc., as well as Asian Landmark Global (APAC) score well above the regional benchmarks. Within European entities, respondents per-
ceive their job as meaningful and feel secure about their job. Results also point to a low risk of retention. That said, there is room for improve-
ment on European employee engagement scores which we address regularly during our pulse checks through scaling mobility programs, and
increasing employee trainings.
We see a positive trend in employee turnover across bpostgroup which has decreased by 14% compared to last year. Over the course of 2022,
efforts to increase employee engagement and retention through the roll out of action plans, mentorship programs and new hire orientation
and onboarding programs, detailed in the key achievements below.
4 New group-wide KPI since 2022. For historical data on employee engagement, scores are available for bpost in the 2021 annual report.
5 New metric

70
Key Initiatives in 2022
Support engaged employees
Many employees do voluntary work for charities that provide a great service and generate high value for society. bpost is delighted to en-
courage this engagement through Star4U, a funding program that rewards initiatives that are in line with the group’s values. A panel of judges
comprising three bpost employees, assisted by three external experts, selects the candidate applications and decides what financial support
will be given. Since launching Star4U in 2010, bpost has backed 1,158 projects, and donated more than 955,000 EUR. In 2022, Star4U donated
nearly 85,000 EUR to more than 104 selected projects.
Belgium’s biggest team
The skyrocketing success of e-commerce had a direct impact on parcel volumes, especially at the end-of-year peak. Between Black Friday
and New Year’s Eve, bpost delivered around 11 million parcels, including no fewer than 622,000 on 1st December alone. That was no problem,
because bpost employees are all part of ‘Belgium’s biggest team’! To ensure we could handle these phenomenal volumes, 650 office-based
colleagues rolled up their sleeves to help collect, input, sort, and deliver letters and parcels.
bpost boost
‘bpost boost’ was launched in 2020 with the objective of helping jobseekers into the labor market, to realize their potential and develop the
skills needed to start their career. The first focus is to help them get started at bpost, but the company takes its societal role seriously and
recognizes that it’s important to teach general skills that can also be used outside of bpost.
The first projects in bpost boost were Dual Learning, Formation en Alternance (FALT) and IBO, and in 2022, 89 candidates started in one of
these programs:
• Dual Learning /FALT is a program for unemployed people with low opportunities in the labor market because of a lack of skills and
training. The program allows participants to combine classroom learning to earn their high school degree, driving lessons to obtain their
driver’s license, and an internship at bpost in Sorting and Distribution. After a successful track, candidates receive a contract as a mail
person at bpost.
• IBO (Individuele Beroeps Opleiding in Flanders) or PFI (Plan Formation-Insertion in Wallonia) are training programs for jobseekers
registered at VDAB or Le Forem. During the IBO, which usually takes between 4 to 13 weeks, they get on-the-job training to be a mail person
or truck driver, following which they receive a contract. IBO programs are also available for candidates with only a basic level of Dutch, who
are offered assistance from a language coach during the IBO period.
FutureMe
Since 2012, bpost has been running the FutureMe program. This gives employees who do not yet have a high school degree the opportunity to
obtain it via bpost. Having a degree can open doors for employees, and the possibility of applying for a new job, for example in Retail. Some
pursue further studies and above all, it increases their self-confidence. bpost organizes the training in close cooperation with centers for adult
education (CVO), pays for the training, and provides support with an option for career coaching after graduation. The program combines a
limited number of classroom sessions with distance learning via an online platform, ensuring that students can organize their time flexibly. In
2022, fifty employees started the journey to their future selves.
Language Factory
We need language to communicate with clients and colleagues, to understand safety briefings and work instructions, and to give and receive
feedback and evaluations. A good understanding of the local language opens doors, but for some populations, language is also one of the big-
gest barriers. With Language Factory, bpost boost tackles the language needs of employees and new candidates by offering language courses
and coaching. Simplifying documents in order to make them understandable for employees with a limited knowledge of the local language is
also part of Language Factory, which provides all kinds of tools to support employees and management.
DynaGroup Training Academy and Experience Centers
In 2022 DynaGroup invested in the further development of training facilities,
upgrading them to Experience Centers. Every Dynalogic Depot can now make
use of these state-of-the art training facilities. The focus is both on the soft
skills required for a perfect customer experience, as well as hard skills such as
installing a washing machine, or assembling a hospital bed at a customer site.
The TalentWheel development program
TalentWheel is the overarching training and talent development program
within DynaGroup. Every employee has their own talent, and Dyna has a pas-
sion to make fans of our employees: “We believe strongly that out employees
make the difference, every day! Creating this framework helps us developing
our Dyna Values and providing our people with the necessary programs to
grow continuously in their career within Dyna.”

71
Young bpost
As a bottom-up, cross-functional and independent initiative, Young bpost
aims to be a voice of empowerment for the youngest generation at our compa-
ny. We support attracting and retaining young people and facilitate transver-
sal network building, all while expanding our members’ horizons on topics
within and outside of bpost.
7.3 Champion Diversity, Equity & Inclusion across the group
Progress towards our targets
Diversity, Equity and Inclusion are core values across the bpostgroup and progress continues towards our immediate targets and beyond into
the near future.
AMBITION 2025 TARGET 2022 PROGRESS TOWARDS
TARGET
2022 ACHIEVEMENTS LOOKING FORWARD
Be an employer of inclusion
and equal opportunity,
where all people of
every ethnicity, social
background, religion,
gender, age or disability
– visible or invisible – feel
welcomed and valued
Increase women
representation in
management to 45% by
2025
• 6.2% increase of women
in management at bpost
• Overall group women in
management is at 37%.
• Rolled out “100% respect”
campaign across the group (in
19 languages)
• Implemented DE&I trainings for
management
• Events and communities to
promote female representation
(XandY, WIN)
• Published a new group policy
on DEI “zero tolerance for
inappropriate behaviour”
• bpost to become a
member of the open@
work inter-company
network
• Mentorship program
at Radial US: Learning
& Development team
to increase succession
management
and professional
development amongst
women population
Performance Summary
bpostgroup
METRIC UNIT 2019 BASELINE 2021 2022
KPI – Share of women in management positions
6
% 37.8 38.5 37.0
Share of women at group executive level
7
% 28.6 16.7 28.6
Share of female employees % 35.7 34.9 34.5
Total number of nationalities (of employees)
represented in the workplace
7
Number - - 117
Diversity is a fact. Inclusion is our choice. At bpostgroup, we strive to be an employer of equal opportunity with a participative culture, where
all people of every ethnicity, social background, religion, gender, age or disability – visible or invisible – feel welcomed and valued.
We have more than 34,000 colleagues around the world, representing 117 nationalities, who put our know-how at the service of our clients
and society every day. We make every effort to create an environment where everyone can be themselves, and respected and valued for
their skills.
6 The historical data for women in management and women at group executive level has been corrected. In the past, the share of women at
executive level was representative of “top management” at each subsidiary level. In order to avoid any confusion the Executive level has now
been defined as the group Executive Committee (ExCo) as indicated in our leadership governance.
7 New metric

72
We can pride ourselves to be on track to achieve the 45% women in management target in Belgium, however there is room for improve-
ment to increase representation of women in management across the group. We continue to invest in initiatives such as the Women’s
Initiative Network (WIN) and “Women at Sorting”, as well as expanding a number of initiatives towards LGBTQI+ and people with disabilities
described below.
Key Initiatives in 2022
100% respect, All unique, All bpostgroup
As engaged and committed employees are the drivers of company success, we strive for a respectful culture with engaged and committed
people, and the 100% Respect campaign was launched in 2022 with this in mind. Inclusiveness translated into “All unique, all bpost”, a slogan
that became reality through workshops, focus groups, and communication and awareness campaigns that were rolled out across all bpost-
group entities in Europe, Asia, and North America.
At Landmark Global US, employees printed world maps to display at all warehouse locations, and were invited to add a pin to their country or
area of origin. This has been a tangible way to show how diverse we are within our work force and also to spark conversations about diversity.
Women at Sorting – 100% respect approach
Assisted by a multidisciplinary team and the psychosocial service, management at our sorting facilities have implemented a targeted phased
action plan to support inclusion and respect for women on site at the sorting centers. An action plan was rolled out in 2022 with the launch
of ‘All unique, all bpost’ refocusing on sexism, awareness, and training by the diversity and inclusion manager and psychosocial prevention
advisor.
XandY initiative
XandY is a bpost community of managers aiming to boost diversity, equity
and inclusion, and to empower women in managerial positions. The network
brings together a community of female, male and non-binary colleagues in the
company. The aim is to connect, inspire and develop women managers with the
support of men and members of the Board and Exco. Two events were held in
2022 with great success.

73
Women’s Initiative Network (WIN)
In 2022, Radial US hosted the annual Women’s
Initiative Network conference virtually. With
around 100 attendees, we partnered with Lumiere
Sciences to discover the seven leadership roles
within any organization, including those who
establish long term strategies, and those who
acquire information to validate organizational
credibility – among many other roles!
Established in 2014, WIN’s primary mission is to
empower all members on their journey to success
by providing skills and resources to become global
thought leaders.
Pride2bpost
At bpostgroup, we envision a harmonious workplace where employees are welcome and respected
as they are. Their differences reflect our clients and the society in which we operate, and we see
such differences as an asset. We ensure equal treatment and opportunities, non-discrimination and
mutual respect. We believe in the strength of inclusive diversity and culture. We perceive DEI as the
foundations of belonging, engagement and well-being at work, and the Pride2bpost working group
focuses on the inclusion of LGBTQI+ workers. An internal audit has been conducted with the support
of an external expert partner, and priorities have been set for the coming years. bpost is now set to
become a member of the open@work inter-company network.
Disability initiatives
In 2022, we established strong partnerships with the Diversicom and Emino organizations to support the inclusion of colleagues with
disabilities. Specific processes have been put in place and are being implemented.
DE&I People Manager Training
In 2022, Radial US trained over 400 People
Managers across the entire network. The curricu-
lum was focused on the importance of identifying
unconscious bias in the workplace, understanding
the differences between equity and equality, and
establishing psychological safety in the workplace.
Similarly in Belgium, people managers started
their diversity and inclusion journey with a train-
ing developed together with UNIA.
`
7.4 In summary: Social Value at bpostgroup
Social Value runs through every aspect of bpostgroup’s activities, where being an employer with a positive impact on society is fundamental.
The examples we have looked at here are just some of the many initiatives which we are developing globally to benefit our employees, and so-
ciety at large. Some of the changes we are undertaking will take time to really take hold, others are already fully operational, but what should
be clear is bpostgroup’s unwavering commitment to Social Value, right now, and going forward.

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8. Economic value
8.1 Financial review
8.1.1 Group overview
Compared to last year, total operating income increased by +62.4 mEUR or +1.4% to 4,397.5 mEUR, driven by E-Logistics North America.
• Excluding the deconsolidation of Ubiway Retail, stable operating income for Belgium. Including Ubiway Retail, external operating income
decreased by -110.3 mEUR or -4.9%.
• External operating income of E-Logistics Eurasia decreased by -21.0 mEUR or -3.4% mainly driven by the pressure in the first half of 2022 on
Asian volumes following new VAT regulation.
• E-Logistics North America external operating income increased by +202.0 mEUR or +13.9%, at constant exchange rate revenues increased
by +1.8% mainly driven by Radial’s new customers launched in 2021.
• Corporate external operating income decreased by -8.4 mEUR in line with lower building sales.
Operating expenses (including D&A) increased by 137.0 mEUR or +3.4% to 4,134.2 mEUR, impacted by higher variable opex in line with reve-
nue development E-Logistics North America, higher payroll cost (amongst others 6 salary indexations in Belgium) and energy costs, increased
doubtful debt costs, partially offset by lower material costs mainly due to the deconsolidation of Ubiway Retail, higher recoverable VAT, lower
opex in line with the revenue development E-Logistics Eurasia and less FTE.
Reported EBIT amounted to 263.3 mEUR and decreased by -74.6 mEUR compared to last year.
Net financial result (i.e. net of financial income and financial costs) amounted to 30.3 mEUR and increased by +46.7 mEUR mainly due to
higher non-cash financial income related to IAS 19 employee benefits in line with the increased discount rates and the reassessment of the
contingent liability related to the remaining shares of a subsidiary.
Last year remeasurement of assets held for sale at fair value less costs to sell amounted to +12.2 mEUR given the reassessment of bpost
bank (+19.5 mEUR) and Ubiway Retail (-7.4 mEUR). Whereas in 2022 an additional write down of 1.0 mEUR was recorded for Ubiway Retail and
0.2 mEUR for bpost bank.
Income tax expense amounted to 60.8 mEUR and decreased by +22.6 mEUR compared to last year mainly due to the lower profit before tax.
Group net profit at 231.7 mEUR, decreased by -18.6 mEUR compared to last year.
Adjusted contribution (see section ”Reconciliation of Reported to Adjusted Financial Metrics”) of the different business units for 2021-2022
amounted to:
2022 2021
IN MILLION EUR (ADJUSTED)
TOTAL OPERATING
INCOME EBIT MARGIN (%)
TOTAL OPERATING
INCOME EBIT MARGIN (%)
Belgium 2,193.3 198.3 9.0% 2,310.6 252.6 10.9%
E-Logistics Eurasia 614.1 27.4 4.5% 637.7 47.5 7.5%
E-Logistics North America 1,661.6 86.9 5.2% 1,458.4 77.7 5.3%
Corporate 404.2 (34.1) -8.4% 426.7 (28.5) -6.7%
Eliminations (475.6) 0.0 (499.7) 0.0
GROUP
4,397.5 278.5 6.3% 4,333.7 349.3 8.1%

75
8.1.2 Description of Business Units
In 2021 the Board of Directors of bpost approved bpostgroup’s ambition to become a growth company as an e-commerce logistics player, in
Belgium as well as in Europe and the United States. Effective as of January 1, 2022 bpost’s internal structure changed to face the transfor-
mation, amongst others the bundling of the parcel activities and Mail & Retail activities into one Belgium business unit. This implies a new
business unit structure with: Belgium, E-Logistics Eurasia and E-Logistics North America, replacing Mail & Retail, Parcels & Logistics Eurasia
and Parcels & Logistics North America. This new structure allows to recognize different strategic imperatives, namely transform Belgium,
build E-Logistics Eurasia and grow E-Logistics North America and allows full P&L accountability at business unit level. Changes are limited and
consist of moving the Belgian parcels out of Parcels & Logistics Eurasia to Belgium, next to the existing Mail & Retail business. On the other
hand regroup Dynalogic and Dynasure together with Radial Europe, Active Ants, Leen Menken and Dynafix in E-Logistics Eurasia.
bpost operates through three business units and support units providing services to these business units:
• The business unit Belgium oversees the commercial activities related to Transactional, Advertising mail, Press and Parcels and the
operational activities of collecting, transporting, sorting and distributing of addressed and non-addressed mail, printed documents,
newspapers, periodicals and parcels in Belgium. Furthermore Belgium offers Value added services including document management and
related activities and offers proximity and convenience retail through its retail network in Belgium composed out of post offices and postal
points. It also sells banking and financial products, as part of the Proximity and convenience retail network, under an agency agreement
with bpost bank and AG Insurance. The business unit also carries out Services of General Economic Interest (“SGEI") on behalf of the
Belgian State.
• The business unit E-Logistics Eurasia oversees the commercial and operational activities related to e-commerce logistics (fulfillment,
handling, distribution and return management) and cross-border (inbound, outbound and import services) for parcels in Europe & Asia and
for international mail worldwide. The business unit runs several operations centers across Europe. DynaGroup, Radial, Active Ants, Leen
Menken and Landmark Global entities in Europe & Asia are part of this business unit.
• The business unit E-Logistics North America is in charge of the commercial and operational activities related to e-commerce logistics
(fulfillment, handling and distribution, return management, customer service and value-added technology services) in North America and
Australia and cross-border parcels and international mail in North America. Radial North-America and Landmark Global entities in North
America are part of this business unit.
Corporate and Support units (“Corporate”) consist out of the 3 support units and the corporate unit. The support units offer as a sole provider
business solutions to the 3 business units and to Corporate and includes Finance & Accounting, Human Resources & Service Operations, ICT
& Digital. The Corporate unit includes Strategy, M&A, Legal, Regulatory and Corporate Secretary. The EBIT generated by the support units is
recharged to the 3 business units as OPEX while the depreciation remains in Corporate. Revenues generated by the Support Units, including
sales building are disclosed in Corporate.
8.1.3 Business Unit performance: Belgium
Belgium
IN MILLION EUR 2022 2021 CHANGE %
EXTERNAL OPERATING INCOME
2,140.6 2,250.8 -4.9%
Transactional mail 731.5 736.7 -0.7%
Advertising mail 187.1 197.0 -5.0%
Press 345.9 338.8 2.1%
Parcels Belgium 449.1 467.4 -3.9%
Proximity and convenience retail network 302.0 397.5 -24.0%
Value added services 124.9 113.5 10.1%
Intersegment operating income 52.7 59.8 -11.8%
TOTAL OPERATING INCOME
2,193.3 2,310.6 -5.1%
Operating expenses 1,914.5 1,975.6 -3.1%
EBITDA
278.7 335.0 -16.8%
Depreciation, amortization 81.0 84.1 -3.7%
PROFIT FROM OPERATING ACTIVITIES (EBIT REPORTED)
197.8 250.9 -21.2%
Margin (%) 9.0% 10.9%
PROFIT FROM OPERATING ACTIVITIES (EBIT ADJUSTED)
198.3 252.6 -21.5%
Margin (%) 9.0% 10.9%
Total operating income in 2022 amounted to 2,193.3 mEUR and external operating income amounted to 2,140.6 mEUR and respectively
decreased by -117.4 mEUR or -5.1% and by -110.3 mEUR or -4.9%. Excluding the deconsolidation of Ubiway Retail, stable operating income
with underlying mail volume decline of -6.8% nearly offset by positive price/mix impact of 3.6% and parcels volume -7.5% (or +1.0% excluding
Amazon’s insourcing impact).

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Revenues from Domestic mail (i.e. Transactional, Advertising and Press combined) slightly decreased by -8.0 mEUR to 1,264.5 mEUR.
Transactional mail noted an underlying volume decline of -6.5% for the year compared to -8.0% underlying volume decline for the year 2021,
amongst other driven by lower COVID communication. Advertising mail was impacted by an underlying volume decrease of -6.9% against
+0.9% for the same period last year, which was driven by the volume recovery post lockdown. Press revenues increased by +7.1 mEUR, sup-
ported by the integration of the Dutch press distributor Aldipress acquired September 30, 2022.
Excluding the integration of Aldipress in September 2022 (+4.6 mEUR), total Domestic mail volume decrease impacted revenues by -72.8
mEUR (-6.8% underlying volume decline against -5.9% in 2021) and working day impact -0.8 mEUR was almost compensated by the net im-
provement in price and mix which amounted to +61.0 mEUR.
Belgium
EVOLUTION UNDERLYING VOLUMES FY21 1Q22 2Q22 3Q22 4Q22 FY22
DOMESTIC MAIL
-5.9% -5.4% -7.5% -7.7% -7.5% -6.8%
Transactional mail -8.0% -5.8% -8.2% -6.2% -6.7% -6.5%
Advertising mail +0.9% -2.3% -2.4% -11.1% -11.6% -6.9%
Press -3.5% -7.1% -10.8% -10.5% -5.4% -8.4%
PARCELS B2X
+10.3% -14.8% -12.9% -3.8% +1.5% -7.5%
Parcels Belgium decreased by -18.2 mEUR (or -3.9%) to 449.1 mEUR resulting from parcels volume decline of -7.5% against high comps of
+10.3% in 2021 and reflecting Amazon’s insourcing, partially offset by a price and mix impact of +3.6%. Excluding Amazon’s insourcing, under-
lying volume increased by +1.0% compared to 2021.
Proximity and convenience retail network decreased by -95.5 mEUR to 302.0 mEUR. This decrease was mainly driven by the deconsolida-
tion impact of Ubiway Retail as of the 1st March 2022 (-116.3 mEUR impact). Excluding the deconsolidation, revenues increased by +20.8 mEUR
mainly driven by the new Management Contract.
Value added services amounted to 124.9 mEUR and showed an increase of +11.5 mEUR (or +10.1%) versus last year due to higher revenues
from fines solutions and additional revenues charged for setup and change requests for solutions.
Operating expenses (including D&A) decreased by +64.3 mEUR or -3.1%. This decrease was mainly driven by lower material costs in line
with the deconsolidation of Ubiway Retail, higher recoverable VAT and less FTE from continued execution of dedicated management actions
and elimination of second distribution rounds during peak in the fourth quarter. This decrease was partially offset by higher energy costs and
higher payroll costs per FTE (6 salary indexations of +2%, change in night shift regulation and premium paid to employees). When excluding
Ubiway Retail, costs increased by -74.2 mEUR or +3.9%.
Driven by lower volumes and inflationary impacts on payroll and energy costs, reported EBIT and adjusted EBIT decreased and amounted
respectively to 197.8 mEUR and 198.3 mEUR with a margin of 9.0%.
8.1.4 Business Unit performance: E-Logistics Eurasia
E-Logistics Eurasia
IN MILLION EUR 2022 2021 CHANGE %
EXTERNAL OPERATING INCOME
590.5 611.5 -3.4%
E-commerce logistics 273.0 268.7 1.6%
Cross-border 317.5 342.8 -7.4%
Intersegment operating income 23.6 26.2 -9.9%
TOTAL OPERATING INCOME
614.1 637.7 -3.7%
Operating expenses 561.5 568.5 -1.2%
EBITDA
52.6 69.2 -24.0%
Depreciation, amortization 28.3 24.6 15.3%
PROFIT FROM OPERATING ACTIVITIES (EBIT REPORTED)
24.3 44.6 -45.7%
Margin (%) 4.0% 7.0%
PROFIT FROM OPERATING ACTIVITIES (EBIT ADJUSTED)
27.4 47.5 -42.3%
Margin (%) 4.5% 7.5%

77
Total operating income decreased by -23.6 mEUR or -3.7% driven by the decrease of the external operating income by -21.0 mEUR or -3.4%
compared to the same period of 2021. This decrease was mainly due to Cross-border (-25.3 mEUR).
E-commerce logistics operating income in 2022 amounted to 273.0 mEUR, an increase of +4.3 mEUR or +1.6% compared to the same period
of 2021. The revenue growth of Radial Europe and Active Ants of +16.6%, mainly from new customer onboardings, was offset by a decline in
revenue at DynaLogic due to lower consumer confidence and at DynaFix/Sure due to a shortage of electronic spare parts and less devices to
be repaired.
Cross-border operating income in 2022 amounted to 317.5 mEUR, a decrease of -25.3 mEUR or -7.4% compared to the same period of 2021,
mainly driven by lower Asian volumes impacted in the first half of 2022 by the new VAT regulation as from July 1, 2021 and impacted by supply
chain disruptions in China. This decrease was amongst others partially offset by the IMX consolidation as from July 2022.
Operating expenses (including D&A) were down +3.2 mEUR or -0.5%, mainly thanks to lower material costs, lower intersegment opex
charged by Belgium due to lower Asian volumes and lower interims. This decrease was partially offset by higher payroll costs from inflation,
higher transport costs and sites openings, in line with expansion and strategic development initiatives and IMX integration.
Reported EBIT decreased by -20.4 mEUR and adjusted EBIT decreased by -20.1 mEUR compared to last year same period and amounted
respectively to 24.3 mEUR and 27.4 mEUR.
8.1.5 E-Logistics North America
E-Logistics North America
IN MILLION EUR 2022 2021 CHANGE %
EXTERNAL OPERATING INCOME
1,655.9 1,453.9 13.9%
E-commerce logistics 1,655.9 1,411.7 17.3%
International mail 0.0 42.2 -100.0%
Intersegment operating income 5.7 5.9 -3.5%
TOTAL OPERATING INCOME
1,661.6 1,459.8 13.8%
Operating expenses 1,481.5 1,304.9 13.5%
EBITDA
180.2 154.9 16.3%
Depreciation, amortization 104.7 84.0 24.7%
PROFIT/(LOSS) FROM OPERATING ACTIVITIES (EBIT REPORTED)
75.4 70.9 6.4%
Margin (%) 4.5% 4.9%
PROFIT/(LOSS) FROM OPERATING ACTIVITIES (EBIT ADJUSTED)
86.9 77.7 11.8%
Margin (%) 5.2% 5.3%
Total operating income amounted to 1,661.6 mEUR and increased by +201.8 mEUR, or +13.8% (+1.7% at constant exchange rate). Excluding
the divestment of the Mail Group as of August 5, 2021 total operating income increased by 244.0 mEUR or +4.7% at constant exchange rate.
External operating income in 2022 amounted to 1,655.9 mEUR, an increase of +202.0 mEUR or +13.9% (+1.8% at constant exchange rate)
compared to the same period of 2021, reflecting mainly the revenue development of Radial’s new customers launched in 2021.
E-commerce logistics increased by +244.2 mEUR to 1,655.9 mEUR or +17.3% (+4.8% at constant exchange rate) mainly driven by Radial from
new customers contribution launched in 2021. Landmark US and Apple Express recorded continued volume growth from existing customers
and new customers won in 2021.
Radial North America
(*)
IN MILLION USD (ADJUSTED) 2022 2021
Total operating income 1,403.9 1,340.2
EBITDA 127.5 121.7
Profit/(Loss) from Operating Activities (EBIT) 44.1 46.9
(*) Business unit performance expressed in USD of the consolidated Radial entities held by bpost North America Holdings Inc.

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The decline of International mail was driven by the divestment and deconsolidation of the Mail Group as of August 5, 2021.
Operating expenses (including D&A) increased by -197.3 mEUR or +14.2%, or +2.0% at constant exchange rate resulting from higher variable
opex in line with volume development and provisions of 7.1 mEUR following disputes with a terminated customer partially mitigated by higher
productivity, and higher costs from new sites openings.
Reported EBIT amounted to 75.4 mEUR up by +4.5 mEUR with a margin of 4.5%. Adjusted EBIT amounted to 86.9 mEUR (up by +9.2 mEUR)
with a margin of 5.2% or up +21.0 mEUR (+31.8%) operationally when adjusting for (1) 6.6 mEUR from cyber insurance recovery in 2021 related
to 2020 ransomware attack and (2) 5.2 mEUR one-time concessions from vendor in 2021.
8.1.6 Business Unit performance: Corporate
Corporate
IN MILLION EUR 2022 2021 CHANGE %
EXTERNAL OPERATING INCOME
10.5 18.9 -44.3%
Intersegment operating income 393.7 407.8 -3.5%
TOTAL OPERATING INCOME
404.2 426.7 -5.3%
Operating expenses 363.0 380.2 -4.5%
EBITDA
41.1 46.5 -11.6%
Depreciation, amortization 75.2 75.0 0.3%
LOSS FROM OPERATING ACTIVITIES (EBIT REPORTED)
(34.1) (28.5) 19.8%
Margin (%) -8.4% -6.7%
LOSS FROM OPERATING ACTIVITIES (EBIT ADJUSTED)
(34.1) (28.5) 19.8%
Margin (%) -8.4% -6.7%
External operating income decreased by -8.4 mEUR in 2022 driven by lower building sales.
Decrease in operating expenses (including D&A) by -5.7% driven by decrease of FTE in 2022 (-~70 FTE: 1,476 in 2022 vs 1,544 in 2021).
Reported & adjusted EBIT at -34.1 mEUR down by -5.6 mEUR, mainly driven by lower sales buildings.
8.1.7 Statement of cash flows
IN MILLION EUR 2022 2021 CHANGE %
Net cash from operating activities 422.4 398.2 6.1%
Net cash used in investing activities (19.2) (145.0) -86.8%
Net cash from financing actvities (262.1) (309.1) -15.2%
NET MOVEMENT IN CASH AND CASH EQUIVALENTS
141.1 (55.9) -352.6%
FREE CASH FLOW
403.2 253.2 -80.7%
The net cash flow increased compared to the same period last year by 197.0 mEUR to 141.1 mEUR. This increase was mainly due to the sale of
bpost bank and last year’s decision not to roll over maturing commercial papers partially offset by a dividend payment in 2022. Note that in
the context of the sales process the cash of Ubiway Retail (1.7 mEUR) was classified as held for sale per December 31, 2021.
Reported and adjusted free cash flow amounted respectively to 403.2 mEUR and 397.4 mEUR.
Cash flow from operating activities before change in working capital and provisions increased compared to 2021. The negative adjusted
EBITDA variation was compensated by a favourable settlement in corporate income tax payments and non-cash items.
Cash flow related to collected proceeds due to Radial’s clients was 43.1 mEUR higher (5.8 mEUR inflow in 2022 compared to an outflow of 37.3
mEUR last year).
The variance in change in working capital and provisions (-31.0 mEUR) was mainly explained by decreased suppliers’ balances, a different
payment schedule of terminal dues and, partially offset by last year’s unwinding of extended payment terms with some suppliers initiated at
the beginning of the pandemic, a different phasing of the SGEI compensation and social liabilities.

79
Investing activities resulted in a cash outflow of 19.2 mEUR in 2022, compared to a cash outflow of 145.0 mEUR last year. The evolution of
2022 was mainly explained by M&A activities (128.8 mEUR, mainly the settlement of the sale of bpost bank including the reimbursement of the
subordinated loan granted to bpost bank), lower capex (+7.7 mEUR) partially offset by the lower proceeds from sale of assets (-10.6 mEUR).
Capex stood at 164.4 mEUR in 2022 and was mainly spent on the continued E-commerce logistics expansion of Radial, and Active Ants, and on
the optimization of the Belgium network.
In 2022 the cash outflow relating to financing activities amounted to -262.1 mEUR compared to -309.1 mEUR last year, mainly explained by
the decision not to roll over maturing commercial paper in 2021 (+165.0 mEUR) partially offset by a dividend payment in 2022 (-98.0 mEUR).
8.1.8 Net debt
As at 31 December
IN MILLION EUR 2022 2021
NET DEBT/(NET CASH)
Interest bearing loans and borrowings 1,488.2 1,377.7
Bank overdrafts 0.4 0.0
Non-interest bearing loans and borrowings 0.1 0.1
Cash and cash equivalents (1,051.0) (907.5)
TOTAL
437.8 470.3
Net debt decreased by 32.5 mEUR, as the increase of the cash and cash equivalents outpaced the increase of the lease liabilities. The increase
of the lease liabilities was mainly due to the unfavourable impact of the exchange rates and new lease contracts.
8.1.9 Balance sheet
IN MILLION EUR 2022 2021 IN MILLION EUR 2022 2021
ASSETS EQUITY AND LIABILITIES
Property, plant and equipment 1,398.9 1,263.5 Total equity 1,065.4 885.3
Intangible assets 855.8 797.0 Interest-bearing loans and
borrowings (incl. overdraft)
1,488.6 1,377.7
Investments in associates and joint
ventures
0.1 0.0 Employee benefits 244.2 298.2
Other assets 52.7 53.1 Trade and other payables 1,520.3 1,504.3
Trade and other receivables 974.3 936.3 Provisions 26.7 25.8
Inventories 24.5 20.7 Derivative instruments (0.3) 0.3
Cash and cash equivalents 1,051.0 907.5 Other liabilities 13.5 10.1
Assets held for sale 1.0 163.3 Liabilities directly related to assets
held for sale
0.0 39.7
TOTAL ASSETS
4,358.3 4,141.3
TOTAL EQUITY AND LIABILITIES
4,358.3 4,141.3
Total assets and liabilities increased by 217.0 mEUR to 4,358.3 mEUR.
Property, plant and equipment increased by 135.5 mEUR as the capital expenditure, the exchange rate impact and the increase in the right-of-
use assets and leases outpaced the depreciation.
Intangible assets increased by 58.8 mEUR driven by the capital expenditure, the goodwill and intangibles related to the purchase of IMX and
Aldipress and the evolution of the exchange rate – mainly impacting the goodwill in USD, partially offset by the depreciation.
The increase in cash and cash equivalents was mainly due to the free cash flow generation of 403.2 mEUR, partially offset by the net cash
outflow of investing activities (262.1 mEUR), amongst other due to the payment of dividends in 2022 (98.5 mEUR).

80
Equity increased by 180.1 mEUR, mainly explained by the realized profit and the exchange differences on translation of foreign operations,
partially offset by the payment of a dividend.
Interests-bearing loans and borrowings (incl. overdraft) increased by 110.9 mEUR, mainly due to the impact of the exchange rates on the USD
term loan and on the lease liabilities, as well as the new lease contracts commenced and was partially offset by the reimbursement of the
European Investment Bank loan.
The decrease of employee benefits (54.1 mEUR) was mainly caused by the increased discount rates triggering actuarial financial gains.
The assets held for sale and liabilities held for sale should be reviewed together, the net decrease was explained by the sale of bpost bank and
Ubiway Retail in the first quarter 2022.
8.1.10 Alternative Performance Measures (unaudited)
bpost also analyses the performance of its activities in addition to the reported IFRS figures with alternative performance measures (“APMs”).
The definitions of these alternative performance measures can be found below.
APMs (or non-GAAP measures) are presented to enhance an investor’s understanding of the operating and financial performance, to aid in
forecasting and to facilitate meaningful comparison of the result between periods.
The presentation of APMs is not in conformity with IFRS and the APMs are not audited. The APMs may not be comparable to the APMs reported
by other companies as those companies may compute their APMs differently from bpost.
The calculation of the adjusted performance measure and adjusted operating free cash flow can be found below the definitions. The APMs
derived from items reported in the financial statements can be calculated with and reconciled directly to the items as disclosed in the defini-
tions below.
Definitions
Adjusted performance (adjusted operating income/adjusted EBITDA/adjusted EBIT/adjusted EAT): bpost defines the adjusted perfor-
mance as operating income/EBITDA/EBIT/EAT excluding the adjusting items. Adjusting items represent significant income or expense items
that, due to their non-recurring character, are excluded from performance analyses. bpost uses a consistent approach when determining if
an income or expense item is adjusting and if it is significant enough to be excluded from the reported figures to obtain the adjusted ones. An
adjusting item is deemed to be significant if it amounts to 20.0 mEUR or more. All profits or losses on disposal of activities are adjusted what-
ever the amount they represent, as well as the year-to-date amortization and impairment on the intangible assets recognized throughout the
Purchase Price Allocation (PPA) of the acquisitions. Reversals of provisions whose addition had been adjusted are also adjusted whatever the
amount they represent. The reconciliation of the adjusted performance is available below the definitions.
bpost’s management believes this measure provides the investor a better insight and comparability over time of the economic performance
of bpost.
Constant exchange rate: bpost excludes in the performance at constant exchange rate the impact of the different exchange rates applied in
different periods for the segment E-Logistics North America. The reported figures in local currency of the prior comparable period are con-
verted with the exchange rates applied for the current reported period.
bpost’s management believes that the performance at constant exchange rate provides the investor an understanding of the operating per-
formance of the entities part of the E-Logistics North America segment.
Capex: capital expenditure for tangible and intangible assets including capitalised development costs, excluding right of use assets.
Earnings Before Interests, Taxes, Depreciation and Amortization (EBITDA): bpost defines EBITDA as earnings from operating activities
(EBIT) plus depreciations and amortizations and is derived from the consolidated income statement.
Net debt/(Net cash): bpost defines Net debt/(Net cash) as the non-current and current interest-bearing loans and borrowings plus bank
overdrafts minus cash and cash equivalents and is derived from the consolidated statement of financial position.
Operating free cash flow (FCF) and adjusted operating free cash flow: bpost defines FCF as the sum of net cash from operating activities
and net cash used in investing activities and is derived from the consolidated statement of cash flows. Adjusted operating free cash flow is the
operating free cash flow as defined excluding working capital impact of “the collected proceeds due to clients”. The reconciliation is available
below the definitions. In some cases, Radial performs the billing and receiving of payments on behalf of their customers. Under this arrange-
ment, Radial routinely remits billed amounts back to the client, and performs periodical settlements with the client on amounts owed to or
from Radial based on billings, fees, and amounts previously remitted. Adjusted operating free cash flows excludes the cash Radial received on
behalf of their customers as Radial has no or little impact on the amount or the timing of these payments.
Evolution Parcels B2X volume: bpost defines the evolution of Parcels B2X as the difference, expressed as a percentage, of the reported
volumes between the current and prior comparable period of the B2X parcels processed by bpost NV/SA in the last mile delivery.

81
Radial North America Performance in USD: bpost defines the performance of Radial North America as the total operating income, EBITDA
and EBIT expressed in USD following the consolidation of the group of Radial entities held by bpost North America Holdings Inc. Transactions
between the group of Radial entities and other bpostgroup entities are not eliminated and are part of the total operating income, EBITDA and
EBIT.
bpost’s management believes this measure provides the investor a better insight in the performance of Radial and the scale up of its US
presence and the expanding of its product offering into value-added activities that cover the entire value chain in e-commerce logistics and
omnichannel technology.
Underlying volume (Transactional mail, Advertising mail and Press): bpost defines underlying mail volume as the reported mail volume
including some corrections, for example the impact of the number of working days and mail volumes related to elections.
Reconciliation of Reported to Adjusted Financial Metrics
Operating income for the year ended 31 December EVOLUTION
IN MILLION EUR 2022 2021 2022 – 2021
Total operating income 4,397.5 4,335.1 1.4%
Sale of The Mail Group
(1)
0.0 (1.4) -100.0%
ADJUSTED TOTAL OPERATING INCOME
4,397.5 4,333.7 1.5%
Operating expenses for the year ended 31 December EVOLUTION
IN MILLION EUR 2022 2021 2022 – 2021
Total operating expenses excluding depreciation, amortization (3,844.9) (3,729.5) 3.1%
Sale of The Mail Group
(1)
2.5 0.0 -
ADJUSTED TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION,
AMORTIZATION
(3,842.4) (3,729.5) 3.0%
EBITDA for the year ended 31 December EVOLUTION
IN MILLION EUR 2022 2021 2022 – 2021
EBITDA 552.6 605.6 -8.8%
Sale of The Mail Group
(1)
2.5 (1.4) -
ADJUSTED EBITDA
555.1 604.2 -8.1%
EBIT for the year ended 31 December EVOLUTION
IN MILLION EUR 2022 2021 2022 – 2021
EBIT 263.3 338.0 -22.1%
Sale of The Mail Group
(1)
2.5 (1.4) -
Non-cash impact of purchase price allocation (PPA)
(3)
12.6 12.8 -1.2%
ADJUSTED RESULT FROM OPERATING ACTIVITIES (EBIT)
278.5 349.3 -20.3%
Results for the year ended 31 December (EAT, earnings after taxes) EVOLUTION
IN MILLION EUR 2022 2021 2022 – 2021
Result of the year 231.7 250.2 -7.4%
Sale of The Mail Group
(1)
2.5 (1.4) -
Remeasurement of assets held for sale at fair value less costs to sell
(2)
1.2 (12.2) -
Non-cash impact of purchase price allocation (PPA)
(3)
9.6 9.9 -3.5%
ADJUSTED RESULT OF THE YEAR
245.0 246.6 -0.7%
(1) On August 5, 2021, bpost US Holdings signed an agreement with Architect Equity for the sale of the Mail Group (IMEX Global Solutions LLC,
M.A.I.L. Inc and Mail Services Inc.). The Mail Group has been deconsolidated as of August 5, 2021 and was transferred to assets held for sale
end of June 2021. The adjustment of 1.4 mEUR in 2021 corresponded to the gain on the disposal of the activities, finalised in the fourth quarter
of 2021. As part of the transaction, bpost US Holdings issued a subordinated seller note to Mail Services Inc, amounting to 2.5 mUSD. As in 2022
a part of the due amount was not redeemed, the total seller note of 2.5mUSD was fully reserved for and adjusted.
(2) bpost executes an active portfolio management strategy to divest non-core assets and/or non-performing assets, so as to allocate capital to

82
the fast growing e-commerce logistics market and to invest further in the opportunity of e-commerce logistics. In this context bpost started up
in 2021 and finalised the sales process of Ubiway Retail in 2022. As the fair value less costs to sell of Ubiway Retail was lower than the carrying
value an initial write down of 7.4 mEUR in 2021 was recorded and an additional write down of 1.0 mEUR was recorded in 2022.
In 2020 bpost and BNP Paribas Fortis (BNPPF) announced a non-binding agreement on the future long-term partnership of bpost bank NV/
SA, including the sale of participation from bpost to BNPPF. In 2020 the investment in bpost bank had been classified as assets held for sale
and the carrying value was reduced to the fair value less costs to sell, hence an impairment loss of 141.6 mEUR based upon the best estimate
of bpost at that time had been recognized in 2020. In 2021 the agreement has been finalised and on January 3, 2022 the transaction was
completed after having obtained the regulatory approvals. At year-end 2021 in line with IFRS 36.110, bpost assessed that the impairment loss
recognised in 2020 had decreased and bpost estimated the recoverable amount to be 119.5 mEUR, hence a reversal on the impairment loss
of 19.5 mEUR has been recognized. Furthermore as in 2022 the sale of the participation of bpost bank to BNPPF was finalised and as the fair
value less costs to sell was lower than the carrying value an additional write down of 0.2 mEUR was recorded.
(3) In accordance with IFRS 3 and throughout the purchase price allocation (PPA) for several entities, bpostgroup recognized several intangible
assets (brand names, know-how, customer relationships…). The non-cash impact consisting of amortization charges on these intangible
assets is being adjusted.
Reconciliation of reported to free cash flow and adjusted free cash flow
EVOLUTION
IN MILLION EUR 2022 2021 2022 – 2021
Net Cash from operating activities 422.4 398.2 6.1%
Net Cash used in investing activities (19.2) (145.0) -86.8%
OPERATING FREE CASH FLOW
403.2 253.2 59.2%
Collected proceeds due to clients (5.8) 37.3 -
ADJUSTED OPERATING FREE CASH FLOW
397.4 290.5 36.8%

83
8.2 Outlook for 2023
bpostgroup expects
1
its adjusted EBIT 2023 to range between 240-260 mEUR. bpostgroup will continue to execute on its transformation while
facing market pressures with sales, pricing, cost and productivity levers.
The group’s total operating income for 2023 is expected to increase by a mid- single-digit percentage
2,4
compared to 2022.
For the business units, bpostgroup expects:
Belgium:
• 3 to 5% growth
2
in total operating income, notably driven by:
- Mail: an underlying Domestic mail volume decline expected between -8% and -10%, offset by price increase and mix impacts.
- Parcel: a mid-single digit percentage volume growth and a mid- to high single-digit percentage price/mix impact.
• 6.5 to 8.5% adjusted EBIT margin including higher payroll costs from full-year impact of the 2022 salary indexations and the additional
ones of 2023
3
, higher energy costs, partly mitigated by some efficiency gains in operations and continued cost reduction initiatives.
E-Logistics Eurasia:
• Low double digit percentage growth in total operating income, driven by:
- Continued growth of Radial Europe and Active Ants, and
- Growing Commercial Cross-Border activities incl. development of new lanes, more than offsetting structural decline in Postal.
• 3 to 5% adjusted EBIT margin reflecting a negative mix effect at Cross-Border and including scale-up of sales organization and start-up
costs of new customers at Radial Europe and Active Ants.
E-Logistics North America:
• Slightly lower
4
total operating income reflecting:
- Amazon’s insourcing at Landmark Global and general price pressure.
- Lower growth momentum at Radial in current market conditions, and overcapacity leading to price pressures.
• 4 to 6% adjusted EBIT margin from tighter labor costs, labor management and costs measures, offsetting price pressures and higher
opex and incremental depreciation and amortization from new sites.
Group EBIT will include higher payroll costs at Corporate level and operating expenses to support the ongoing group transformation, as well
as impacts from the ongoing “press concession” investigation.
Gross capex is expected to be around 200 mEUR. This capex envelope is geared towards growing e-commerce logistics.
The dividend relative to the results of the year 2023 will be in the range of 30-50% of IFRS net profit, and will be payable in May 2024 after the
General Shareholders’ Meeting, in accordance with the dividend policy.
1 based on macro-economic assumptions as of February 23, 2023
2 excluding deconsolidation of Ubiway Retail
3 Based on latest monthly forecast, the next +2% salary indexation will occur in October 2023, adding to the ones of February, April, June,
September, December 2022 and January 2023. Monthly forecast of the Federal Planning Bureau is publicly available at https://www.plan.be/
databases/17-en-consumer_price_index_inflation_forecasts
4 assuming EUR/USD at 1.08 for 2023

84
8.3 Financial consolidated
statements 2022
1. Consolidated Income Statement 85
2. Consolidated statement of comprehensive income 86
3. Consolidated statement of financial position 87
4. Consolidated statement of changes in equity 88
5. Consolidated statement of cash flows 89
6. Notes to the consolidated financial statements 90
6.1 General information 90
6.2 Basis of preparation 90
6.3 Significant accounting judgments and estimates 91
6.4 Summary of significant accounting policies 93
6.5 Business combinations 103
6.6 Segment information 104
6.7 Revenue 107
6.8 Other operating income 107
6.9 Other operating expenses 108
6.10 Material costs 108
6.11 Services and other goods 108
6.12 Payroll costs 109
6.13 Financial income and financial costs 109
6.14 Income tax/Deferred tax 110
6.15 Earnings per share 113
6.16 Property, plant and equipment 114
6.17 Investment property 117
6.18 Assets held for sale 117
6.19 Intangible assets 118
6.20 Shares in equity 121
6.21 Investment in associates and joint ventures 122
6.22 Trade and other receivables 122
6.23 Inventories 123
6.24 Cash and cash equivalents 123
6.25 Interest-bearing loans and borrowings 124
6.26 Employee benefits 125
6.27 Trade and other payables 135
6.28 Provisions 136
6.29 Financial assets and financial liabilities 137
6.30 Financial instruments and financial risk management 139
6.31 Contingent liabilities and contingent assets 142
6.32 Rights and commitments 144
6.33 Related party transactions 144
6.34 Events after the statement of financial position date 150
7. Summary financial statements of bpost NV/SA 151

85
1. Consolidated Income Statement
For the year ended 31 December
EVOLUTION
IN MILLION EUR NOTES 2022 2021 2022-2021
Revenue 6.7 4,372.0 4,282.4 2.1%
Other operating income 6.8 25.5 52.7 -51.7%
TOTAL OPERATING INCOME
4,397.5 4,335.1 1.4%
Material costs 6.10 (99.3) (192.3) -48.4%
Services and other goods 6.11 (1,999.9) (1,894.8) 5.6%
Payroll costs 6.12 (1,705.8) (1,606.8) 6.2%
Other operating expenses 6.9 (39.9) (35.7) 12.0%
Depreciation, amortization and impairment 6.16|6.19 (289.3) (267.6) 8.1%
TOTAL OPERATING EXPENSES
(4,134.2) (3,997.2) 3.4%
RESULT FROM OPERATING ACTIVITIES (EBIT)
263.3 338.0 -22.1%
Financial income 6.13 79.6 8.5 -
Financial costs 6.13 (49.3) (24.9) 97.8%
Remeasurement of assets held for sale at fair value
less costs to sell
6.18 (1.2) 12.2 -
Share of result of associates and joint ventures 6.21 0.0 (0.0) -
RESULT BEFORE TAX
292.5 333.7 -12.3%
Income tax expense 6.14 (60.8) (83.5) -27.1%
RESULT FROM CONTINUING OPERATIONS
231.7 250.2 -7.4%
RESULT OF THE YEAR (EAT – EARNINGS AFTER TAXES)
231.7 250.2 -7.4%
ATTRIBUTABLE TO
Owners of the Parent 232.5 250.9 -7.3%
Non-controlling interests (0.8) (0.6) 27.6%
EARNINGS PER SHARE
IN EUR 2022 2021
Basic, profit/(loss) for the year attributable to ordinary equity holders of the parent 1.16 1.25
Diluted, profit/(loss) for the year attributable to ordinary equity holders of the parent 1.16 1.25

86
2. Consolidated statement of comprehensive income
For the year ended 31 December
IN MILLION EUR
NOTES 2022 2021
RESULT OF THE YEAR
231.7 250.2
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME TO BE RECLASSIFIED
TO PROFIT OR LOSS IN SUBSEQUENT PERIODS:
Net gain/(loss) on hedge of a net investment 6.30 (7.8) (9.7)
Net gain on cash flow hedges 6.30 1.9 1.9
- Gain on cash flow hedges 2.5 2.5
- Income tax effect (0.6) (0.6)
Exchange differences on translation of foreign operations
(1)
45.8 59.7
NET OTHER COMPREHENSIVE INCOME/(LOSS) TO BE RECLASSIFIED
TO PROFIT OR LOSS IN SUBSEQUENT PERIODS
39.9 51.9
OTHER COMPREHENSIVE INCOME NOT TO BE RECLASSIFIED
TO PROFIT OR LOSS IN SUBSEQUENT PERIODS:
Remeasurement gain on defined benefit plans 6.26 4.3 1.9
- Gross gain on defined benefit plan 5.3 2.2
- Income tax effect (1.0) (0.4)
NET OTHER COMPREHENSIVE INCOME NOT TO BE RECLASSIFIED
TO PROFIT OR LOSS IN SUBSEQUENT PERIODS
4.3 1.9
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX
44.2 53.7
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX
275.9 304.0
ATTRIBUTABLE TO
Owners of the Parent 276.7 304.6
Non-controlling interests (0.8) (0.6)
(1) The exchange differences on translation of foreign operations were mainly impacted by the movements of intangible assets (2021|2022: 45.4 mEUR|35.1 mEUR out of which 37.7 mEUR|29.3 mEUR related to the goodwill), mainly due to the evolution of the exchange rate of the USD. See note 6.19 for more details.

87
3. Consolidated statement of financial position
As at 31 December
IN MILLION EUR NOTES 2022 2021
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 6.16 1,398.9 1,263.5
Intangible assets 6.19 855.8 797.0
Shares in equity 6.20 0.1 0.0
Investments in associates and joint ventures 6.21 0.1 0.0
Investment property 6.17 3.4 4.2
Deferred tax assets 6.14 18.4 32.8
Trade and other receivables 6.22 33.0 23.9
2,309.6 2,121.3
CURRENT ASSETS
Inventories 6.23 24.5 20.7
Income tax receivable 6.14 30.8 16.1
Trade and other receivables 6.22 941.3 912.4
Cash and cash equivalents 6.24 1,051.0 907.5
2,047.7 1,856.8
Assets held for sale 1.0 163.3
TOTAL ASSETS
4,358.3 4,141.3
Equity and liabilities
Issued capital 364.0 364.0
Reserves 401.3 238.2
Foreign currency translation 70.2 32.4
Retained earnings 231.7 250.2
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
1,067.1 884.8
Equity attributable to non-controlling interests (1.7) 0.5
TOTAL EQUITY
4 1,065.4 885.3
Non-current liabilities
Interest-bearing loans and borrowings 6.25 1,180.9 1,261.2
Employee benefits 6.26 244.2 298.2
Trade and other payables 6.27 25.9 33.3
Provisions 6.28 15.2 14.7
Deferred tax liabilities 6.14 11.0 6.4
1,477.2 1,613.9
Current liabilities
Interest-bearing loans and borrowings 6.25 307.3 116.4
Bank overdrafts 0.4 0.0
Provisions 6.28 11.5 11.1
Income tax payable 6.14 2.4 3.6
Derivative intruments 6.30 (0.3) 0.3
Trade and other payables 6.27 1,494.4 1,470.9
1,815.8 1,602.4
Liabilities directly associated with assets held for sale 6.18 0.0 39.7
TOTAL LIABILITIES
3,292.9 3,256.0
TOTAL EQUITY AND LIABILITIES
4,358.3 4,141.3

88
4. Consolidated statement of changes in equity
IN MILLION EUR AUTHORIZED & ISSUED CAPITAL CASH FLOW HEDGE RESERVE REMEASUREMENT ON DEFINED BENE- FIT PLANS NET INVESTMENT HEDGE FOREIGN CURRENCY TRANSLATION OTHER RESERVES RETAINED EARNINGS TOTAL NON-CONTROLLING INTERESTS TOTAL EQUITY
AS PER 1 JANUARY 2021
364.0 (10.4) 13.2 5.4 (23.1) 252.5 (19.2) 582.5 1.3 583.8
Result of the year 2021 0.0 0.0 0.0 0.0 0.0 0.0 250.9 250.9 (0.6) 250.2
Other comprehensive income 0.0 1.9 1.9 (9.7) 59.7 (19.2) 19.2 53.7 0.0 53.7
TOTAL COMPREHENSIVE INCOME
0.0 1.9 1.9 (9.7) 59.7 (19.2) 270.1 304.6 (0.6) 304.0
Other 0.0 0.0 0.0 0.0 0.0 (1.7) (0.6) (2.3) (0.1) (2.4)
AS PER 31 DECEMBER 2021
364.0 (8.5) 15.1 (4.3) 36.6 231.6 250.2 884.8 0.5 885.3
AS PER 1 JANUARY 2022
364.0 (8.5) 15.1 (4.3) 36.6 231.6 250.2 884.8 0.5 885.3
Result of the year 2022 0.0 0.0 0.0 0.0 0.0 0.0 232.5 232.5 (0.8) 231.7
Other comprehensive income 0.0 1.9 4.3 (7.8) 45.8 250.2 (250.2) 44.2 0.0 44.2
TOTAL COMPREHENSIVE INCOME
0.0 1.9 4.3 (7.8) 45.8 250.2 (17.8) 276.7 (0.8) 275.9
Dividends (Pay-out) 0.0 0.0 0.0 0.0 0.0 (98.0) 0.0 (98.0) (0.5) (98.5)
Other 0.0 0.0 0.0 0.0 (0.2) 4.7 (0.8) 3.6 (1.0) 2.7
AS PER 31 DECEMBER 2022
364.0 (6.6) 19.4 (12.1) 82.3 388.5 231.7 1,067.1 (1.7) 1,065.4
Total equity amounted to 1,065.4 mEUR out of which 370.7 mEUR distributable retained earnings and legal reserves of 50.8 mEUR within
bpost NV/SA.
Equity increased by 180.1 mEUR, or +20.3%, to 1,065.4 mEUR as of December 31, 2022 from 885.3 mEUR as of December 31, 2021. This increase
was mainly explained by the result of the year (231.7 mEUR) and the exchange differences on translation of foreign operations (38.0 mEUR).
Furthermore the effective part of a cash-flow hedge entered into to hedge the cash flow risk of the bond and the remeasurement gains on
post-employment benefits each respectively contributed 1.9 mEUR and 4.3 mEUR to this increase. The cash-flow hedge reserve will be reclas-
sified to profit or loss over the 8 years after the issuance date of the bond. This increase was partially offset by the dividend payments of 98.5
mEUR.
At December 31, 2022, the shareholding of bpost is as follows:
TOTAL THE BELGIAN STATE
(1)
FREE FLOAT
AS PER 1 JANUARY 2022
200,000,944 102,075,649 97,925,295
Changes during the year - - -
AS PER 31 DECEMBER 2022
200,000,944 102,075,649 97,925,295
(1) directly and via the Federal Holding and Investment Company.
The shares have no nominal value and are fully paid up.
Distributions made and proposed:
IN MILLION EUR 2022 2021
CASH DIVIDENDS ON ORDINARY SHARES DECLARED AND PAID
Final dividend for 2021: 0.49 EUR per share (2020: 0.0 EUR per share) 98.0 -
PROPOSED DIVIDENDS ON ORDINARY SHARES
Final cash dividend for 2022: 0.40 EUR per share (2021: 0.49 EUR per share) 80.0 98.0
Proposed dividends on ordinary shares are subject to approval at the annual general meeting and are not recognized as a liability as
at 31 December.

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5. Consolidated statement of cash flows
As at 31 December
IN MILLION EUR NOTES 2022 2021
OPERATING ACTIVITIES
Result before tax 1 292.5 333.7
Depreciation, amortization and impairment losses 289.3 267.6
Impairment on debtors 6.9 19.4 3.3
Result on sale of property, plant and equipment (2.8) (15.1)
Gain on disposal of subsidiaries 0.0 (1.6)
Other non-cash items
(1)
19.9 29.6
Change in employee benefit obligations 6.26 (48.8) (19.5)
Remeasurement of assets held for sale at fair value less costs to sell 6.18 1.2 (12.2)
Income tax paid (74.8) (78.1)
Income tax (paid)/received on previous years 20.5 (3.5)
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL AND
PROVISIONS
516.4 504.2
Decrease/(increase) in trade and other receivables (40.4) (114.5)
Decrease/(increase) in inventories 1.4 (0.2)
Increase/(decrease) in trade and other payables (61.6) 46.7
Increase/(decrease) in collected proceeds due to clients 5.8 (37.3)
Increase/(decrease) in provisions 0.9 (0.8)
NET CASH FROM OPERATING ACTIVITIES
422.4 398.2
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 11.2 21.9
Disposal of subsidiaries, net of cash disposed off 6.18 121.9 6.5
Acquisition of property, plant and equipment 6.16 (146.1) (147.5)
Acquisition of intangible assets 6.19 (18.3) (24.6)
Acquisition of share in equity (0.1) (0.0)
Loan to associate 6.22 25.0 0.0
Acquisition of subsidiaries, net of cash acquired (12.8) (1.3)
NET CASH USED IN INVESTING ACTIVITIES
(19.2) (145.0)
FINANCING ACTIVITIES
Proceeds from borrowings 50.0 60.0
Payments related to borrowings (63.1) (231.3)
Interests related to borrowings (13.5) (12.6)
Payments related to lease liabilities (137.0) (125.2)
Dividends paid 4 (98.0) 0.0
Dividends paid to minority interests 4 (0.5) 0.0
NET CASH FROM FINANCING ACTIVITIES
(262.1) (309.1)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
141.1 (55.9)
NET FOREIGN EXCHANGE DIFFERENCE
2.0 16.9
CASH CLASSIFIED AS ASSET HELD FOR SALE
0.0 (1.7)
Cash and cash equivalents less bank overdraft as of 1st January 907.5 948.1
Cash and cash equivalents less bank overdraft as of 31st December 1,050.6 907.5
MOVEMENTS BETWEEN 1ST JANUARY AND 31ST DECEMBER
143.1 (40.6)
(1) Other non-cash items mainly comprises of finance costs/(income) excluding defined benefits obligations (IAS1 9)

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6. Notes to the consolidated financial statements
6.1 General information
Business activities
bpost NV/SA and its subsidiaries (hereinafter referred to as “bpost”) provide national and international mail and parcels services comprising
the collection, transport, sorting and distribution of addressed and non-addressed mail, printed documents, newspapers and parcels.
bpostgroup also sells a range of other products and services, including postal, parcels, banking and financial products, e-commerce logistics,
express delivery services, proximity and convenience services, document management and related activities. bpost also carries out Services
of General Economic Interest on behalf of the Belgian State.
Legal status
bpost NV/SA is a limited liability company under public law. bpost has its registered office at Anspachlaan/Boulevard Anspach 1, 1000
Brussels. bpost shares are listed on Euronext Brussels since June 21, 2013 (share ticker BPOST).
6.2 Basis of preparation
bpost’s consolidated financial statements and Board of Directors' report prepared in accordance with article 3:32 of the Belgian code of
companies and associations (“BCCA”) set forth on pages 13 to 42, 49 to 65, 74 to 79, 83, 150 and 153 of the annual report for the financial
year ended December 31, 2022 were authorized for issue by the Board of Directors on March 16, 2023. The consolidated financial statements
of bpost have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as adopted for use by the European
Union. bpost has prepared the financial statements on the basis that it will continue to operate as a going concern as there are no material
uncertainties and there are sufficient resources to continue operations. Although bpost has no direct activities in Ukraine or Russia, bpost is
being affected by the macroeconomic implications of the war (inflation, price increases, lower consumer spending impacting e-commerce
and discount rates). bpost is monitoring this evolution and will continue to assess further impacts going forward.
The consolidated financial statements are presented in Euro (“EUR”), all values are rounded to the nearest million except when otherwise
indicated. The consolidated financial statements are prepared under the historical cost convention, except for those items that are measured
at fair value.
The accounting policies adopted are consistent with those followed in the preparation of bpost’s annual consolidated financial statements
for the year ended December 31, 2021, except for the adoption of new standards and interpretations effective as from January 1, 2022.
The following amendments to existing standards apply for the first time as from 2022:
• IFRS 3 – Amendments – Reference to the Conceptual Framework
• IAS 16 – Amendments – Property, Plant and Equipment: Proceeds before Intended Use
• IAS 37 – Amendments – Onerous Contracts – Costs of Fulfilling a Contract
• IFRS 1 – AIP – First-time Adoption of International Financial Reporting Standards – Subsidiary as a first-time adopter
• IFRS 9 – AIP – Financial Instruments – Fees in the “10 per cent” test for derecognition of financial liabilities
• IAS 41 – AIP – Agriculture – Taxation in fair value measurements
These amendments have no material impact on the consolidated financial statements.

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Standards and Interpretations issued but not yet applied by bpost
The following standards, interpretations, amendments and revision issued but not yet effective or which are yet to become mandatory, have
not been applied by bpost for the preparation of its consolidated financial statements.
STANDARD OR INTERPRETATION EFFECTIVE FOR IN REPORTING PERIODS STARTING ON OR AFTER
IAS 1 – Amendments
(*)
– Classification of Liabilities as Current or Non-current 1 January 2024
IFRS 17 – Insurance Contracts 1 January 2023
IAS 1 – Amendments and IFRS Practice Statement 2 – Disclosure of Accounting Policies 1 January 2023
IAS 8 – Amendments – Definition of Accounting Estimates 1 January 2023
IAS 12 – Amendments – Deferred Tax related to Assets and Liabilities arising from a 1 January 2023
Single Transaction
IFRS 16 – Amendments
(*)
– Lease Liability in a Sale and Leaseback 1 January 2024
(*) Not yet endorsed by the EU as per date of this report
bpost has not early adopted any new or amended standard and interpretation that were issued but is not yet effective. The amendments are
not expected to have a material impact on bpost’s consolidated financial statements.
6.3 Significant accounting judgments and estimates
A series of significant accounting judgments underlie the preparation of IFRS compliant consolidated financial statements. They impact the
value of assets and liabilities. Estimates and assumptions are made concerning the future. They are re-assessed on a continuous basis and
are based on historically established patterns and expectations with regards to future events that appear reasonable under the existing
circumstances.
All accounting estimates and assumptions that are used in preparing the financial statements are consistent with bpost’s latest budget/long-
term plan projections, where applicable. Judgments are based on the information available on each statement of financial position date.
Although these estimates are based on the best information available to the management, actual results may ultimately differ from those
estimates.
Impairment of assets
bpost performs annual impairment tests on CGUs to which goodwill has been allocated and each time there is an indication of impairment.
This requires management to make significant judgement and estimates to determine the asset’s recoverable amount. The recoverable
amounts are based on the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value
using a rate determined upon the weighted average cost of capital (“WACC”) formula. Determining cash flows requires the use of judgement
and estimates embedded in the business plan and budgets used and assumptions applied related to the long-term growth rate and WACC.
Employee Benefits – IAS 19
The key assumptions, inherent to the valuation of employee benefit liabilities and the determination of the pension cost, include employee
turnover, acceptance rate, mortality rates, retirement ages, discount rates, benefit increases and future wage increases, which are updated
on an annual basis. Each year the reference database is enriched with one additional year of historical data making the database ever more
stable and reliable. Actual circumstances may vary from these assumptions, giving rise to different employee benefit liabilities, which would
be reflected as an additional profit or cost in the income statement or in the other comprehensive income depending on the type of the
benefit.
The mortality tables used are the Belgian Mortality tables MR (for men) and FR (for women) with an age adjustment of two years. bpost
decided to reflect the mortality improvements by adopting an age correction of two years to the official tables, for both active and inactive
employees.
Regarding the Accumulated Compensated Absences benefit, the consumption pattern of the illness days is derived from the statistics of the
consumption average over a mobile average of 3 years (years 2020 to 2022 for December 2022). The number of days of illness depends on
the age, identified per segment of the relevant population. The rate of guaranteed salary is set at 75% in case of long-term illness. Thus, the
percentage of the guaranteed salary used for determining the cost of days accumulated in the notional account is 25%. The balance of the
cumulated unused sickness days for civil servants is limited to a maximum of 63 days.

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By law, defined contribution pension plans in Belgium are subject to minimum guaranteed rates of return. Hence, those plans classify as de-
fined benefit plans which would require that the Projected Unit Credit method is applied in order to measure the benefit obligations. Although
there is still no full clarity on the approach, new legislation dated December 2015 brought more clarification on the minimum guaranteed
return. The uncertainty with respect to the future evolution of the minimum guaranteed rates of return in Belgium has been removed with the
change in the WAP/LPC law end of December 2015. As from 2016, the minimum return for future contributions is equal to the average of the
past 24 months return on 10-year linear bonds, with a minimum of 1.75% p.a. bpost continued to apply the so-called PUC (“Projected Unit
Credit”) methodology, however as of 2018 without projection of future contributions as the plans are not backloaded and with application of
paragraph 115 of IAS 19.
The financing methodology of family allowances for civil servants changed following a law change (law of 19 December 2014). As a conse-
quence, bpost as a public institution pays a contribution that is defined by a program law. The amount is adapted each year proportionally to
the number of civil servants (full time equivalents) and is subject to inflation.
For most benefits, an average cost per inactive member is used for the valuation of the benefits. This average cost has been estimated by di-
viding the annual cost for inactive members by the number of inactive beneficiaries based on the reference data received from the pensions’
administration.
The discount rates have been determined by reference to market yields at the statement of financial position date. bpost used the Towers
Watson RATE: link tool
5
for the determination of the discount rates, considering a mix of financial and non-financial AA corporate bonds.
Fair value adjustments for business combinations
In accordance with IFRS 3 Business combinations, the identifiable assets acquired and the contingent considerations are valued at fair value
at the acquisition date as part of the business combination. Fair value adjustments for the assets are based on external appraisals or valua-
tion models. When the contingent consideration meets the definition of a liability, it is subsequently re-measured to fair value at each report-
ing date. The determination of the fair value is based on discounted cash flows. The key assumptions take into consideration the probability
of meeting each performance target and the discount factor.
Revenue and revenue related accruals
bpost handles and ships international mail and parcels to and from other foreign postal operators. At balance sheet date the best estimate
of the outstanding position is reflected in the consolidated statement of financial position, however as the final settlements are based upon
different assumptions (among which “items per kilo”) final settlements might deviate from the initial assessment. Furthermore a part of the
revenues are estimated at year-end based upon various input data (quality targets, volumes) used in the calculations and are billed after year
end. Revenues related to SGEI and the distribution of press and periodicals are finalised after year-end and are subject to further ex-post
verifications. The methodology provides that compensation shall be based upon the difference in the net cost between bearing or not the
provision of SGEI, hence requires management estimates.
Income taxes and deferred taxes
bpost is subject to income taxes in a number of different jurisdictions. Deferred taxes are calculated at the level of each fiscal entity. bpost
recognizes deferred tax assets to the extent that it is probable that taxable profit will be available against which the deductible temporary
difference can be utilized. In order to determine this, bpost uses estimates of taxable income by jurisdiction in which bpost operates and the
period over which deferred tax assets are recoverable. The same principles apply to the recognition of deferred tax assets for unused tax
losses carried forward.
Calculation of present value of lease payments and determining the lease term of contracts with renewal options
In calculating the present value of lease payments, bpost uses an incremental borrowing rate for buildings based on currency, economic en-
vironment and duration. For fleet and other leases, the discount rate is the rate implicit in the lease if available, otherwise same methodology
applied as for buildings.
bpost determines the lease term as the non-cancellable term of the lease together with any periods covered by an option to extend the lease
if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain to be exercised.
5 The Towers Watson RATE:link tool is a tool designed to assist companies in the selection of discount rates that accurately reflect the
characteristics of their pension schemes

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6.4 Summary of significant accounting policies
Consolidation
The parent company and all the subsidiaries it controls are included in the consolidation. No exception is permitted.
Subsidiaries
Assets and liabilities, rights and commitments, income and charges of the parent and the subsidiaries fully controlled are consolidated in full.
An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee.
Control is assumed to exist when bpost holds at least 50%, plus one share of the entity’s voting power; these assumptions may be rebutted
if there is clear evidence to the contrary. When bpost has less than a majority of the voting or similar rights of an investee then it considers all
relevant facts and circumstances in assessing whether bpost has control over the investee in accordance with article 1:14 BCCA. The existence
and effect of potential voting rights that are currently exercisable or convertible are notably considered when assessing whether bpost con-
trols an entity.
Consolidation of a subsidiary takes place from the date of acquisition, which is the date on which control of the net assets and operations of
the acquiree is effectively transferred to the acquirer. From the date of acquisition, the parent (the acquirer) incorporates into the consoli-
dated income statement the financial performance of the acquiree and recognizes in the consolidated statement of financial position the ac-
quired assets and liabilities (at fair value), including any goodwill arising on the acquisition. Subsidiaries are de-consolidated from the date on
which control ceases. Intragroup balances and transactions, as well as unrealized gains and losses on transactions between group companies
are eliminated in full.
Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar
circumstances.
Associates and joint ventures
An associate is an entity in which bpost has significant influence. Significant influence is the power to participate in the financial and oper-
ating policy decisions of the investee but not to control those policies. It is assumed to exist when bpost holds at least 20% of the investee’s
voting power but not to exist when less than 20% is held; these assumptions may be rebutted if there is clear evidence to the contrary.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of
the legal entity. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about rele-
vant activities require the unanimous consent of the parties sharing control.
Consistent accounting policies are applied within the whole group, including associates and joint ventures.
All associates and joint ventures are accounted for using the equity method: the participating interests are separately included in the consoli-
dated statement of financial position (under the caption “Investments in associates and joint ventures”) at the closing date at an amount cor-
responding to the proportion of the associate's or joint ventures equity (as restated under IFRS), including the result for the period. Dividends
received from an investee reduce the carrying amount of the investment.
The portion of the result of associates and joint ventures attributable to bpost is included separately in the consolidated income statement
under the caption “Share of result of associates and joint ventures (equity method)”.
Unrealized profits and losses resulting from transactions between an investor (or its consolidated subsidiaries) and associates or joint ven-
tures are eliminated to the extent of the investor's interest in the associate.
Business combination, goodwill and negative acquisition differences
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the con-
sideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. At
acquisition date, the difference determined between the cost of the acquisition of the investment and the fair value of the identifiable assets,
liabilities and contingent liabilities acquired is accounted for as goodwill (if the difference is positive) or directly as a profit in the income state-
ment (if the difference is negative). The measurement period to determine the goodwill cannot exceed one year from the acquisition date.
The consideration transferred may in certain situations include a contingent consideration, which is measured at fair value at the time of the
business combination and included in the consideration transferred (i.e. included in the determination of goodwill or badwill). If the amount
of the contingent consideration changes as a result of a post-acquisition event (such as meeting an earnings target), the change in fair value
is recognized in profit or loss. In certain acquisitions, bpost does not obtain control over 100% of the shares of the acquired entity but enters
into additional agreement (e.g.: put/call option) with the aim to acquire the remaining shares later. Unless the economic substance of these
agreements is clearly a fixed price forward agreement (in which case bpost considers that it has acquired present economic interest in the

94
shares concerned), bpost (i) continues recognizing the non-controlling interest (initially measured at fair value or proportionate share of
the acquiree’s net assets) and (ii) accounts for a financial liability measured at the present value of the amount payable upon exercise of the
option. Any subsequent changes in the financial liability is recognised in profit or loss as financial income or financial costs. When in an acqui-
sition, the consideration transferred includes contingent consideration (e.g. earn-out), these amounts are fair valued at the acquisition-date
and subsequently at each reporting date. Changes in fair value are recognised in operating result.
After initial recognition, goodwill is not amortized, but is tested for impairment annually. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to each of bpost’s cash-generating units (“CGU”) that are expected
to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Intangible assets
Intangible assets acquired separately are recognized in the consolidated statement of financial position when the following conditions are
met:
(i) the asset is identifiable, i.e. either separable (if it can be sold, transferred, licensed) or it results from contractual or legal rights;
(ii) it is probable that the expected future economic benefits that are attributable to the asset will flow to bpost;
(iii) bpost can control the resource; and
(iv) the cost of the asset can be measured reliably.
At initial recognition, these intangible assets are measured at cost (including the costs directly attributable to the transaction, but not indi-
rect overheads). Subsequently, they are measured at cost less any accumulated amortization and less any accumulated impairment loss.
Internally generated intangibles are only capitalized when the cost relates to the development phase. The expenses in relation to the re-
search phase are recognised in the consolidated income statement. Within bpost, internally generated intangible assets represent mainly IT
projects.
Intangible assets with finite lives are amortized on a systematic basis over their useful life, using the straight-line method. The applicable
useful lives are:
INTANGIBLE ASSETS USEFUL LIFE
Goodwill Indefinite*
Development
IT development costs 5 years
Patent 12 years
Know-how 5 years maximum
Software 5 years maximum
Customer relationships** including point of sale network (replacement costs) Between 5 and 20 years
Tradename including brandnames** Between 5 and 15 years
* Intangible fixed assets with indefinite useful lives are not amortized but are tested for impairment annually. The assessment of indefinite life is
reviewed annually to determine whether the indefinite life continues to be justifiable. If not, the change in useful life from indefinite to finite is
made on a retrospective basis.
** Useful life can be different case per case and depends on the assessment done at the time of the purchase price allocation.
Property, plant and equipment
Property, plant and equipment are carried at acquisition cost, less any accumulated depreciation and less any accumulated impairment loss.
Cost includes any directly attributable cost of bringing the asset to working condition for its intended use.
Expenditures on repair and maintenance which serve only to maintain but not to increase the value of fixed assets are charged to the consol-
idated income statement. However, expenditures on major repair and major maintenance, which increase the future economic benefits that
will be generated by the fixed asset, are identified as a separate element of the acquisition cost.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of
time to get ready for its intended use or sale are capitalized as part of the cost of the asset.
The depreciable amount is allocated on a systematic basis over the useful life of the asset, using the straight-line method. The depreciable
amount is the acquisition cost, except for vehicles. For vehicles, it is the acquisition cost less the residual value of the asset at the end of its
useful life. The applicable useful lives are:

95
PROPERTY, PLANT AND EQUIPMENT USEFUL LIFE
Land n/a
Central administrative buildings 40 years
Network buildings 40 years
Industrial buildings, sorting centers 25 years
Fitting-out works to buildings 10 years
Tractors and forklifts 10 years
Bikes and motorcycles 4 years
All other vehicles (cars, trucks, etc,) 5 years
Machines 5 – 10 years
Furniture 10 years
Computer Equipment 4 – 5 years
Lease transactions
bpost assesses at contract inception whether a contract is, or contains, a lease. That is if the contract conveys the right to control the use of
an identified asset for a period of time in exchange for consideration.
Under IFRS 16, bpost applies a single recognition and measurement approach for all leases, except for short-term leases and leases of
low-value assets. bpost as lessee recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the
underlying assets.
• Right-of-use assets:
The cost of right-of-use assets includes the amount of lease liabilities recognized and lease payments made at or before the commence-
ment date (e.g. prepayments) less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis
over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
• Lease liabilities
The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. For example most of the
Belgian building lease contracts are subject to indexation whereas most of the US building contracts have fixed lease payments. To be
noted that unrecoverable VAT is not included in lease payments and is still recognized in the income statement. The lease payments also
include the exercise price of a purchase option when it is reasonably certain that bpost will exercise the option. Similarly, lease term and
lease payments can include the effect of penalties for terminating a lease, if the lease term reflects bpost exercising the option to termi-
nate. For the so-called 3/6/9 commercial lease agreements in Belgium bpost has the unilateral right to cancel the agreement after 3 years.
As for garages, post offices and retail outlets it’s not reasonably certain that bpost will extend the lease after 3 years, the lease term is
capped at 3 years. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which
the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, bpost uses the incremental borrowing rate at the lease commencement date if the
interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to
reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remea-
sured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment
to purchase the underlying asset.
• Leases of low-value assets
Applied the low-value asset lease expense exemptions to leases with value under 5,000 EUR mainly for ICT items as printers and rent of
square meters for parcel lockers.
• Short-term leases
Applied the short-term lease expense exemptions for vehicles with lease terms of 12 months or less.
Investment properties
Investment property mainly relates to apartments located in buildings used as post offices that are rented out in order to earn rents.
Investment properties are carried at acquisition cost less any accumulated depreciation and less any impairment loss. The depreciation
amount is allocated on a systematic basis over the useful life of the asset, using the straight-line method. The applicable useful lives can be
found in the table that is included in section “Property, plant and equipment”.

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Assets held for sale
Non-current assets are classified as assets held for sale under a separate heading in the statement of financial position if their carrying
amount is recovered principally through sale rather than through continuing use. This is demonstrated if certain strict criteria are met (active
program to locate a buyer has been initiated, property is available for immediate sale in its present condition, sale is highly probable and is
expected to occur within one year from the date of classification). Non-current assets classified as held for sale are measured at the lower of
their carrying amount and fair value less costs to sell.
Property, plant and equipment held for sale are no longer depreciated or amortized once classified as held for sale.
Stamp collection
The stamp collection that is owned by bpost is stated at the reevaluated amount less discount for the lack of liquidity. The revalued amounts
are determined periodically on the basis of market prices. bpost proceeds to the reevaluation of its collection every five years (last revalua-
tion took place in 2020). The stamp collection is recorded in the caption “Other Property, Plant and Equipment” of the statement of financial
position.
Impairment of assets
bpost assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when an
annual impairment testing is required (i.e.: goodwill and intangible assets with indefinite useful life), bpost estimates the asset’s recoverable
amount. An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount, which is the higher of its fair
value less costs of disposal (corresponding to the cash that bpost can recover through sale) and its value in use (corresponding to the cash
that bpost can recover if it continues to use the asset).
When possible, the tests are performed on individual assets. When however it is determined that assets do not generate independent cash
flows, the test is performed at the level of the cash-generating unit (CGU) to which the asset belongs (CGU = the smallest identifiable group of
assets that generate inflows that are largely independent from the cash flows from other CGUs).
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to groups of
cash-generating units, that are expected to benefit from the synergies of the combination.
Where an impairment is identified, it is first allocated to reduce the carrying amount of any goodwill allocated to the group of CGU. Any excess
is then allocated to reduce the carrying amount of other fixed assets of the CGU in proportion to their book values, but solely to the extent
that the selling price of the assets in question is lower than their carrying amount.
Impairment on goodwill may never be reversed at a later date. Impairment on other fixed assets is reversed if the initial conditions that pre-
vailed at the time the impairment was recorded cease to exist, and solely to the extent that the carrying amount of the asset does not exceed
the amount that would have been obtained, after depreciation, had no impairment been recorded.
Inventories
Inventories are measured at the lower of cost and net realizable value at the statement of financial position date.
The acquisition price of inventory of goods purchased for resale is determined by application of the FIFO method. Inventories of minor impor-
tance whose value and composition remain stable over time are stated in the statement of financial position at a fixed value.
The cost of inventories finished products comprises all costs incurred in bringing inventories to their present location and condition, includ-
ing indirect production costs. In particular, the cost price of stamps includes the direct and indirect costs of production, excluding costs
of borrowing and overheads that do not contribute to bringing them to the present location and condition. The allocation of fixed costs of
production to the cost price is based on normal production capacity.
A write-down is necessary when the net realizable value at the statement of financial position date is lower than the cost.
Revenue related accruals and contract assets and liabilities
Deferred income is the portion of income received during the current or prior financial periods that relates to a subsequent financial period.
Accrued income is the portion of income to be received during the subsequent financial periods that relates to the current or prior financial
periods.
bpost recognizes advance customer payments on its balance sheet as deferred income and presents this as contract liability if the perfor-
mance obligation has not yet been satisfied. Contract liabilities are predominantly relating to stamps, credits on franking machine sold but
not yet used by customers at balance sheet date and the SGEI consideration for which the performance obligation has not been satisfied.
bpost recognizes a contract asset after transferring a good or service to a customer before the customer pays consideration or before
payment is due. An unconditional right to consideration is presented as a trade receivable and a conditional right is presented as an
accrued income.

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Receivables
Receivables are initially measured at their fair value and later at their amortized cost, i.e. the present value of the cash flows to be received
(unless the impact of discounting is not significant).
bpost recognizes a trade receivable when it has an unconditional right to payment of a consideration as a result of satisfying a performance
obligation.
bpost recognizes on all of its trade receivables an allowance for expected credit losses based on the lifetime expected credit losses (“ECL”)
model. As the trade receivables do not contain a significant financing component bpost opted to apply the simplified approach to calculate
the expected credit loss rate with the use of a provision matrix, based on the historical default rates adapted for current and forward looking
information.
Contract costs
bpost recognizes as assets the incremental costs to obtain a contract and to fulfill a contract if bpost expects to recover them. If other stan-
dards are not applicable, only the directly related costs to fulfill a contract in scope of IFRS 15 are capitalized. The assessment of these criteria
requires management judgement.
The costs capitalized are mainly system set-up and adaptation, project management and sales commission for logistic and fulfilment ser-
vices and back-office and proximity and convenience services. The assets are amortized on the expected duration of the contract with the
customer.
Investment securities
Investment securities can be classified, at initial recognition, as subsequently measured at amortized cost, fair value through other compre-
hensive income (OCI), and fair value through profit or loss. The classification of investment securities at initial recognition depends on the
financial asset’s contractual cash flow characteristics and bpost’s business model for managing them. bpost initially measures a financial
asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
The classification and measurement of bpost’s investment securities are, as follows:
• Debt instruments at amortized cost for financial assets that are held within a business model with the objective to hold the financial assets
in order to collect contractual cash flows that meet the SPPI criterion.
• Financial assets at FVPL comprise only derivative instruments.
All investment securities are subject to an impairment methodology, referred to as the Expected Credit Loss (ECL) model, which requires
measuring the expected credit losses. Those ECLs are based on the difference between the contractual cash flows due in accordance with the
contract and all the cash flows that bpost expects to receive. For debt instruments, the ECL is based on the 12-month ECL. The 12-month ECL
is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the report-
ing date. However, when there has been a significant increase in the credit risk since origination, the allowance will be based on the lifetime
ECL. bpost considers an investment security to be in default (totally or partially) when internal or external information indicates that bpost is
unlikely to receive the outstanding contractual amounts in full and account the appropriated ECL.
Regular way purchases or sales of financial assets are recognized and de-recognized using settlement date accounting. The fair values of the
financial assets are determined by reference to published price quotations in an active market.
Cash and cash equivalents
This caption includes cash in hand, at bank, values for collection, short-term investments (with maturity date not exceeding three months as
from acquisition date) that are highly liquid and are readily convertible into a known amount of cash and that are subject to an insignificant
risk of changes in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, net of outstanding bank overdrafts.
Share capital
Ordinary shares are classified under the caption “issued capital”.
Treasury shares are deducted from equity. Movements of treasury shares do not affect the income statement.
Other reserves comprise the results of the previous periods, the legal reserve and the consolidated reserve.
Retained earnings include the result of the current period as disclosed in the income statement.

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Employee benefits
Short-term benefits
Short-term benefits are recognized as an expense when an employee has rendered the services to bpost. Benefits not paid for on the state-
ment of financial position date are included under the caption “trade and other payables”.
Post-employment benefits
Post-employment benefits are valued using an actuarial valuation method and provisions are set up for them (under deduction of any plan
assets) in so far as bpost has an obligation to incur the costs in relation to these benefits. This obligation can be a legal, contractual or con-
structive obligation (“vested rights” on the basis of past practice).
In application of these principles, a provision (calculated according to an actuarial method laid down in IAS 19) is set up in the context of the
post-employment benefits to cover:
• the future costs relative to current retirees (a provision representing 100% of the future estimated costs of those retirees);
• the future costs of potential retirees, estimated on the basis of the employees currently in service, taking into account the accumulated
service of these employees on each statement of financial position date and the probability that the personnel will reach the desired age to
obtain the benefits (the provision is constituted progressively, as and when members of the personnel advance in their careers).
Remeasurements, comprising of actuarial gains and losses, are recognized immediately in the statement of financial position with a corre-
sponding debit or credit to retained earnings through other comprehensive income in the period in which they occur. Remeasurements are
not reclassified to profit or loss in subsequent periods.
Actuarial assumptions (concerning the discount rate, mortality factor, costs of future benefits, inflation, etc.) are used to assess employee
benefit obligations in conformity with IAS 19. Actuarial gains and losses inevitably appear, resulting (1) from changes in the actuarial assump-
tions year on year, and (2) deviations between actual costs and actuarial assumptions used for the IAS 19 valuation.
The calculation of the obligation is done using the projected unit credit method. Each year of service confers entitlement to an additional
credit unit to be taken into account in valuing the benefits granted and the obligations pertaining thereto. The discount rate used is the yield
of high-quality corporate bonds or is based on government bonds with a maturity similar to that of the benefits being valued.
The Belgian defined contribution plans with legal minimum guaranteed returns are valued under the projected unit credit method without
projection of future premiums. Considering that the plans do not grant benefits that will lead to a materially higher level of benefit due to the
employee’s service in later years, i.e. the plans are not back-loaded, the straight-line base principle is not applicable. The applied method-
ology means that the current legal minimum reserves are projected under the Belgian legislation until the assumed retirement age and are
discounted back (respecting vertical/horizontal method and the past legal minimum rates credited on the legal minimum reserves). IAS 19
paragraph 115 has been applied as the group insurance contracts are qualifying as insurance contract. The individual calculated defined
benefit obligation cannot be lower than the individual fair value of plan assets as under Belgian legislation, there cannot be compensation
between one person and another.
Service costs comprise current service costs, past-service costs, gains and losses on curtailments and non-routine settlements.
Past service costs resulting from a plan amendment or curtailment should be recognized at the earlier of the date when (1) the plan amend-
ment or curtailment occurs; and (2) the entity recognizes related restructuring costs in accordance with IAS 37. Past service costs are recog-
nized in the income statement.
Net interest is calculated by applying the discount rate to the net defined benefit liabilities or assets. Net interest costs are also recognized in
the income statement.
The plan assets related to the post-employment benefits are measured at their fair value at the end of the period in the same definition used
in IFRS 13.
Other long-term benefits
Other long-term employee benefits are valued using an actuarial valuation method and provisions are set up for them (under deduction of
any plan assets) in so far as bpost has an obligation to incur the costs in relation to these benefits. This obligation can be a legal, contractual
or constructive obligation (“vested rights” on the basis of past practice).
A provision is created for other long-term benefits to cover benefits that will only be paid in a number of years but that are already earned by
the employee on the basis of the past service. Here, as well, the provision is calculated according to an actuarial method imposed by IAS 19.

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The provision is calculated as follows:
Actuarial valuation of the obligation under IAS 19
– Fair value of the plan assets
= Provision to be constituted (or asset to be recognized if the fair value of the plan assets is higher).
Remeasurements, comprising of actuarial gains and losses are recognized immediately through profit or loss in the period in which they
occur.
Actuarial assumptions (concerning the discount rate, mortality factor, costs of future benefits, inflation, etc.) are used to assess employee
benefit obligations in conformity with IAS 19. Actuarial gains and losses inevitably appear, resulting (1) from changes in the actuarial assump-
tions year on year, and (2) deviations between actual costs and actuarial assumptions used for the IAS 19 valuation. These actuarial gains and
losses are recognized directly in the income statement.
The calculation of the obligation is done using the projected unit credit method. Each year of service confers entitlement to an additional
credit unit to be taken into account in valuing the benefits granted and the obligations pertaining thereto. The discount rate used is the yield
of high-quality corporate bonds or alternatively is based on government bonds with a maturity similar to that of the benefits being valued.
Service costs comprise current service costs, past-service costs, gains and losses on curtailments and non-routine settlements.
Past service costs resulting from a plan amendment or curtailment should be recognized at the earlier of the date when (1) the plan amend-
ment or curtailment occurs; and (2) the entity recognizes related restructuring costs in accordance with IAS 37. Past service costs are recog-
nized in the income statement.
Net interest is calculated by applying the discount rate to the net defined benefit liability or assets. Net interest costs are recognized in the
income statement.
Termination benefits
Where bpost terminates the contract of a member of their personnel prior to the normal retirement date or where an offer of benefits is made
in return for the termination of employment that can no longer be withdrawn, a provision is constituted in so far as there is an obligation on
bpost.
Provisions
A provision is recognized only when:
(1) bpost has a present (legal or constructive) obligation as a result of past events;
(2) it is probable (more likely than not) that an outflow of resources will be required to settle the obligation; and
(3) a reliable estimate of the amount of the obligation can be made.
Where the impact is likely to be material (mainly for long-term provisions), the provision is estimated on a net present value basis. The in-
crease in the provision due to the passage of time is recognized as a financial expense.
A provision for restoring polluted sites is recognized if bpost has an obligation in this respect. Provisions for future operating losses are
prohibited.
If bpost has an onerous contract (the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected
to be received under it), the present obligation under the contract is recognized as a provision.
A provision for restructuring is only recorded if bpost demonstrates a constructive obligation to restructure at the statement of financial
position date. The constructive obligation should be demonstrated by: (a) a detailed formal plan identifying the main features of the restruc-
turing; and (b) raising a valid expectation to those affected that it will carry out the restructuring by starting to implement the plan or by
announcing its main features to those affected.
Income taxes and deferred taxation
Income tax includes current taxation and deferred taxation. Current taxation is the amount of taxes to be paid (recovered) on the taxable
income for the current year together with any adjustment in the taxes paid (to be recovered) in relation to previous years. It is calculated using
the tax rate on the statement of financial position date.
Deferred taxation is calculated according to the liability method on the temporary differences arising between the carrying amount of the
statement of financial position items and their tax base, using the tax rate expected to apply when the asset is recovered or the liability is
settled. In practice, the rate in force on the statement of financial position date is used.

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Deferred taxes are not recognized in respect of:
(1) goodwill that is not amortized for tax purposes;
(2) the initial recognition of an asset or liability in a transaction that is not a business combination and that affects neither accounting profit
nor taxable profit; and
(3) investments in subsidiaries, branches, associates and joint ventures if it is likely that dividends will not be distributed in the foreseeable
future.
A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available
against which the deductible temporary difference can be utilized. The same principles apply to recognition of deferred tax assets for unused
tax losses carried forward. This criterion is reassessed on each statement of financial position date.
Deferred taxes are calculated at the level of each fiscal entity. The deferred tax assets and liabilities of various subsidiaries may not be pre-
sented on a net basis.
Transactions in foreign currencies
Transactions in foreign currencies are initially recorded in the functional currency of the entities concerned using the exchange rates prevail-
ing on the dates of the transactions. Realized exchange rate gains and losses and non-realized exchange rate gains and losses on monetary
assets and liabilities on the statement of financial position date are recognized in the income statement.
On consolidation, the assets and liabilities of foreign operations are translated into Euro at the exchange rate prevailing at the reporting date
and their income statements are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising
on translation for consolidation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation is recognized in profit or loss.
Revenue recognition
bpost earns revenue from a range of services including national and international postal and parcels services, e-commerce logistics, back-of-
fice, proximity and convenience services and sells a range of products including banking and financial, postal and retail products. bpost also
carries out Services of General Economic Interest (SGEI) pursuant to a contract with the Belgian State. All income related to standard business
operations is recognized as revenue in the income statement. All other income is reported as other operating income (see below in a separate
section).
bpost recognizes revenue from contracts with customers when control of the goods and services is transferred to the customer at an amount
that reflects the consideration to which bpost expects to be entitled in exchange for those goods and services. Below the nature, amount,
timing, uncertainty of recognition from revenues from contracts with customers is detailed per class of services.
The presentation of the revenues in the notes per product line item is composed of a combination of type of activities (as described below),
type of product, customers and geographical region and is disaggregated in line with the information regularly reviewed by the CODM.
bpost’s business activities can be split into three different revenue recognition streams: (i) Distribution and transport services, (ii) Logistic
and fulfilment services and (iii) Back-office and proximity and convenience services.
(i) Distribution and transport services
Service included in product line items: Transactional mail, Advertising mail, Press, Parcels Belgium, Cross-border (inbound and outbound) and
International mail.
This class of services consists in the delivery of domestic and international mail and parcels comprising the collection, transport, sorting and
distribution of addressed and non-addressed mail, printed documents, newspapers and parcels.
Revenue is recognized when the performance obligation, the promise to deliver a good (e.g.: letter, parcel,…) to an addressee or location, is
satisfied at a point in time. This is in general on the delivery of the goods. bpost generally considers that it is the principal in distribution and
transport services, except for the delivery of newspapers and periodicals to newsstands where it acts as an agent.
The delivery of the newspapers and periodicals can occur in two different ways:
Firstly, bpost makes direct delivery to the households and business (“users”) for their subscribed newspapers and periodicals (reported as
product line “Press”). In this case, bpost is a principal because it is the primary obligor to deliver the newspapers and periodicals directly to
users and is remunerated by the publishing companies and the Belgian State (“customers”). The remunerations received from the publishing
companies for the delivery are based on the volume handled. The remuneration received from the contract with the Belgian State (classified
as SGEI) is split between a flat amount recognized over time (equally distributed over the four quarters) and a variable fee based upon the
distributed volumes. This remuneration from the Belgian state is subject to an ex-post calculation based upon the evolution of the costs
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Secondly, bpost (through its wholly-owned subsidiary AMP and Aldipress) delivers these newspapers and periodicals to newsstand (reported
as product line “Press”). In this situation, AMP and Aldipress acts as an agent on behalf of the publishing company (“customer”) and is remu-
nerated based on the number of delivered volumes and a commission on the retail price.
Certain activities of the distribution and transport services revenue stream (e.g.: transactional mail, cross-border,…) are considered as
universal postal services as set out in the Belgian Postal Act. bpost provides universal postal services in Belgium on the basis of a manage-
ment contract concluded with the Belgian State. Certain postal services that are part of the universal postal service and are typically used by
individuals and SMEs (known together as the Small User Basket, hereafter “SUB”) are subject to a price cap, as provided for in the Postal Act.
Each year bpost submits its proposed price increase for the services that are part of the SUB to the Belgian postal regulator (BIPT) for prior
approval, with the BIPT having to agree to the price increase if the price cap is complied with. More generally, all postal services that fall under
the universal postal service are subject to a range of obligations in terms of quality (such as frequency, geographic coverage and continuity)
and pricing (transparency, uniformity, affordability, non-discrimination and cost-orientation). For the non-universal postal services and
services not defined as postal items bpost has general sales conditions for smaller customers and contracts for larger customers with volume
based pricing and discounts. The contracts with customers providing rebates, surcharges and penalties (volume or quality), that give rise to
a variable consideration are accrued monthly and the best estimate of the outstanding position is reflected in the consolidated statement of
financial position based on the expected value principle.
The consideration received by bpost for stamps and franking machines for which the performance obligation has not yet been fulfilled are
recorded as deferred revenue and disclosed as a contract liability until the delivery of the letter or parcel (domestic or international) is satis-
fied. The revenue relative to the stamp sale and franking machine activity is only recognized as an estimated revenue at the time the good is
delivered. Therefore, bpost has set up a revenue recognition model to recognize the predicted amount of revenues, based on historic data on
the usage of stamps. The historical usage is than applied on the stamps sold during the reported period. Stamps not used after a considerate
period are treated as a sale of a good.
The revenue relative to inbound (cross-border), a service to another postal operator to distribute mail and parcels in Belgium, is recognized
as an estimated revenue at the time the service is performed. The consideration to which bpost is entitled is later on negotiated and definitely
agreed with the customer (other postal operator). Due to this process the amount of the transaction price is variable and bpost estimates the
amount of revenue using the expected value method based on historical data. At balance sheet date the best estimate of the outstanding
position is reflected in the consolidated statement of financial position, however as the final settlements are based upon different assump-
tions (among which “items per kilo” and transaction price) final settlements might deviate from the initial assessment. The net outstanding
positions of outbound and inbound flows per postal operator are recorded as a receivable or payable. The process applied by bpost ensures
that the variable consideration constrains of IFRS 15 is respected, i.e.: bpost recognizes variable consideration for which it is highly probable
that no significant revenue will be reversed once the uncertainties have gone away.
(ii) Logistic and fulfilment services
Service included in product line items: E-Logistics Eurasia and E-Logistics North America (fulfilment and logistics) and Cross-border
(custom duties)
This class of services consists of e-commerce fulfilment, including warehousing and handling of goods, e-commerce logistics, including repair
services, and e-commerce cross-border services, including custom duties service.
Logistic and fulfilment services consist of following performance obligations: receiving, storing, picking and packing, returning, repairing and
clearing of goods. Revenue is recognized when the performance obligation, the promise to deliver a service to the customer, is satisfied at a
point in time (e.g.: when the actual picking, packing has taken place) or in case of storage of goods over time. bpost generally considers that it
is the agent in logistic and fulfilment services. bpost performs the service of processing returned goods on behalf of the customer, but bpost
does not take on any liability hence no liability for return is booked at bpost.
Volume rebates which give rise to a variable consideration are accrued monthly and the best estimate of the outstanding position is reflected
in the consolidated statement of financial position based on the expected value principle.
(iii) Back-office and proximity and convenience services
Service included in product line items: E-Logistics North America (call center and PT&F), Value added services and Proximity and convenience
retail network (financial products, sale of goods…)
This class of services consist of:
• operational back-office services, including call center, payment and financial, Fraud and Tax, administrative and document management
services; and
• proximity and convenience service, including the access to the network, over the counter service for different partners and sale of self-pro-
duced goods (mainly philately), retail products and goods of partners, including bpost bank products.
Back-office and proximity and convenience services consist of following performance obligations: access to network and point of sales, over
the counter services, sale of goods and processing of transactions, documents or calls. Revenue is recognized when the performance obliga-
tion, the promise to deliver a service or a good to the customer, is satisfied at a point in time (e.g. service over the counter, processing of items
or sale of a good) or over time (e.g. access to network). bpost generally considers that it is the principle in back-office services and sale of re-
tail and self-produced goods and that bpost is the agent receiving a commission in case of bpost bank products and sale of partner products.

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Part of the revenue of Proximity and convenience retail network (reported as SGEI revenue) consist out of Services of General Economic
Interest (SGEI) carried out by bpost on behalf of the Belgian State. These services consist among others of the maintenance of an extensive
retail network and services such as the payment at home of pensions and the execution of financial postal services. The compensation of
SGEI is based on a net avoided cost (“NAC”) methodology and is being equally distributed over the four quarters (recognised over time). This
methodology provides that compensation shall be based upon the difference in the net cost between bearing or not the provision of SGEI.
During the year calculations are made for the SGEI to ensure the remuneration is in line with the amounts recorded.
For Payment, Tax and Fraud (PT&F) services, management estimates a refund liability based upon the expected value method for potential
payments related to the fraud services.
Other operating income
Gains on disposal of assets are determined by comparing the net proceeds received from the disposal of the asset with the assets carrying
amount at the moment of the sale.
Rental income arising from operating leases or investment properties is accounted for on a straight line basis over the lease term.
Government grants and subsidies are recognized as a reduction of expenses and are offsetting the related expenses for which the grant is
intended.
Financial income and costs
For fixed income securities, interest is recognized in the income statement using the effective interest rate method. For variable income secu-
rities, revenues are recorded in profit or loss as soon as the shareholders general meeting confirms the distribution of a dividend.
Interest on borrowings is recognized in financial costs as incurred. For borrowings, any difference between the amount received and the
amount repayable is recognized in the income statement using the effective interest method.
Derivative financial instruments
bpost uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks arising from its operational
and financial activities. In accordance with its treasury policy, bpost does not hold or issue derivative financial instruments for trading
purposes.
Derivative financial instruments are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently
measured to their fair value at the end of each reporting period. Depending on whether hedge accounting (see below) is applied or not, any re-
sulting gain or loss on the remeasurement of the derivative financial instrument is either recognized directly in other comprehensive income
or in the income statement.
Hedge accounting
bpost designates certain hedging instruments, which includes derivatives and non-derivatives in respect of foreign currency risk, as hedges
of net investments in foreign operations and as cash flow hedges respectively.
At the beginning of the hedge relationship, bpost documents the relationship between the hedging instrument and the hedged item, along
with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the beginning of the hedge
and on an ongoing basis, bpost documents and assesses the effectiveness of the derivative instruments.
Cash flow hedges
The effective portion of changes in the fair value of derivatives designated and qualified as cash flow hedges is recognized in other com-
prehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is
recognized immediately in profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods
when the hedged item affects profit or loss, in the same line as the recognized hedged item.
Hedge accounting is discontinued when bpost revokes the hedging relationship, when the hedging instrument expires or is sold, terminated,
or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulat-
ed in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a
forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.
Hedges of net investments in foreign operations
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument
relating to the effective portion of the hedge is recognized in other comprehensive income and accumulated under the heading of foreign
currency translation reserve. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.
Gains and losses on the hedging instrument relating to the effective portion of the hedge accumulated in the foreign currency translation
reserve are reclassified to profit or loss on the disposal of the foreign operation.

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6.5 Business combinations
Sale of Ubiway Retail
On February 28, 2022 bpost, Ubiway and Golden Palace finalised the sale of Ubiway Retail. The sales price amounted to 2.5 mEUR resulting
in an additional impairment in 2022 of 1.0 mEUR to bring the carrying value of the net assets to their fair value less costs to sell, recognized
within the Belgium business unit. At the date of the sale, Ubiway (part of bpostgroup) emitted a 2.0 mEUR loan with a maturity date in 2026 to
Ubiway Retail, which has been recorded as a non-current trade receivable. To limit the possible credit risk, guarantees have been provided by
Golden Palace. Note within note 6.18 assets held for sale, the assets held for sale and the liabilities directly linked to the assets held for sale
for Ubiway Retail per December 31, 2021 are being disclosed.
Acquisition of IMX
On May 31, 2022 (acquisition date) bpost signed a share purchase agreement for the acquisition of 68.59% of Marceau 1. Marceau 1 is a holding
company owning IMX France and IMX GmbH. Both entities offer a wide range of cross-border delivery and return solutions for e-tailers via di-
rect sales approach and for SME and individuals through its proprietary digital solutions “Happy-Post”, “ColisExpat” and “Shopiles”. The pur-
chase price for 68.59% of the shares amounted to 15.5 mEUR. Next to that, the agreement foresees a call and put structure for the remaining
shares (31.41%). The variable exercise price of this option, based upon the EBITDA of the year 2022 and 2023 has been recognized as a financial
liability for an amount of 5.6 mEUR (the cap contractually agreed amounts to 12.7 mEUR), changes to the financial liability are recognized in
the income statement. The company was consolidated using the full-integration method as June 2022 within the E-Logistics Eurasia business
unit, consequently the business combination is presented as of bpost obtains a 100% interest in Marceau 1. The transaction costs related to
this acquisition are included in the operating expenses of 2022.
The calculated goodwill is presented as follows:
IN MILLION EUR 2022
FAIR VALUE OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED IN THE ACQUIRED ENTITY
NON-CURRENT ASSETS
9.9
Property, plant and equipment 3.7
Intangible assets 5.7
Deferred tax assets 0.1
Trade and other receivables 0.4
CURRENT ASSETS
7.8
Trade and other receivables 3.3
Cash and cash equivalents 4.5
NON-CURRENT LIABILITIES
(1.5)
Deferred tax liabilities (1.5)
CURRENT LIABILITIES
(15.4)
Interest-bearing loans and borrowings (7.0)
Trade and other payables (8.4)
FAIR VALUE OF NET ASSETS ACQUIRED
0.8
Goodwill arising on acquisition 20.2
PURCHASE CONSIDERATION TRANSFERRED
21.0
of which:
- Cash paid 15.5
- Contingent consideration 5.6
ANALYSIS OF CASH FLOWS ON ACQUISITION
Net cash acquired with the subsidiary 4.5
Cash paid (15.5)
NET CASH OUTFLOW
(11.0)
The fair value of the current and non-current trade receivables amounted to 3.7 mEUR and it is expected that the full contractual amounts can
be collected.

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The adjustment to fair value following the purchase price allocation consisted of the recognition of intangible assets: trade name (useful life
5 year), technology (useful life 6 year) and customer relationship (useful life between 14 and 20 year), respectively for an amount of 0.9 mEUR,
1.0 mEUR and 3.8 mEUR.
In 2022 Marceau 1 SAS, IMX France and IMX GmbH contributed to 18.8 mEUR of revenue and 4.4 mEUR to result before tax from continuing
operations of the group. Revenues for IMX for the full year 2022 amounted to 32.2 mEUR.
The resulting goodwill of 20.2 mEUR derives from future growth and expected synergies within Cross-border activities. None of the goodwill is
expected to be deductible for income tax purposes.
Acquisition of Aldipress
On September 30, 2022 after approval by the Dutch competition authority bpost completed the acquisition of 100% of the shares of the Dutch
press distributor Aldipress for an amount of 3.5 mEUR. Aldipress manages the logistic distribution process for retail sales. Aldipress was con-
solidated using the full integration method as of September 30, 2022 and will be included in the Belgium business unit. The transaction costs
related to this acquisition are included in the operating expenses of 2022.
The calculated goodwill is presented as follows:
IN MILLION EUR 2022
FAIR VALUE OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED IN THE ACQUIRED ENTITY
NON-CURRENT ASSETS
0.4
Property, plant and equipment 0.4
CURRENT ASSETS
19.6
Inventories 4.4
Trade and other receivables 13.5
Cash and cash equivalents 1.7
CURRENT LIABILITIES
(38.7)
Income tax payable (0.1)
Trade and other payables (38.7)
FAIR VALUE OF NET ASSETS ACQUIRED
(18.8)
Goodwill arising on acquisition 22.3
PURCHASE CONSIDERATION TRANSFERRED
3.5
of which:
- Cash paid 3.5
- Contingent consideration 0.0
ANALYSIS OF CASH FLOWS ON ACQUISITION
Net cash acquired with the subsidiary 1.7
Cash paid (3.5)
NET CASH OUTFLOW
(1.8)
The fair value of the current and non-current trade receivables amounted to 13.5 mEUR and it is expected that the full contractual amounts
can be collected.
In 2022 Aldipress contributed to 4.6 mEUR of revenue and 0.7 mEUR to result before tax from continuing operations to the group. Revenues for
Aldipress for the full year 2022 amounted to 18.9 mEUR.
The resulting goodwill of 22.3 mEUR derives from future growth and expected synergies within the press activities. None of the goodwill is
expected to be deductible for income tax purposes.
6.6 Segment information
In 2021 the Board of Directors of bpost approved bpostgroup’s ambition to become a growth company as an e-commerce logistics player, in
Belgium as well as in Europe and the United States. Effective as of January 1, 2022 bpost’s internal structure changed to face the transfor-
mation, amongst others the bundling of the parcel activities and Mail & Retail activities into one Belgium business unit. This implies a new
business unit structure with: Belgium, E-Logistics Eurasia and E-Logistics North America, replacing Mail & Retail, Parcels & Logistics Eurasia
and Parcels & Logistics North America. This new structure allows to recognize different strategic imperatives, namely transform Belgium,
build E-Logistics Eurasia and grow E-Logistics North America and allows full P&L accountability at business unit level. Changes are limited and
consist of moving the Belgian parcels out of Parcels & Logistics Eurasia to Belgium, next to the existing Mail & Retail business. On the other
hand regroup Dynalogic and Dynasure together with Radial Europe, Active Ants, Leen Menken and Dynafix in E-Logistics Eurasia.

105
bpost operates through three business units and support units providing services to these business units:
• The business unit Belgium oversees the commercial activities related to Transactional, Advertising mail, Press and Parcels and the oper-
ational activities of collecting, transporting, sorting and distributing of addressed and non-addressed mail, printed documents, newspa-
pers, periodicals and parcels in Belgium. Furthermore Belgium offers Value added services including document management and related
activities and offers proximity and convenience retail through its retail network in Belgium composed out of post offices and postal points.
It also sells banking and financial products, as part of the Proximity and convenience retail network, under an agency agreement with
bpost bank and AG Insurance. The business unit also carries out Services of General Economic Interest on behalf of the Belgian State.
• The business unit E-Logistics Eurasia oversees the commercial and operational activities related to e-commerce logistics (fulfillment,
handling, distribution and return management) and cross-border (inbound, outbound and import services) for parcels in Europe & Asia and
for international mail worldwide. The business unit runs several operations centers across Europe. DynaGroup, Radial, Active Ants, Leen
Menken and Landmark Global entities in Europe & Asia are part of this business unit.
• The business unit E-Logistics North America is in charge of the commercial and operational activities related to e-commerce logistics
(fulfillment, handling and distribution, return management, customer service and value-added technology services) in North America and
Australia and cross-border parcels and international mail in North America. Radial North-America and Landmark Global entities in North
America are part of this business unit.
Corporate and Support units (“Corporate”) consist out of the 3 support units and the corporate unit. The support units offer as a sole provider
business solutions to the 3 business units and to Corporate and includes Finance & Accounting, Human Resources & Service Operations, IT
& Digital. The Corporate unit includes Strategy, M&A, Legal, Regulatory and Corporate Secretary. The EBIT generated by the support units is
recharged to the 3 business units as opex while the depreciation remains in Corporate. Revenues generated by the Support Units, including
sales building are disclosed in Corporate.
As bpost identifies its CEO as the chief operating decision maker (“CODM”), the operating segments are based on the information provided to
the CEO. bpost computes its profit from operating activities (EBIT) at the segment level and is measured consistently with the financial state-
ments’ accounting guidelines (IFRS). Assets and liabilities are not reported per segment to the CODM.
No operating segments have been aggregated to form the above reportable operating segments.
Services and products offered between legal entities are at arm’s length whereas the service and products offered between business units of
the same legal entity are generally based on incremental costs. Services provided by support units to business units of the same legal entity
are based on full cost.
As corporate treasury, associates, joint ventures and tax are centrally managed for the group the net financial result, income tax and share of
profit of associates and joint ventures are only disclosed at the level of the group.
The following tables present an overview of the segment results:
For the year ended 31 December
E-LOGISTICS
BELGIUM E-LOGISTICS EURASIA NORTH AMERICA CORPORATE ELIMINATIONS GROUP
IN MILLION EUR 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
External operating 2,140.6 2,250.8 590.5 611.5 1,655.9 1,453.9 10.5 18.9 0.0 0.0 4,397.5 4,335.1
income
Intersegment 52.7 59.8 23.6 26.2 5.7 5.9 393.7 407.8 (475.6) (499.7) 0.0 0.0
operating income
TOTAL OPERATING
2,193.3 2,310.6 614.1 637.7 1,661.6 1,459.8 404.2 426.7 (475.6) (499.7) 4,397.5 4,335.1
INCOME
Operating expenses 1,914.5 1,975.6 561.5 568.5 1,481.5 1,304.9 363.0 380.2 (475.6) (499.7) 3,844.9 3,729.5
Depreciation, 81.0 84.1 28.3 24.6 104.7 84.0 75.2 75.0 0.0 0.0 289.3 267.6
amortization
PROFIT/(LOSS) FROM
197.8 250.9 24.3 44.6 75.4 70.9 (34.1) (28.5) 0.0 0.0 263.3 338.0
OPERATING ACTIVITIES
(EBIT)
Share of results of
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
associates and joint
ventures
Remeasurement of
(1.0) (7.4) 0.0 0.0 0.0 0.0 (0.2) 19.5 0.0 0.0 (1.2) 12.1
assets held for sale at
fair value less costs
to sell
Financial results 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30.3 (16.4)
Income tax expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 60.8 83.5
PROFIT/(LOSS) OF THE
196.7 243.5 24.3 44.6 75.4 70.9 (34.3) (8.9) 0.0 0.0 231.7 250.2
PERIOD (EAT)

106
The table presented below provides the disaggregation of bpost’s revenue from contracts with customers.
For the year ended 31 December
EXTERNAL OPERATING INCOME REVENUE
IN MILLION EUR 2022 2021 CHANGE % 2022 2021 CHANGE %
BELGIUM
2,140.6 2,250.8 -4.9% 2,132.5 2,239.3 -4.8%
Transactional mail 731.5 736.7 -0.7% 731.1 736.0 -0.7%
Advertising mail 187.1 197.0 -5.0% 187.1 197.0 -5.0%
Press 345.9 338.8 2.1% 339.3 332.6 2.0%
Parcels Belgium 449.1 467.4 -3.9% 449.1 467.4 -3.9%
Proximity and convenience retail 302.0 397.5 -24.0% 301.3 393.1 -23.3%
network
Value added services 124.9 113.5 10.1% 124.5 113.4 9.9%
E-LOGISTICS EURASIA
590.5 611.5 -3.4% 589.0 610.6 -3.5%
E-commerce logistics 273.0 268.7 1.6% 271.6 267.9 1.4%
Cross-border 317.5 342.8 -7.4% 317.4 342.6 -7.4%
E-LOGISTICS NORTH AMERICA
1,655.9 1,453.9 13.9% 1,650.6 1,432.5 15.2%
E-commerce logistics 1,655.9 1,411.7 17.3% 1,650.6 1, 391.8 18.6%
International mail 0.0 42.2 -100.0% 0.0 40.7 -100.0%
CORPORATE
10.5 18.9 -44.3% 0.0 0.0 0.0%
TOTAL
4,397.5 4,335.1 1.4% 4,372.0 4,282.4 2.1%
The geographical split of total operating income (excluded intersegment operating income) and the non-current assets is attributed to
Belgium, rest of Europe, United States of America and the rest of the world. The allocation per geographical location is based on the location
of the entity generating the income or holding the net asset. Other operating income is allocated to several line items.
EVOLUTION
IN MILLION EUR 2022 2021 2022 – 2021
Belgium 933.4 921.6 1.3%
Rest of Europe 257.2 206.4 24.6%
US 1,043.3 915.1 14.0%
Rest of world 57.1 45.3 26.0%
TOTAL NON-CURRENT ASSETS
2,291.0 2,088.5 9.7%
Belgium 2,373.4 2,529.2 -6.2%
Rest of Europe 340.0 319.2 6.5%
US 1,589.1 1,388.5 14.4%
Rest of world 95.0 98.2 -3.2%
TOTAL OPERATING INCOME
4,397.5 4,335.1 1.4%
Total non-current assets consist out of property, plant and equipment, intangible assets, investment properties and trade and other receiv-
ables (> 1 year).
Excluding the compensation received from the Belgian federal government to provide the services as described in the management contract
and press concessions, included in the Belgium segment, no single external customer exceeded 10% of bpost’s operating income.

107
6.7 Revenue
For the year ended 31 December
IN MILLION EUR 2022 2021
Revenue excluding the SGEI remuneration 4,069.5 4,005.4
SGEI remuneration 302.6 277.0
TOTAL
4,372.0 4,282.4
Compared to last year, revenue increased by +89.7 mEUR to 4,372.0 mEUR. The revenue increase excluding the SGEI remuneration was mainly
driven by the revenue increase (218.1 mEUR) in E-Logistics North America – despite the divestment of the Mail Group as of August 2021 -
reflecting mainly the revenue development of Radial’s new customers launched in 2021. Excluding the deconsolidation of Ubiway Retail ,
stable revenue in Belgium with underlying mail volume decline of -6.8% nearly offset by positive price/mix impact and parcels volume -7.5%
(or +1.0% excluding Amazon’s insourcing impact) and price/mix impact of 3.6%. E-Logistics Eurasia revenues decreased (-21.6 mEUR) mainly
driven by lower Asian volumes impacted in the first half of 2022 by the new VAT regulation as from July 1, 2021 and impacted by supply chain
disruptions in China.
SGEI remuneration is disclosed under Press and Proximity and convenience retail network in the Belgium segment.
6.8 Other operating income
For the year ended 31 December
IN MILLION EUR 2022 2021
Gain on disposal of property, plant and equipment 6.5 15.1
Gain on disposal of activities of The Mail Group 0.0 1.4
Rental income of investment property 0.5 0.6
Insurance recovery – Ransomware Radial US 0.0 5.5
Third party cost recovery 9.7 8.2
Gain on contingent considerations MCS & Atoz 0.0 0.6
Other Retail income 0.6 3.4
Other 8.3 18.0
TOTAL
25.5 52.7
Gains on disposal of property, plant and equipment decreased by -8.7 mEUR due to lower revenues on the sales of buildings in 2022 compared
to 2021.
In October 2020, Radial North America experienced a ransomware attack impacting a portion of its US operations. The attack and the
malware was not capable of exfiltrating or stealing data and there is no indication that any client or personal data left Radial North America
systems. Radial North America maintains two layers of cyber insurance coverage through which the company recovered the full amount
available under its primary insurance policy and received 10.0 mUSD in 2021 from the insurance companies, of which a part mainly related to
business disruption was recognized in other operating income whereas the recuperation of costs was recognised in deduction of costs.
The third party cost recovery mainly relates to reimbursements by third parties of non-core services and sales realized by bpost’s restaurants.
Other Retail income mainly consisted of non-specific product income in the retail channel which is not part of the ordinary activity of bpost,
the decrease was mainly explained by the sale of Ubiway Retail end of February 2022.

108
6.9 Other operating expenses
For the year ended 31 December
IN MILLION EUR 2022 2021
Provisions 0.9 (1.3)
Local, real estate and other taxes 15.2 28.0
Impairment on trade receivables and charge backs payment services 19.4 3.3
Losses on disposals of propery, plant and equipment 4.5 (0.0)
Other (0.1) 5.8
TOTAL
39.9 35.7
The increase of other operating expenses was mainly explained by increased impairments on trade receivables and disposals of property,
plant and equipment as some warehouses were closed down at Radial North America. This increase was partially offset by lower local, real
estate and other taxes, in turn mainly due to the higher VAT recuperation in 2022 at the time of the yearly VAT rate revision. The increase
of impairments on trade receivables was mainly explained by some disputes with termined customers at Radial North America and the
impairment on the receivable related to the sale of the Mail Group. In 2021 bpost US Holdings sold the Mail Group to Architect Equity, as part
of the transaction bpost US Holdings issued a subordinated seller note of 2.5 mUSD. As in 2022 a part of the due amount was not redeemed,
the total seller note of 2.5 mUSD was fully reserved for.
6.10 Material costs
Compared to last year, material costs decreased by 93.0 mEUR or 48.4%. This decrease was mainly explained by the deconsolidation of
Ubiway Retail as of March 1, 2022 given the sale of Ubiway Retail and lower activities at DynaFix /Sure due to shortage of spare parts and less
devices to be repaired.
6.11 Services and other goods
The cost of goods and services increased by 105.2 mEUR to 1,999.9 mEUR. This increase was driven by the unfavourable exchange rate USD/
EUR, higher variable opex at E-Logistics North America in line with revenue development and higher energy costs.
For the year ended 31 December
EVOLUTION
IN MILLION EUR 2022 2021 2022 – 2021
Rent and rental costs 104.3 90.4 15.3%
Maintenance and repairs 103.5 109.6 -5.6%
Energy delivery 63.2 48.4 30.5%
Other goods 50.4 44.7 12.7%
Postal and telecom costs 12.4 18.8 -33.8%
Insurance costs 28.2 29.9 -5.9%
Transport costs 910.9 836.2 8.9%
Publicity and advertising 21.2 23.7 -10.6%
Consultancy 27.4 18.2 50.1%
Interim employees 367.4 359.2 2.3%
Third party remuneration, fees 198.2 200.1 -0.9%
Other services 112.8 115.4 -2.2%
TOTAL
1,999.9 1,894.8 5.6%

109
• Rent and rental costs increased by 13.8 mEUR due to new site openings in Radial North America and Radial Europe.
• Energy delivery increased by 14.8 mEUR mainly due to higher energy prices (gas, fuel and electricity).
• Transport costs amounted to 910.9 mEUR and increased by 74.7 mEUR . This increase was explained by the unfavourable exchange rate
USD/EUR and the revenue development at E-Logistics North America. Furthermore the consolidation of IMX and Aldipress contributed to
this increase.
• Cost of interim employees increased by 8.3 mEUR despite the lower number of interims. Note that the interim costs should be viewed
together with the evolution of the payroll costs, see note 6.12. The cost increase was mainly explained by the unfavourable exchange rate
USD/EUR and a higher cost price per interim.
6.12 Payroll costs
For the year ended 31 December
IN MILLION EUR 2022 2021
Wages and salaries 1,412.2 1,346.3
Social security costs 264.3 239.6
Pension costs (note 6.26) 8.8 9.2
Termination benefits, Other long-term benefits and Post-employment 20.5 11.6
benefits other than Pension (note 6.26)
TOTAL
1,705.8 1,606.8
As at December 31, 2022, the headcount of bpost amounted to 34,509 (2021: 36,272) and was composed as follows:
• Statutory personnel : 6,840 (2021: 7,402).
• Contractual personnel : 27,669 (2021: 28,870).
The average FTE for 2022 was 31,617 (2021: 32,429).
The average FTE and interims for 2022 was 39,285 (2021: 40,339).
Payroll costs (1,705.8 mEUR) and interim costs (367.4 mEUR) in 2022 amounted to 2,073.2 mEUR (1,965.9 mEUR in 2021). Payroll and interim
costs increased by 107.3 mEUR (99.0 mEUR for payroll and 8.3 mEUR for interim costs) compared to last year.
The payroll and interim costs increase driven by higher costs per FTE (amongst other in Belgium 6 salary indexations of 2% and change in
night shift regulation), the unfavorable exchange rate evolution, the effects of Collective Labor Agreements (“CLA”) 2021-2022 and merit
increases led to a negative price impact of 160.1 mEUR . The effects mentioned above were partly compensated by the FTE decrease (higher
productivity, continued execution of dedicated management actions and elimination of second distribution rounds in Belgium during peak in
the fourth quarter), which generated 45.2 mEUR lower costs and by a positive mix effect of 7.6 mEUR, amongst other driven by a decrease of
statutory, baremic contractual and interim postmen and a slight increase of logistic and postal workers.
6.13 Financial income and financial costs
The following amounts have been included in the income statement for the reporting periods presented:
For the year ended 31 December
IN MILLION EUR 2022 2021
Financial income 79.6 8.5
Financial costs (49.3) (24.9)
TOTAL
30.3 (16.4)
Net financial result (i.e. net of financial income and financial costs) of 2022 amounted 30.3 mEUR and increased by 46.7 mEUR compared
to 2021. This increase was mainly due to higher non-cash financial income related to IAS 19 employee benefits (38.0 mEUR) in line with the
increased discount rates and the reassessment of the contingent liability related to the remaining shares of a subsidiary (14.3 mEUR), par-
tially offset by higher lease interest expenses (2.3 mEUR, in line with increased leases) and higher interests on loans (3.1 mEUR, mainly USD
term loan).

110
Financial income
For the year ended 31 December
IN MILLION EUR 2022 2021
Interest income 2.2 0.4
Gain from exchange differences 17.3 7.0
Contingent consideration: changes related to purchase of minority interests 14.3 0.0
Financial income on defined benefit obligations (IAS 19) 45.2 0.0
Other 0.6 1.1
TOTAL
79.6 8.5
In 2022 bpost reassessed the variable exercise price for the remaining shares of Anthill BV (25%) and Active Ants International BV (25%).
Whereas in the past the variable exercise price had been determined upon the put for the remaining shares and corresponded to the maxi-
mum amount foreseen in the contract, in 2022 bpost has reassessed that bpost will exercise earlier on the call for the remaining shares i.e.
in 2025 upon 2024 EBITDA. As a result a decrease of the contingent liability (14.3 mEUR) was recognized in financial income. The outstanding
discounted liability for the remaining shares of Anthill BV and Active Ants International per December 31, 2022 amounts to 18.1 mEUR.
Financial costs
For the year ended 31 December
IN MILLION EUR 2022 2021
Financial costs/(income) on defined benefit obligations (IAS 19) 0.2 (7.1)
Lease interest expenses (IFRS 16) 12.0 9.7
Interest on loans 4.6 1.6
Interest and costs related to long-term bond 9.3 9.3
Unwinding of pre-hedge interest swap 2.5 2.5
Loss from exchange differences 15.1 3.4
Contingent consideration: unwinding of discount and effect of changes in 0.6 0.6
discount rate
Other finance costs 5.0 5.0
TOTAL
49.3 24.9
6.14 Income tax/Deferred tax
Breakdown of Income tax expense recognized in the income statement
The income tax expense recognized in the income statement for 2022 amounted to 60.8 mEUR and breaks down as follows:
As at 31 December
IN MILLION EUR 2022 2021
TAX EXPENSE INCLUDED
Current tax expenses 55.1 75.7
Adjustment recognized in the current year in relation to the current tax of (10.9) (4.1)
prior year
Deferred tax expenses 16.6 11.9
TOTAL INCOME TAX EXPENSE RECOGNIZED IN INCOME STATEMENT
60.8 83.5

111
Reconciliation of theoretical income tax expense with income tax expense recognized in the income statement
A reconciliation of theoretical tax expense with income tax expense recognized in the income statement can be detailed as follows:
IN MILLION EUR 2022 2021
Profit before tax (A) 292.5 333.7
Statutory tax rate of the parent company (B) 25.0% 25.0%
THEORETICAL INCOME TAX EXPENSES (C) = (A) X (B)
73.1 83.4
RECONCILING ITEMS BETWEEN STATUTORY AND EFFECTIVE INCOME TAX EXPENSE
Tax effect of non tax deductible expenses 7.0 7.1
Tax effects prior year (10.9) (3.9)
Tax effect of goodwill impairment 0.0 0.0
Tax effect of the remeasurement of assets held for sale at fair value less costs 0.0 (3.0)
to sell
Tax effect of tax losses utilized by subsidiaries for which no deferred tax asset (0.5) (0.1)
or no full deferred tax asset was recognized
Subsidiaries in loss situation for which no deferred tax asset or no full 2.3 7.4
deferred tax asset was recognize on their tax losses
Associates (equity method) (0.0) 0.0
OTHER:
Tax effect of subsidiaries liquidation (6.8) 0.0
Tax effect of the changes in tax rates 0.1 0.2
Other differences (3.5) (7.6)
TOTAL
60.8 83.5
Tax using effective rate (current period) (60.8) (83.5)
Profit before income tax 292.5 333.7
Effective tax rate 20.8% 25.0%
Adjusted prior years balances, impact of subsidiaries liquidation and updated contingent consideration – included in other caption - contrib-
uted to the decreased tax rate in 2022. These elements were partially compensated by non-tax deductible expenses and impact of subsidiar-
ies in loss situation for which no (full) DTA has been recognized.
In 2021 the tax effect of the subsidiaries in a loss situation (for which no deferred tax asset or no full deferred tax asset is recognized) is im-
pacted by an exceptional capital loss on the sale of The Mail Group by bpost US Holding. This negative impact on the ETR has been compen-
sated by the other differences which include some tax credits and deductions.
As a result, the effective tax rate is close to the 25% theoretical rate in 2021.
Deferred tax presented in the statement of financial position
Net balances of deferred taxes are calculated based upon the tax position of each company and are disclosed in the statement of financial
position for their net amount by legal entity.

112
As of December 31, 2022 bpost recognized a net deferred income tax asset of 18.4 mEUR. This net deferred income tax asset is composed as
follows:
IMPACT ON
IMPACT ON
OTHER COM-
IMPACT OF
EXCHANGE
RESULT OF THE
PREHENSIVE
BUSINESS
RATE DIFFE- NETTING OF
IN MILLION EUR 2021
YEAR
INCOME
COMBINATIONS
RENCE TAX POSITION 2022
DEFERRED TAX ASSETS
Employee benefits 19.2 (0.0) 0.0 0.0 0.0 (18.5) 0.7
Provisions 1.4 0.2 0.0 0.0 0.0 (1.2) 0.3
Tax losses carried forward 56.0 (9.8) 0.0 0.0 3.2 0.0 49.4
Other 32.8 4.3 0.0 0.0 0.9 (13.8) 24.2
TOTAL DEFERRED TAX ASSETS
109.3 (5.3) 0.0 0.0 4.1 (33.6) 74.6
DEFERRED TAX LIABILITIES
Property plant and equipment 48.6 (5.2) 0.0 0.0 2.3 (11.3) 34.4
Intangible assets 28.0 (2.1) 0.0 0.0 1.1 (10.3) 16.8
Other 0.0 3.5 0.0 0.0 (0.0) 1.6 5.1
TOTAL DEFERRED TAX LIABILITIES
76.6 (3.8) 0.0 0.0 3.5 (20.0) 56.2
NET DEFERRED TAX ASSET
32.8 (1.5) 0.0 0.0 0.7 (13.5) 18.4
The decrease in the deferred tax asset is mainly explained by the transfer of balances to deferred tax liabilities mainly as a result of increased
discount rates.
In line with previous years, the deferred tax assets related to tax losses carried forward are mainly composed of the recognition of a deferred
tax asset for Radial US (44.1 mEUR). These US tax losses carried forward for which a deferred tax asset has been recognized have an expiration
date ranging between 2023 and 2037 (23.3 mEUR) and the tax losses incurred as from 2018 can be carried forward indefinitely (20.7 mEUR).
As of December 31, 2022 bpost recognized a deferred income tax liability of 11.0 mEUR. The deferred income tax liability mainly results from
the depreciations and impairment of intangible assets related to the purchase price allocation (other than Radial) partially compensated by
temporary differences related to employee benefits. The deferred tax liability by type of temporary difference and the changes break down as
follows :
IMPACT ON
IMPACT ON
OTHER COM-
IMPACT OF
EXCHANGE
RESULT OF THE
PREHENSIVE
BUSINESS
RATE DIFFE-
IN MILLION EUR 2021
YEAR
INCOME
COMBINATIONS
RENCE OTHER 2022
DEFERRED TAX ASSETS
Employee benefits 0.0 (13.4) (1.0) 0.0 0.0 18.5 4.1
Provisions 0.0 (0.0) 0.0 0.0 0.0 1.2 1.2
Tax losses carried forward 0.2 1.2 0.0 0.0 0.0 0.0 1.4
Other 0.0 (0.9) 0.0 0.0 0.0 13.8 12.9
TOTAL DEFERRED TAX ASSETS
0.2 (13.2) (1.0) 0.0 0.0 33.6 19.6
DEFERRED TAX LIABILITIES
Property plant and equipment 2.3 (0.4) 0.0 0.0 0.0 11.3 13.2
Intangible assets 5.5 (0.8) 0.0 1.5 0.0 10.3 16.4
Other (1.1) 3.2 0.6 0.0 0.0 (1.6) 1.1
TOTAL DEFERRED TAX LIABILITIES
6.6 1.9 0.6 1.5 0.0 20.0 30.7
NET DEFERRED TAX LIABILITY
(6.4) (15.1) (1.7) (1.5) 0.0 13.5 (11.0)
The increase mainly relates to the transfer of some entities from a net DTA position.

113
Unrecognized deferred taxes
Deferred tax assets on the tax losses carried forward are only recognized to the extent that those losses are expected to offset a taxable profit
in the future. bpost assesses a recoverability period of 5 years in line with the horizon of the business plan and budgets used for the impair-
ment testing. Further to this assessment, no deferred tax asset has been recognized for 115.7 mEUR of carried forward tax losses. The ma-
jority of these unrecognized tax losses relate to entities located in Germany (57.0 mEUR), Luxembourg (21.0 mEUR), Belgium (17.8 mEUR) and
Singapore (1.3 mEUR). In Belgium, Germany, and Singapore tax losses may be carried forward indefinitely. In Luxembourg, losses incurred
before January 1, 2017 can be carried forward without a time limitation while the use of losses incurred afterwards is limited to 17 years.
The unrecognized tax credit in the United States amounts to 17.9 mEUR.
6.15 Earnings per share
In accordance with IAS 33, the basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary
equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share amounts have to be calculated by dividing the net profit/(loss) attributable to ordinary equity holders of the parent
(after adjusting for the effects of all dilutive potential ordinary shares) by the weighted average number of ordinary shares outstanding during
the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares
into ordinary shares.
In case of bpost, no effects of dilution affect the net profit/(loss) attributable to ordinary equity holders and the weighted average number of
ordinary shares.
The table below reflects the income and share data used in the basic and diluted earnings per share computations:
For the year ended 31 December
IN MILLION EUR 2022 2021
Net profit/(loss) attributable to ordinary equity holders of the parent for 232.5 250.9
basic earnings
Adjustments for the effect of dilution
Net profit/(loss) attributable to ordinary equity holders of the parent 232.5 250.9
adjusted for the effect of dillution
IN MILLION SHARES
Weighted average number of ordinary shares for basic earnings per share 200.0 200.0
Effect of dilution
Weighted average number of ordinary shares adjusted for the effect of 200.0 200.0
dilution
IN EUR
Basic, profit/(loss) per share attributable to ordinary equity holders of the 1.16 1.25
parent
Diluted, profit/(loss) per share attributable to ordinary equity holders of the 1.16 1.25
parent

114
6.16 Property, plant and equipment
OTHER
PROPERTY,
FURNITURE
FIXTURES
PROPERTY,
PLANT AND
LAND AND PLANT AND
AND
AND FIT-
PLANT AND
EQUIPMENT RIGHT-OF-
IN MILLION EUR BUILDINGS EQUIPMENT
VEHICLES
TINGS
EQUIPMENT
(EXCL. ROU) USE (ROU) TOTAL
COST
BALANCE AT 1 JANUARY 2021
606.3 453.7 482.2 228.4 32.4 1,803.0 650.5 2,453.5
Acquisitions 3.7 26.9 53.6 45.2 18.1 147.6 164.4 311.9
Acquisitions through business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
combinations
Reassessement 0.0 0.0 0.0 0.0 0.0 0.0 68.0 68.0
Disposals (0.1) (12.9) (31.5) (8.1) 0.0 (52.6) (30.4) (83.0)
Disposals via business combinations 0.0 (4.0) (0.4) (0.5) 0.0 (4.8) (5.3) (10.1)
Assets classified as held for sale or (22.7) (20.7) (2.7) 0.0 (0.1) (46.2) (39.2) (85.4)
investment property
Exchange rate difference 0.1 0.4 16.1 2.0 1.1 19.7 17.3 37.0
Other movements (8.2) (0.6) 9.1 8.7 (13.2) (4.3) 5.0 0.7
BALANCE AT 31 DECEMBER 2021
579.3 442.8 526.4 275.8 38.2 1,862.4 830.3 2,692.7
BALANCE AT 1 JANUARY 2022
579.3 442.8 526.4 275.8 38.2 1,862.4 830.3 2,692.7
Acquisitions 1.0 34.4 41.7 28.7 40.3 146.1 163.4 309.5
Acquisitions through business 20.5 12.2 2.7 0.0 0.1 35.5 0.0 35.5
combinations
Reassessement 0.0 0.0 0.0 0.0 0.0 0.0 67.8 67.8
Disposals (20.0) (36.0) (37.5) (4.6) 0.0 (98.2) (57.7) (155.8)
Disposals via business combinations (0.0) 0.0 0.0 0.0 0.0 (0.0) 0.0 0.0
Assets classified as held for sale or (11.4) 0.2 0.0 0.0 0.0 (11.2) 0.0 (11.2)
investment property
Exchange rate difference 0.1 (0.2) 13.8 1.2 1.2 16.0 15.7 31.8
Other movements 26.2 2.0 1.3 (6.7) (19.6) 3.1 (0.7) 2.4
BALANCE AT 31 DECEMBER 2022
595.6 455.3 548.5 294.3 60.1 1,953.8 1,018.8 2,972.6
OTHER
PROPERTY,
FURNITURE
FIXTURES
PROPERTY,
PLANT AND
LAND AND PLANT AND
AND
AND FIT-
PLANT AND
EQUIPMENT RIGHT-OF-
IN MILLION EUR BUILDINGS EQUIPMENT
VEHICLES
TINGS
EQUIPMENT
(EXCL. ROU) USE (ROU) TOTAL
REVALUATION
BALANCE AT 1 JANUARY 2021
0.0 0.0 0.0 0.0 7.4 7.4 0.0 7.4
Assets classified as held for sale or 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
investment property
Exchange rate difference 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other movements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
BALANCE AT 31 DECEMBER 2021
0.0 0.0 0.0 0.0 7.4 7.4 0.0 7.4
BALANCE AT 1 JANUARY 2022
0.0 0.0 0.0 0.0 7.4 7.4 0.0 7.4
Assets classified as held for sale or 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
investment property
Acquisitions through business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
combinations
Exchange rate difference 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other movements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
BALANCE AT 31 DECEMBER 2022
0.0 0.0 0.0 0.0 7.4 7.4 0.0 7.4

OTHER
PROPERTY,
115
FURNITURE
FIXTURES
PROPERTY,
PLANT AND
LAND AND PLANT AND
AND
AND FIT-
PLANT AND
EQUIPMENT RIGHT-OF-
IN MILLION EUR BUILDINGS EQUIPMENT
VEHICLES
TINGS
EQUIPMENT
(EXCL. ROU) USE (ROU) TOTAL
DEPRECIATION AND IMPAIRMENT
LOSSES
BALANCE AT 1 JANUARY 2021
(361.4) (311.7) (316.7) (133.3) (3.7) (1,126.7) (196.3) (1,323.0)
Depreciations through business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
combinations
Disposals 0.1 12.9 31.1 7.9 0.0 52.0 18.5 70.5
Disposals through business 0.0 2.7 0.3 0.2 0.0 3.2 2.0 5.2
combinations
Depreciation and impairment losses (11.5) (27.4) (43.5) (20.5) (0.0) (102.9) (122.6) (225.6)
Assets classified as held for sale or 15.4 11.1 2.5 0.0 0.0 29.1 21.1 50.2
investment property
Exchange rate difference (0.0) (0.2) (6.3) (0.5) (0.0) (6.9) (6.6) (13.6)
Other movements 6.6 3.7 0.3 (6.5) 0.0 4.1 (4.5) (0.4)
BALANCE AT 31 DECEMBER 2021
(350.8) (308.8) (332.3) (152.6) (3.8) (1,148.3) (288.4) (1,436.6)
BALANCE AT 1 JANUARY 2022
(350.8) (308.8) (332.3) (152.6) (3.8) (1,148.3) (288.4) (1,436.6)
Depreciations through business (20.5) (11.7) (2.2) 0.0 0.0 (34.4) 0.0 (34.4)
combinations
Disposals 20.0 36.0 33.6 4.1 0.0 93.7 45.2 138.9
Disposals through business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
combinations
Depreciation and impairment losses (11.5) (26.2) (46.2) (24.3) 0.0 (108.2) (138.2) (246.4)
Assets classified as held for sale or 9.7 0.1 0.0 (0.4) 0.0 9.5 0.9 10.3
investment property
Exchange rate difference (0.0) 0.0 (5.7) (0.2) 0.0 (6.0) (4.5) (10.5)
Other movements (7.0) (1.6) (0.0) 5.8 0.0 (2.8) 0.4 (2.4)
BALANCE AT 31 DECEMBER 2022
(360.2) (312.1) (352.9) (167.5) (3.8) (1,196.5) (384.6) (1,581.1)
OTHER
PROPERTY,
FURNITURE
FIXTURES
PROPERTY,
PLANT AND
LAND AND PLANT AND
AND
AND FIT-
PLANT AND
EQUIPMENT RIGHT-OF-
IN MILLION EUR BUILDINGS EQUIPMENT
VEHICLES
TINGS
EQUIPMENT
(EXCL. ROU) USE (ROU) TOTAL
CARRYING AMOUNT
At 31 December 2021 228.5 133.9 194.1 123.2 41.9 721.6 541.9 1,263.5
At 31 December 2022 235.4 143.2 195.6 126.8 63.8 764.8 634.2 1,398.9
Amortization and depreciation charges related to property, plant and equipment amounted to 246.4 mEUR and increased by 20.9 mEUR as
compared to last year. This increase was mainly explained by increased depreciation of fixtures and fittings as well as leases, which respec-
tively increased by 3.7 mEUR and 15.6 mEUR in line with increased warehouses.
6.16.1 Property, plant and equipment (excluding right-of-use assets)
Property, plant and equipment increased by 43.2 mEUR from 721.6 mEUR to 764.8 mEUR. This increase was mainly explained by:
• acquisitions for 146.1 mEUR (147.6 mEUR in 2021), mainly spent on the continued E-commerce logistics expansion of Radial and Active
Ants, and on the optimization of the Belgium network;
• exchange rate impact of 10.1 mEUR (increase of 12.7 mEUR in 2021);
• partially compensated by depreciation and impairment amounting to 108.2 mEUR (102.9 mEUR in 2021), disposals 4.5 mEUR (mainly due to
the close down of some warehouses, see note 6.9) and the transfer to assets held for sale or investment property for 1.7 mEUR (17.1 mEUR
in 2021 including 9.8 mEUR related to the transfer of Ubiway Retail to assets held for sale in 2021).
All amortization and depreciation charges are included in the section “Depreciation, amortization and impairment” of the income statement.

116
6.16.2 Right-of-use assets and leases
The right-of-use assets increased by 92.3 mEUR and amounted to 634.2 mEUR. This increase was mainly explained by:
• 163.4 mEUR additions, mainly related to additional warehouse leases (mainly Radial North America and Radial Europe) and additional
vehicles for distribution amongst other due to less short term leases compared to last year;
• 67.8 mEUR reassessments mainly explained by extension of lease duration;
• 11.2 mEUR of exchange rate differences;
• partially compensated by depreciations amounting to 138.2 mEUR (113.9 mEUR for buildings, 22.1 mEUR for vehicles and 2.2 mEUR for
others leases) and 12.5 mEUR disposals .
bpost has lease contracts mainly for buildings (warehouses and post offices), vehicles, machinery and other equipment used in its operations.
Lease terms and carrying amounts are detailed in the table hereunder:
IN MILLION EUR USEFUL LIVES CARRYING AMOUNT DEC 31, 2022 CARRYING AMOUNT DEC 31, 2021
Land and Buildings 3 to 25 years 572.3 480.9
Vehicles 4 or 5 years (8 years for trucks) 57.8 54.4
Machinery and other equipment 1 to 15 years 4.1 6.6
TOTAL
634.2 541.9
The carrying amounts and movements (including cash outflows) of the lease liabilities (under interest-bearing loans and borrowings) are
being disclosed in note 6.25, whereas the maturity analysis is available in note 6.30.
bpost has leases for vehicles with lease terms of 12 months or less (2022: 2.2 mEUR, 2021: 7.0 mEUR), disclosed under rent and rental costs,
within operating expenses. There are no (material) leases with variable rent costs, nor material low value leases.
There are several lease contracts that include extensions and termination options. The major lease contract relates to Brussels X (NBX), the
term of this lease contract is 15 years (until 2031) with 3 possible extensions of 5 years each. These extensions are currently not included into
the lease term as it is not reasonable certain that these will be exercised. The impact per extension of 5 years is estimated to increase the
overall lease liability by 5% .
The significant lease contracts that have not yet commenced are disclosed in 6.32 rights and commitments.
All amortization and depreciation charges are included in the section “depreciation, amortization and impairment” of the income statement.
Operating Lease Income
bpost’s future minimum operating lease income related to buildings is as followed and relates to buildings of which bpost is owner as well as
subleases:
For the year ended 31 December
IN MILLION EUR 2022 2021
Less than one year 1.1 0.7
Between one year and five years 3.0 1.8
More than five years 1.7 1.6
TOTAL
5.7 4.1
The future minimum operating lease income is more or less in line with last year.
The lease income related to leases in property is recognized in the section “Other operating income” (0.5 mEUR in 2022), whereas the income
for subleases goes in deduction of the depreciation of the right-of-use assets.

117
6.17 Investment property
IN MILLION EUR LAND AND BUILDINGS
ACQUISITION COST
BALANCE AT 1 JANUARY 2021
11.1
Acquisitions 0.0
Transfer from/(to) other asset categories 1.8
BALANCE AT 31 DECEMBER 2021
13.0
BALANCE AT 1 JANUARY 2022
13.0
Acquisitions 0.0
Transfer from/(to) other asset categories (1.5)
BALANCE AT 31 DECEMBER 2022
11.5
DEPRECIATION AND IMPAIRMENT LOSSES
BALANCE AT 1 JANUARY 2021
(7.8)
Depreciations 0.0
Transfer from/(to) other asset categories (1.0)
BALANCE AT 31 DECEMBER 2021
(8.8)
BALANCE AT 1 JANUARY 2022
(8.8)
Depreciations 0.0
Transfer from/(to) other asset categories 0.7
BALANCE AT 31 DECEMBER 2022
(8.1)
CARRYING AMOUNT
At 31 December 2021 4.2
At 31 December 2022 3.4
Investment property mainly relates to apartments located in buildings used as post offices.
Investment properties are carried at acquisition cost less any accumulated depreciation and less any impairment loss. The depreciation
amount is allocated on a systematic basis over useful life (in general 40 years).
The rental income of the investment property amounted to 0.5 mEUR (2021: 0.6 mEUR). The estimated fair value of the investment property
decreased from 4.2 mEUR to 3.4 mEUR.
6.18 Assets held for sale
As at 31 December
IN MILLION EUR 2022 2021
ASSETS
Property, plant and equipment 1.0 1.5
bpost bank 0.0 119.5
Ubiway Retail 0.0 42.2
ASSETS HELD FOR SALE
1.0 163.3
Liabilities
Ubiway Retail 0.0 39.7
LIABILITIES DIRECTLY LINKED TO ASSETS HELD FOR SALE
0.0 39.7
The net decrease of the assets held for sale and liabilities held for sale were explained by the sale of bpost bank (sales price 119.4 mEUR) and
Ubiway Retail (sales price 2.5 mEUR) in the first quarter of 2022.

118
Property, plant and equipment
The number of buildings recognized in assets held for sale amounted to 5 at the end of 2021 versus 4 at the end of 2022. These assets are retail
outlets, offices or mail centers which are vacant as a consequence of the optimization of the post offices and mail center network.
Profits on disposal of 6.5 mEUR (2021: 15.1 mEUR) were accounted for in the income statement in the section 6.9 Other Operating Income.
6.19 Intangible assets
CUSTOMER RELA-
IN MILLION EUR GOODWILL DEVELOPMENT SOFTWARE TIONSHIP TRADENAME TOTAL
COST
BALANCE AT 1 JANUARY 2021
660.0 168.3 198.4 118.3 51.1 1,196.0
Acquisitions 0.0 9.5 15.1 0.0 0.0 24.6
Acquisitions and additions through 0.0 0.0 0.0 0.0 0.0 0.0
business combinations
Disposals 0.0 (0.0) (9.0) 0.3 (1.6) (10.3)
Disposals via business combinations (17.2) 0.0 (1.3) (3.2) 0.0 (21.7)
Assets classified as held for sale or (28.3) 0.0 (2.2) 0.2 (4.6) (35.0)
investment property
Exchange rate difference 37.8 0.0 5.1 5.8 2.6 51.3
Other movements (0.0) 0.0 (0.2) 0.0 0.0 (0.2)
BALANCE AT 31 DECEMBER 2021
652.2 177.8 205.8 121.4 47.5 1,204.7
BALANCE AT 1 JANUARY 2022
652.2 177.8 205.8 121.4 47.5 1,204.7
Acquisitions 0.0 6.2 12.2 (0.1) 0.0 18.3
Acquisitions and additions through 42.5 0.0 1.0 0.0 4.7 48.2
business combinations
Disposals (5.4) (17.6) (0.5) (0.0) 0.0 (23.4)
Disposals via business combinations (0.0) 0.0 0.0 0.0 0.0 (0.0)
Assets classified as held for sale or 0.0 0.0 0.0 (0.1) 0.0 (0.1)
investment property
Exchange rate difference 29.3 0.0 3.9 4.6 1.8 39.7
Other movements (0.1) 0.4 (0.5) 0.1 0.0 0.0
BALANCE AT 31 DECEMBER 2022
718.6 166.8 222.0 126.0 54.0 1,287.3
CUSTOMER RELA-
IN MILLION EUR GOODWILL DEVELOPMENT SOFTWARE TIONSHIP TRADENAME TOTAL
REVALUATION
BALANCE AT 1 JANUARY 2021
0.0 0.0 0.0 0.0 0.0 0.0
Assets classified as held for sale or 0.0 0.0 0.0 0.0 0.0 0.0
investment property
Exchange rate difference 0.0 0.0 0.0 0.0 0.0 0.0
Other movements 0.0 0.0 0.0 0.0 0.0 0.0
BALANCE AT 31 DECEMBER 2021
0.0 0.0 0.0 0.0 0.0 0.0
BALANCE AT 1 JANUARY 2022
0.0 0.0 0.0 0.0 0.0 0.0
Assets classified as held for sale or 0.0 0.0 0.0 0.0 0.0 0.0
investment property
Exchange rate difference 0.0 0.0 0.0 0.0 0.0 0.0
Other movements 0.0 0.0 0.0 0.0 0.0 0.0
BALANCE AT 31 DECEMBER 2022
0.0 0.0 0.0 0.0 0.0 0.0

119
CUSTOMER RELA-
IN MILLION EUR GOODWILL DEVELOPMENT SOFTWARE TIONSHIP TRADENAME TOTAL
AMORTIZATION AND IMPAIRMENT
LOSSES
BALANCE AT 1 JANUARY 2021
(77.9) (118.4) (163.1) (43.9) (21.0) (424.3)
Acquisitions through business 0.0 0.0 0.0 0.0 0.0 0.0
combinations
Disposals 0.0 0.0 9.0 (0.3) 1.6 10.3
Disposals via business combinations 17.2 0.0 0.8 1.7 0.0 19.7
Amortization 0.0 (17.3) (13.7) (7.1) (4.9) (42.9)
Impairment losses 0.0 1.4 0.0 (0.4) 0.0 1.0
Assets classified as held for sale or 28.3 0.0 1.9 (0.5) 4.6 34.3
investment property
Exchange rate difference (0.1) 0.0 (3.4) (1.5) (0.8) (5.9)
Other movements (0.0) (0.0) 0.0 0.0 0.0 0.0
BALANCE AT 31 DECEMBER 2021
(32.4) (134.2) (168.5) (52.1) (20.5) (407.8)
BALANCE AT 1 JANUARY 2022
(32.4) (134.2) (168.5) (52.1) (20.5) (407.8)
Acquisitions through business 0.0 0.0 0.0 0.0 0.0 0.0
combinations
Disposals 5.4 17.6 0.5 0.0 0.0 23.4
Disposals via business combinations 0.0 0.0 0.0 0.0 0.0 0.0
Amortization 0.0 (15.3) (15.3) (7.6) (4.6) (42.7)
Impairment losses 0.0 0.0 0.0 0.0 0.0 0.0
Assets classified as held for sale or 0.0 0.0 0.1 (0.0) 0.0 0.1
investment property
Exchange rate difference 0.0 0.0 (2.6) (1.3) (0.7) (4.6)
Other movements 0.1 (0.2) (0.0) 0.1 (0.0) (0.0)
BALANCE AT 31 DECEMBER 2022
(27.0) (132.0) (185.9) (60.9) (25.8) (431.6)
CUSTOMER RELA-
IN MILLION EUR GOODWILL DEVELOPMENT SOFTWARE TIONSHIP TRADENAME TOTAL
CARRYING AMOUNT
At 31 December 2021 619.7 43.6 37.3 69.3 27.0 797.0
At 31 December 2022 691.6 34.8 36.1 65.1 28.2 855.8
Depreciation and impairment charges amounted to 42.7 mEUR in 2022 and are in line with last year (41.9 mEUR).
All amortization and depreciation charges are included in the section “Depreciation, amortization” of the income statement.
Intangible assets increased by 58.8 mEUR, mainly due to:
• increase in goodwill by 42.5 mEUR due to the acquisition of Aldipress and IMX;
• recognition of 1.0 mEUR software and 4.7 mEUR tradename throughout the purchase price allocation of IMX;
• acquisitions of 18.3 mEUR mainly related to ICT development costs capitalized, the migration of ICT infrastructure to the cloud environ-
ment and the new distribution model.
• the evolution of the exchange rate (35.1 mEUR), mainly related to the evolution of the goodwill in USD;
• partially compensated by depreciation and impairment amounting to 42.7 mEUR.
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consid-
eration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquired entity.

120
Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets ac-
quired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Goodwill is allocated to each of the group’s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment
of assets.
PERSO-
E-LO-
BELGIUM
NALISED
E-LO-
GISTICS
LAST PARCELS
LOGIS- RADIAL ACTIVE
GISTICS
NORTH
IN MILLION EUR
MILE PRESS BENE
TICS EUROPE ANTS
EURASIA
AMERICA OTHER TOTAL
BALANCE AT 1 JANUARY 2021
0.0 21.9 38.3 0.0 0.0 0.0 57.0 463.5 1.5 582.2
Transfer 54.7 (21.9) (38.3) 20.0 13.4 29.9 (57.0) 0.0 (0.9) 0.0
Exchange rate difference 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37.7 0.0 37.7
BALANCE AT 31 DECEMBER 2021
54.7 0.0 0.0 20.0 13.4 29.9 0.0 501.2 0.7 619.7
PERSO-
E-LOGISTICS
BELGIUM
NALISED RADIAL CROSS
NORTH
IN MILLION EUR LAST MILE
LOGISTICS EUROPE ACTIVE ANTS BORDER
AMERICA OTHER TOTAL
BALANCE AT 1 JANUARY 2022
54.7 20.0 13.4 29.9 0.0 501.2 0.7 619.7
Acquisitions 22.3 0.0 0.0 0.0 20.2 0.0 0.0 42.5
Disposals 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Impairment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Transfer 0.0 (2.0) 0.0 0.0 2.7 0.0 (0.6) 0.0
Exchange rate difference 0.0 0.0 (0.1) 0.0 (0.0) 29.4 0.0 29.3
BALANCE AT 31 DECEMBER 2022
77.0 17.9 13.3 29.9 22.9 530.6 0.0 691.6
The increase of the goodwill from 619.7 mEUR to 691.6 mEUR is on the one hand due to the goodwill recognized related to the purchase of IMX
and Aldipress and on the other hand the evolution of the exchange rate.
Following the new 2022 organizational structure of bpostgroup with the new operating segments Belgium, E-Logistics Eurasia and E-Logistics
North America, the cash generating units were reorganized end 2021 to reflect the lowest group of assets generating independent cash
inflows.
In line with the strategy to transform the Belgium activities to a parcels based model integrating domestic mail, the goodwill related to the
last mile delivery of parcels in Belgium (part of CGU Parcels BeNe) and CGU Press was transferred to CGU Belgium Last Mile (54.7 mEUR) in
2021. The goodwill related to the acquisition of Aldipress in 2022 was allocated to the CGU Belgium Last Mile.
To support the growth strategy of operating segment E-Logistics Eurasia, CGU E-Commerce logistics Europe & Asia was reorganized in 2021
in 3 CGU’s with goodwill: Radial Europe (13.4 mEUR), Active Ants (29.9 mEUR) and Personalised Logistics (20.0 mEUR). The latter includes the
delivery of parcels in the Netherlands which was part of CGU Parcels BeNe in the old structure. The combination of the assets in Personalised
Logistics creates the smallest group of assets generating independent cash inflows supporting the new strategy of personalised logistics;
added value delivery services supported by technical know-how. The goodwill is reallocated using a relative value approach.
The goodwill related to the acquisition of IMX in 2022 was allocated to the CGU Cross-border, which provides inbound, outbound and import
services (custom duties) for parcels in Europe & Asia and for international mail worldwide.
Goodwill is not amortized but is tested for impairment on an annual basis (December). For the purpose of impairment testing, goodwill is
allocated to each of the group’s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of assets.
The test consists of comparing the carrying amount of the assets (or group) of the CGUs with their recoverable amount.
The recoverable amounts are based on the value in use. The latter equals the present value of the future cash flows expected to be derived
from each CGU or group of CGUs and is determined using the following inputs:
• most recent business plan and budgets, including detailed planning for EBITDA, net working capital and investment planning via capital
expenditure or leasing, which covers a five year period;
• consideration of a terminal value determined from the cash flows obtained by extrapolating the cash flows of the last year of the business
plan referred to above, affected by a long-term growth rate deemed appropriate for the activity and the location of the assets;
• discounting of expected cash flows at a rate determined using the weighted average cost of capital formula.

121
The assumption for which the recoverable amounts is the most sensitive for all CGU’s tested is the EBITDA. The key assumption (EBITDA) in
the budgets is based on past experiences adapted for changing market conditions. The EBITDA is the result of volume evolutions, price evo-
lution and cost improvement projects along with new value added services following the judgement and estimates made by management in
developing the budgets and forecasts for the coming years.
The discount rate is estimated based on an extensive benchmarking with peers, so as to reflect the return investors would require if they were
to choose an investment in the underlying assets. The peer group was divided into mail-related peers and parcels-related peers. Besides
this, the different economic environment was also factored in the determination of the weighted average cost of capital (WACC). Driven by an
increase of costs of debt, discount rates are above the ones applied during last year’s testing.
The long-term growth rate was set at 0% for mail activities, 1% for last mile delivery and 2% for parcels activities and e-commerce logistics.
The growth rates were determined based on internal expectations (same assumptions as for EBITDA evolution) and external sources and are
consistent with real growth figures and expectations for the relevant sectors in which the CGUs operate and take into consideration the long-
term inflation for Europe and United States.
The discount rates and the growth rates for the CGUs with material goodwill are shown in the following table:
DISCOUNT RATES GROWTH RATES
2022 2021 2022 2021
Belgium Last mile 6.6% 6.4% 1% 1%
Personalised logistics 8.3% 7.1% 2% 2%
Radial Europe 8.3% 7.1% 2% 2%
Active Ants 8.3% 7.1% 2% 2%
Cross-border 8.3% 7.1% 1% 1%
E-logistics North America 9.9% 8.4% 2% 2%
The impairment tests performed at CGU level did not lead to any impairment of assets, as the recoverable amounts of the (groups of) CGUs
were significantly higher than their carrying amounts. More specifically, the difference between the CGUs’ carrying amount and their value in
use (headroom) represents in all cases at least more than 100% of their carrying amount. As such, a reasonable change in a key assumption on
which the recoverable amount of the CGUs is based, would not result in an impairment loss for the related CGUs.
In this respect, for e-Logistics North America and Belgium Last Mile which are 2 CGU’s with material goodwill and which represent 92% of the
total amount of goodwill, the worst case sensitivity analysis below still leads to enough headroom. The sensitivity of the recoverable amount
to changes in the key assumption, long-term growth rate and discount rate is shown in the following table:
E-LOGISTICS NORTH AMERICA BELGIUM LAST MILE
Sensitivity to long-term growth rate -1% -8.4% -11.8%
Sensitivity to long-term growth rate +1% 10.8% 16.9%
Sensitivity to discount rate -0.5 % 7.0% 9.7%
Sensitivity to discount rate +0.5 % -6.2% -8.1%
Sensitivity to EBITDA margin -1.0 % -12.1% -10.2%
Sensitivity to EBITDA margin +1.0 % 12.1% 10.2%
6.20 Shares in equity
In 2022 bpost took a minority stake (5% of the shares for 0.1 mEUR) in b2boost, a Belgian company specialized in digitizing B2B data pro-
cesses. The share purchase and shareholders’ agreement furthermore foresees for bpost the option to buy the remaining 95% of the shares
through a call option or sell back the 5% shares through a put option. Joining forces with b2boost is bpost’s response to the growing market
demand for digital data interchange and process automation. b2boost has created a platform that provides a complete solution for the legal-
ly-compliant digitization of invoices and automation of supply chain messages (and other protocols).
bpost elected to classify at initial recognition these shares in equity at fair value through other comprehensive income as they are not held for
a purpose of trading but acquired with a long-term strategic view.

122
6.21 Investment in associates and joint ventures
IN MILLION EUR 2022 2021
BALANCE AT 1 JANUARY
0.0 0.1
Share of results 0.0 (0.0)
BALANCE AT 31 DECEMBER
0.1 0.0
Investment in associates and joint ventures relates to the joint venture Jofico CV.
6.22 Trade and other receivables
As at 31 December
IN MILLION EUR 2022 2021
Contract costs – assets recognized to obtain or fulfil a contract
8.9 4.7
2.0 0.0
Receivable related to the sale of Ubiway Retail
0.0 2.3
Receivable related to the sale of The Mail Group
10.3 7.7
Long-term guarantees
5.6 4.8
Subleases
6.2 4.4
Other receivables
NON-CURRENT TRADE AND OTHER RECEIVABLES
33.0 23.9
On August 5, 2021, bpost US Holdings signed an agreement with Architect Equity for the sale of the Mail Group (IMEX Global Solutions LLC,
M.A.I.L. Inc and Mail Services Inc.). As part of the transaction, bpost US Holdings issued a subordinated seller note to Mail Services Inc,
amounting to 2.5 mUSD. As in 2022 a part of the due amount was not redeemed, the total seller note of 2.5mUSD was fully reserved for and
adjusted.
As at 31 December
IN MILLION EUR 2022 2021
Trade receivables 656.9 614.4
Terminal dues 214.0 215.8
Tax receivables, other than income tax 6.6 4.6
Loan to associate 0.0 25.0
Contract costs – assets recognized to obtain or fulfil a contract 3.5 3.3
Other receivables 60.3 49.3
CURRENT TRADE AND OTHER RECEIVABLES
941.3 912.4
As at 31 December
IN MILLION EUR 2022 2021
Accrued income
7.2 8.3
41.3 36.8
Deferred charges
11.8 4.3
Other receivables
CURRENT – OTHER RECEIVABLES
60.3 49.3

123
Current trade and other receivables increased by 28.9 mEUR to 941.3 mEUR (2021: 912.4 mEUR), mainly due to the increase of the trade
receivables by 42.5 mEUR and partially offset by the reimbursement of the loan by bpost bank (25.0 mEUR) on January 3, 2022 in line with the
finalization of the transaction in which BNPPF acquired the 50% shares of bpost in bpost bank.
Tax receivables relate to the outstanding VAT amounts to be received.
Trade and other receivables are mainly short-term. The carrying amounts are considered to be a reasonable approximation of the fair value.
In terms of risk management, bpost applies a simplified approach in calculating ECL’s for trade and terminal dues receivables. Therefore,
bpost recognises a loss allowance based on lifetime ECLs at each reporting date and has established a provision matrix that is based on its
historical credit loss experience. The loss allowance amounted to 29.0 mEUR in 2022 compared to 22.0 mEUR in 2021. See note 6.30 Financial
instruments and financial risk management.
6.23 Inventories
As at 31 December
IN MILLION EUR 2022 2021
Raw materials 5.4 4.9
Finished products 3.9 5.2
Goods purchased for resale 16.3 11.5
Reductions in value (1.1) (0.9)
INVENTORIES
24.5 20.7
Inventories increased by 3.8 mEUR mainly due to the integration of Aldipress, partially compensated by a decrease of the stock of uniforms of
postmen.
Raw materials include consumables, i.e. materials used for printing purposes. Finished products are stamps available for sale. Goods pur-
chased for resale mainly include post cards, supplies for resale and press distribution inventory.
6.24 Cash and cash equivalents
As at 31 December
IN MILLION EUR 2022 2021
Cash in postal network 143.9 149.9
Transit accounts 65.8 44.9
Cash payment transactions under execution (24.0) (28.4)
Bank current accounts 680.6 578.6
Short term deposits 184.7 162.6
CASH AND CASH EQUIVALENTS
1,051.0 907.5
Cash and cash equivalents increased by 143.5 mEUR, this increase was driven by the net cash inflow from operating activities (422.4 mEUR).
This increase was offset by the net cash outflow of investing activites (19.2 mEUR), as the sale of bpost bank almost offsets the capex and by
the net cash outflow of investing activities (262.1 mEUR), amongst other due to the payment of dividends in 2022 (98.5 mEUR).
Short-term deposits consists of deposit accounts and term deposits predominantly made by bpost SA/NV with its banks. These investments
of the total amount of each term contract can be withdrawn in less than 3 months through a formal notification to the bank.
Note furthermore that bpost also has two undrawn revolving credit facilities for a total amount of 375.0 mEUR, see note 6.32 “rights and
commitments”.

124
6.25 Interest-bearing loans and borrowings
2021
NON-CASH FLOW CHANGES
DISPOSAL
FOREIGN
THROUGH
EXCHAN-
REAS-
BUSINESS
TRANS-
CASH
GE MOVE-
SESS-
COMBINA- TRANS-
FER TO
IN MILLION EUR 2020 FLOWS
MENT ADDITION
MENT DISPOSAL
TIONS FER
AHFS OTHER 2021
Bank loans 159.9 0.0 12.6 0.0 0.0 0.0 0.0 (9.1) 0.0 (0.0) 163.3
Long-term bond 643.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 644.8
Other loans 0.0 0.0 (0.1) 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0
Non-Current Lease liabilities 361.5 0.0 9.0 155.6 66.2 (13.0) (3.3) (117.8) (12.1) 7.0 453.1
NON CURRENT INTEREST-
1,165.0 0.0 21.5 155.6 66.2 (13.0) (3.2) (126.9) (12.1) 8.1 1,261.2
BEARING LOANS AND
BORROWINGS
NON-CASH FLOW CHANGES
DISPOSAL
FOREIGN
THROUGH
EXCHAN-
REAS-
BUSINESS
TRANS-
CASH
GE MOVE-
SESS-
COMBINA- TRANS-
FER TO
IN MILLION EUR 2020 FLOWS
MENT ADDITION
MENT DISPOSAL
TIONS FER
AHFS OTHER 2021
Bank loans 9.1 (9.1) 0.0 0.0 0.0 0.0 0.0 9.1 0.0 0.0 9.1
Commercial papers 165.0 (165.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other loans 0.2 1.7 (0.1) 0.0 0.0 0.0 (1.8) 0.0 0.0 0.0 0.0
Current Lease liabilities 103.9 (125.2) 2.8 10.3 1.4 (0.1) (1.6) 117.8 (5.9) 3.8 107.3
CURRENT INTEREST-BEARING
278.2 (297.6) 2.7 10.4 1.4 (0.1) (3.4) 126.9 (5.9) 3.8 116.4
LOANS AND BORROWINGS
2022
NON-CASH FLOW CHANGES
DISPOSAL
FOREIGN
THROUGH
EXCHAN-
REAS-
BUSINESS
TRANS-
CASH
GE MOVE-
SESS-
COMBI- TRANS-
FER TO
IN MILLION EUR 2021 FLOWS
MENT ADDITION
MENT DISPOSAL
NATIONS FER
AHFS OTHER 2022
Bank loans 163.3 0.0 10.1 0.0 0.0 0.0 0.0 (173.4) 0.0 0.0 0.0
Long-term bond 644.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 646.0
Other loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-Current Lease liabilities 453.1 0.0 10.2 161.4 68.1 (12.8) 3.6 (160.8) 0.0 12.0 534.9
NON CURRENT INTEREST-
1,261.2 0.0 20.3 161.4 68.1 (12.8) 3.6 (334.3) 0.0 13.2 1,180.9
BEARING LOANS AND
BORROWINGS
Non-current interest-bearing loans and borrowings decreased by 80.4 mEUR to 1,180.9 mEUR as the 185.0 mUSD term loan has been trans-
ferred from non-current to current interest-bearing loans and borrowings as this loan is due to within the year. This decrease was partially
offset by the increase of the lease liabilities. All movements related to additions and lease details are explained in note 6.16.

125
NON-CASH FLOW CHANGES
DISPOSAL
FOREIGN
THROUGH
EXCHAN-
REAS-
BUSINESS
TRANS-
CASH
GE MOVE-
SESS-
COMBI- TRANS-
FER TO
IN MILLION EUR 2021 FLOWS
MENT ADDITION
MENT DISPOSAL
NATIONS FER
AHFS OTHER 2022
Bank loans 9.1 (13.1) 0.0 0.0 0.0 0.0 4.0 173.4 0.0 0.0 173.4
Commercial papers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.2)
Current Lease liabilities 107.3 (137.0) 1.9 0.5 0.0 (0.1) 0.3 160.8 0.0 0.1 134.1
CURRENT INTEREST-BEARING
116.4 (150.1) 1.9 0.5 0.0 (0.1) 4.3 334.3 0.0 0.1 307.3
LOANS AND BORROWINGS
Current interest-bearing loans and borrowings increased by 190.9 mEUR to 307.3 mEUR, mainly explained by the transfer of the 185.0 mUSD
term loan from non-current to current interest-bearings loans and borrowings. Within note 6.30, section interest rate risks the terms and
conditions of the interest-bearing loans and borrowings are disclosed.
In 2022 the last payment (9.1 mEUR) related to the loan of the European Investment Bank (“EIB”) has been performed. In 2007 bpost took out
a 100.0 mEUR loan with floating interest rate from the EIB.
Note that the total of the columns “cash flow” mentioned in the table above amounted to -150.1 mEUR, while “the net flows related to borrow-
ings and lease liabilities” (ie cash flow from financing activities excluding dividends paid) in the consolidated statement of cash flow amount-
ed to -163.6 mEUR. The difference of -13.5 mEUR was mainly due to the interests on the term loan and the yield of bond booked on the trade
and other payable accounts, hence are not being disclosed in this note.
Note furthermore that bpost also has two undrawn revolving credit facilities for a total amount of 375.0 mEUR, see note 6.32 “rights and
commitments”.
There are no convenants on the loans.
6.26 Employee benefits
bpost grants its active and retired personnel post-employment benefits, other long term benefits and termination benefits. These benefit
plans have been valued in conformity with IAS 19. Some of them originate from measures negotiated in the framework of Collective Labor
Agreements (“CLA”). The benefits granted under these plans differ depending on the categories of bpost’s employees: civil servants (also
known as statutory employees) and contractual employees. It should also be mentioned that bpost NV/SA has 3 types of contractual employ-
ees: pay scale contractual employees, non-pay scale contractual employees and logistic and postal workers .
The employee benefits are as follows:
As at 31 December
IN MILLION EUR 2022 2021
Post-employment benefits (note 6.25.1) 17.3 23.3
Other long-term benefits (note 6.25.2) 217.7 266.2
Termination benefits (note 6.25.3) 9.2 8.7
TOTAL
244.2 298.2
Net of the deferred tax assets related to them, employee benefits amount to 240.1 mEUR (2021: 279.1 mEUR).
As at 31 December
IN MILLION EUR 2022 2021
Employee benefits 244.2 298.2
Deferred tax assets impact (4.1) (19.2)
EMPLOYEE BENEFITS NET OF DEFERRED TAX
240.1 279.1

126
The net liability for employee benefits comprises the following:
As at 31 December
IN MILLION EUR 2022 2021
Present value of total obligations 305.7 384.7
Fair value of plan assets (61.5) (86.5)
Present value of net obligations 244.2 298.2
NET LIABILITY
244.2 298.2
Employee benefits amounts in the statement of financial position
Liabilities 244.2 298.2
NET LIABILITY
244.2 298.2
The changes in the present value of the obligations are as follows:
IN MILLION EUR 2022 2021
Present value at 1 January 384.7 408.5
Service cost 29.0 27.3
-Current service cost 29.0 27.3
Net interest 3.1 1.6
Benefits paid (33.8) (32.4)
Remeasurement (gains)/losses in P&L (45.4) (13.0)
-Actuarial (gains)/losses (45.4) (13.0)
Remeasurement (gains)/losses in OCI (32.0) (7.2)
-Actuarial (gains)/losses (32.0) (7.2)
DEFINED BENEFIT OBLIGATION AT 31 DECEMBER
305.7 384.7
The fair value of the plan assets can be reconciled as follows:
IN MILLION EUR 2022 2021
Fair value of plan assets at 1 January (86.5) (88.5)
Contributions by employer (32.9) (33.2)
Contributions by employee (1.6) (1.6)
Benefits paid 33.8 32.4
Interest (income)/cost on assets (P&L item) (0.9) (0.6)
Actuarial (gains)/losses on assets (OCI item) 26.7 5.0
FAIR VALUE OF PLAN ASSETS AT 31 DECEMBER
(61.5) (86.5)
The plan assets relate to the group insurance’s benefit in accordance with IAS 19. These plan assets are held by a third party insurance com-
pany, and are composed of the reserves accumulated from the employer and employee contributions (insured contracts with a guaranteed
return).

127
2022 changes in the defined benefit obligation and fair value of plan assets:
DEFINED BENEFIT FAIR VALUE OF PLAN
IN MILLION EUR OBLIGATION ASSETS NET LIABILITY
1 JANUARY 2022
384.7 (86.5) 298.2
Service cost 29.0 29.0
Contributions by employee (1.6) (1.6)
Actuarial (gains)/losses reported as operating 1.9 1.9
Subtotal included in Payroll P&L (note 6.12) 30.9 (1.6) 29.3
Interest cost 3.1 3.1
Interest (income)/cost on assets (P&L item) (0.9) (0.9)
Actuarial (gains)/losses reported as financial (47.2) (47.2)
Subtotal included in Financial P&L (note 6.13) (44.1) (0.9) (45.0)
Benefits paid (33.8) 33.8 0.0
Contributions by employer (32.9) (32.9)
SUBTOTAL CASH FLOWS STATEMENT
(47.0) (1.7) (48.7)
Remeasurement (gains)/losses in OCI (32.0) 26.7 (5.3)
31 DECEMBER 2022
305.7 (61.5) 244.2
The expense recognized in the income statement is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Service cost 27.4 25.6
-Current service cost 27.4 25.6
Net interest 2.2 1.1
Remeasurement (gains)/losses (45.4) (13.0)
- Actuarial (gains)/losses reported as financial (47.2) (8.2)
- Actuarial (gains)/losses reported as operating 1.9 (4.9)
NET EXPENSE
(15.8) 13.7
As regards to post-employment benefits, actuarial gains and losses (both financial and operating) are recognized in other comprehensive
income. While, actuarial gains and losses (both financial and operating) on other long-term benefits and termination benefits are recognized
immediately in the income statement. Net interest and financial actuarial gains and losses are presented in financial costs. Service cost and
operating actuarial gains and losses are presented in payroll costs.
The impact on payroll costs and financial costs in the income statement is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Payroll costs 29.3 20.8
Financial costs (45.0) (7.1)
NET EXPENSE
(15.8) 13.7
The expense recognized in the other comprehensive income is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Remeasurement gains/(losses) (5.3) (2.2)
- Actuarial (gains)/losses (5.3) (2.2)
NET EXPENSE
(5.3) (2.2)

128
The main assumptions used in computing the benefit obligations at the statement of financial position date are the following:
2022 2021
Rate of inflation First year : 6% 2.0%
Years after : 2.5%
Future salary increase < 40 yo : Inflation + 1.5% Merit 3.0%
[40-50] yo : Inflation +1.0% Merit
> 50 yo : Inflation + 0.5% Merit
Medical cost trend rate 5.0% 5.0%
Mortality tables MR/FR-2 MR/FR-2
The discount rates have been determined by reference to market yields at the statement of financial position date. The discount rates used in
2022 range from 3.25% to 3.90% (2021: -0.30% to 1.10%):
BENEFIT DURATION DISCOUNT RATE NET LIABILITY
2022 2021 2022
Family allowances 5.5 3.85% 0.65% 11.8
Bank 12.1 3.75% 1.10% 1.7
Funeral expense 6.4 3.85% 0.80% 1.9
Gratification from 10.9 to 12.4 from 3.85% to 3.90% from 0.90% to 1.00% 1.3
Group insurance from 10.2 to 18.0 from 3.75% to 3.85% from 0.95% to 1.10% 0.6
Accumulated compensated absences 2.7 3.65% -0.05% 14.9
Workers compensation in case of 10.2 3.75% 0.95% 98.8
accidents
Medical expenses in case of 13.6 3.75% 1.10% 6.7
accidents
Pension saving days 7.9 3.85% 0.85% 80.0
Jubilee Premiums from 5.4 to 6.7 from 3.80% to 3.90% from 0.60% to 0.75% 0.9
DSPR/DVVP for Job Mobility Center 7.5 3.90% 0.85% 12.1
Part-time regime (54+) from 0.9 to 2.7 3.60% 0.10% 4.1
Early retirement scheme from 0.5 to 1.6 from 3.25% to 3.45% from -0.30% to -0.15% 9.2
The average duration of the defined benefit plan obligation at the end of 2022 is 9.0 years (2021: 11.0 years).
A quantitative sensitivity analysis for significant assumptions at December 31, 2022 has been determined based on a method that extrap-
olates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting
period.
This sensitivity analysis is outlined here below:
MORTALITY MEDICAL
DISCOUNT RATE TABLE MR/FR TREND RATE INFLATION
DECREASE
IN MILLION EUR 50 BP INCREASE 50 BP DECREASE BY 1 YEAR 100 BP INCREASE 50 BP INCREASE 50 BP DECREASE
Impact on defined benefit obligation (12.8) 13.9 3.9 0.9 7.7 (7.3)
(decrease)/increase

129
6.26.1 Post-employment
Post-employment benefits include family allowances, bank costs, funerary costs, retirement gifts and Belgian group insurances.
Family allowances
bpost NV/SA civil servants (both active and pensioner) with dependents (youngsters and disabled) receive a family allowance from Office
National d’Allocations Familiales pour Travailleurs Salariés (ONAFTS) – Rijksdienst voor Kinderbijslag voor Werknemers (RKW). The financing
methodology of family allowances for civil servants has changed due to a law change (law of 19 December 2014). As a consequence, bpost as a
public institution pays a contribution that is defined by a program law. The amount is adapted each year proportionally to the number of civil
servants (full time equivalents) and is subject to inflation.
Bank
bpost NV/SA civil servants and contractual employees (both active and pensioner) can benefit from a reduction of the fees charged on the
current account as well as favorable interest rates and/or reductions on savings certificates, investment funds, insurances and loans.
Group Insurance
bpost offers to its active contractual employees (under certain conditions such as the function level) a group insurance benefit. Since the
introduction of the WAP/LPC legislation in Belgium these plans have the characteristics of a defined benefit plan under IAS 19.
The employer is legally required to guarantee a certain return on the plan assets. Before the change in the WAP/LPC law end of 2015, bpost
had to provide the legal minimum return of 3.25% on employer contributions (after costs on premiums) and 3.75% on employee contribu-
tions. The legal minimum return on employer contributions is a “career average” return and not a year-by-year return where the legal mini-
mum on the employee contributions should be granted on a year-by-year basis.
Although there is still no full clarity on the approach, new legislation dated December 2015 brought more clarification on the minimum guar-
anteed return. The uncertainty with respect to the future evolution of the minimum guaranteed rates of return in Belgium has been removed
with the change in the WAP/LPC law end of December 2015. As from 2016, the minimum return for future contributions is equal to the average
past 24 months return on 10-year linear bonds with a minimum of 1.75% p.a.
Although there is no full consensus in the market concerning the methodology, in 2018 the underlying methodology used for IAS 19 ac-
counting of these defined contribution plans has been finetuned taken into account the evolution in methodologies in the market based on
new insights. bpost continues to use the PUC methodology but without projection of future contributions and salaries as the plans are not
backloaded (contributions do not increase with age). The only reason why contributions may materially increase at a later stage of a career is
linked to salary increases being higher than indexations in step rate plans. bpost applies paragraph 115 of IAS 19. The assets and liabilities are
determined taking into account contractual interest guarantees on mathematical reserves, guaranteed by the insurance company. Applying
paragraph 115 may result in higher assets when guaranteed interest rates are higher than the discount rates, resulting in a lower net liability.
The net liability for employee post-employment benefits comprises the following:
As at 31 December
IN MILLION EUR 2022 2021
Present value of total obligations 78.8 109.8
Fair value of plan assets (61.5) (86.5)
Present value of net obligations 17.3 23.3
NET LIABILITY
17.3 23.3
Employee benefits amounts in the statement of financial position
Liabilities 17.3 23.3
NET LIABILITY
17.3 23.3

130
The changes in the present value of the obligations are as follows:
IN MILLION EUR 2022 2021
Present value at 1 January 109.8 115.3
Service cost 11.1 11.7
-Current service cost 11.1 11.7
Net interest 1.1 0.6
Benefits paid (11.2) (10.5)
Remeasurement (gains)/losses in P&L 0.0 0.0
-Actuarial (gains)/losses 0.0 0.0
Remeasurement (gains)/losses in OCI (32.0) (7.2)
-Actuarial (gains)/losses (32.0) (7.2)
DEFINED BENEFIT OBLIGATION AT 31 DECEMBER
The fair value of the plan assets is presented as follows:
IN MILLION EUR 2022 2021
Fair value of plan assets at 1 January (86.5) (88.5)
Contributions by employer (10.3) (11.3)
Contributions by employee (1.6) (1.6)
Benefits paid 11.2 10.5
Interest (income)/cost on assets (P&L item) (0.9) (0.6)
Actuarial (gains)/losses on assets (OCI item) 26.7 5.0
FAIR VALUE OF PLAN ASSETS AT 31 DECEMBER
The expense recognized in the income statement is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Service cost 9.5 10.0
-Current service cost 9.5 10.0
Net interest 0.1 0.0
Remeasurement (gains)/losses 0.0 0.0
- Actuarial (gains)/losses reported as financial 0.0 0.0
- Actuarial (gains)/losses reported as operating 0.0 0.0
NET EXPENSE
The impact on payroll costs and financial costs is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Payroll costs 9.5 10.0
Financial costs 0.1 0.0
NET EXPENSE
78.8 109.8
(61.5) (86.5)
9.6 10.1
9.6 10.1

131
The expense recognized in other comprehensive income is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Remeasurement (gains)/losses (5.3) (2.2)
- Actuarial (gains)/losses (5.3) (2.2)
NET EXPENSE
(5.3) (2.2)
6.26.2 Other long-term employee benefits
Other long-term employee benefits include accumulated compensated absences, pension saving days, part-time benefits, worker compensa-
tion in case of accident, medical expenses in case of accident, jubilee premiums and DSPR/DVVP for Job Mobility Center.
Accumulated Compensated Absences
bpost NV/SA civil servants are entitled to 21 sick-days per year. During these 21 days and if they have received the appropriate note from a
doctor, they receive 100% of their salary. If in any given year, a civil servant is absent less than 21 days, the balance of the unused sickness
days is carried over to the following years up to a maximum of 63 days (see section Pension saving days hereinafter). Employees who are ill
for more than 21 days during a year will first use up the year’s allotment and then use the days carried over from previous years as per their
individual account. During this period, they will receive their full salary. Once the allotment of the year and the days carried over are used up,
they receive reduced payments.
Both the full salary paid under the “sick-days” scheme and the reduced payments beyond that are costs incurred by bpost.
There was no modification to the calculation methodology compared to 2021. The valuation is based on the future “projected payments /
cash outflows”. The cash outflows are calculated for the totality of the population considered, based on a certain consumption pattern, de-
rived from the statistics over the 12 months of 2022. The individual notional accounts are projected for the future and decreased by the actual
number of days of illness.
The annual payment is the number of days used (and limited by the number of days in the savings account) multiplied by the difference be-
tween the projected salary (increased with social charges) at 100% and the reduced payments. The relevant withdrawal and mortality rates
have been applied together with the discount rate applicable to the duration of the benefit.
Pension saving days
bpost NV/SA civil servants have the possibility to convert the unused sick days above the 63 days in their “notional” account (see above
“Accumulated Compensated Absences“ benefit) in pension saving days (7 sick days per 1 pension saving day) and to convert each year a max-
imum of 3 days of extra-legal holidays. bpost NV/SA pay scale contractual employees with a permanent contract are entitled to a maximum of
2 pension saving days per year and have the possibility to convert each year a maximum of 3 days of extra-legal holidays. The pension saving
days are accumulated year over year and can be used as from the age of 50.
The methodology of valuation is based on the same approach as the benefit “Accumulated Compensated Absences“. The valuation is based
on the future “projected payments / cash outflows”. These are calculated for the totality of the population considered, based on a certain
“consumption” pattern, derived from the statistics over the 12 months of 2022, as provided by the human resources department. The individ-
ual “pension saving days” accounts are projected per person and decreased by the actual number of used pension saving days.
The annual payment is the number of pension saving days used multiplied by the projected daily salary (increased with social charges,
holiday pay, end of year premium, management and integration premium). The relevant withdrawal and mortality rates have been applied
together with the discount rate applicable to the duration of the benefit.
Part-time regime (54+)
The regulatory framework regarding part-time regime for bpost employees (plans accessible to civil servants and pay scale contractual em-
ployees only) is as follows:
• Framework Agreement of December 20, 2012: partial (50%) career interruption is accessible to the distributors aged 54 and older and to the
other employees as from 55 years old. bpost NV/SA makes contributions equal to 7.5% of the gross annual salary for a maximum period of
72 months for the distributors and 48 months for the other beneficiaries of the plan.
• Framework Agreement of May 22, 2014: (i) the plan approved in 2012 and accessible to the distributors is extended to the employees work-
ing during night and (ii) for the other employees, the plan is accessible as from 55 years old. bpost NV/SA makes contributions equal to 7.5%
of the gross annual salary for a maximum period of 72 months for the night workers and 48 months for the other beneficiaries of the plan.

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• Framework Agreement of June 2, 2016 (valid until December 2016): (i) the plan approved in 2012 for distributors and extended in 2014 to
employees working during night is also applicable for collect agents and (ii) for the other employees, the plan is accessible as from 57 years
old. bpost NV/SA makes contributions equal to 7.5% of the gross annual salary for a maximum period of 72 months for the collect agents
and 48 months for the other beneficiaries of the plan.
• Framework Agreement of September 30, 2016: (i) for the distributors, collect agents and the employees working during night, the plan is
accessible as from 55 years old and (ii) for the other employees, the minimum age required is 57 years old. bpost NV/SA makes contribu-
tions equal to 7.5% of the gross annual salary for a maximum period of 72 months for the night workers, distributors and collect agents and
48 months for the other beneficiaries of the plan. This plan is extended until December 2022 following the Framework Agreement of June
17, 2021.
Workers Compensation in case of Accident
Until October 1, 2000, bpost NV/SA was self-insured for injuries at the workplace and on the way to and from the workplace. As a result, all
compensations to workers for accidents which occurred before October 1, 2000 are incurred and financed by bpost itself.
Since October 1, 2000, bpost NV/SA has contracted insurance policies to cover such risk.
DSPR/DVVP for Job Mobility Center
The Framework Agreement of September 30, 2016 defined a Dispense Précédant la Retraite/ Dienstvrijstelling voorafgaand aan de
Pensionering (DSPR/DVVP) plan for the Job Mobility Center. This plan foresees for an indefinite duration that bpost NV/SA civil servants aged
as from 61 years old who are attached to the Job Mobility Center and who are still attached to it after a period of one year will be released
from service. bpost NV/SA continues to pay to the beneficiaries 70% of their salary at departure and until they reach retirement age, with a
maximum of 5 years.
The net liability for other long-term benefits comprises the following:
As at 31 December
IN MILLION EUR 2022 2021
Present value of total obligations 217.7 266.2
Fair value of plan assets 0.0 0.0
Present value of net obligations 217.7 266.2
NET LIABILITY
217.7 266.2
Employee benefits amounts in the statement of financial position
Liabilities 217.7 266.2
NET LIABILITY
217.7 266.2
The changes in the present value of the obligations are as follows:
IN MILLION EUR 2022 2021
Present value at 1 January 266.2 283.4
Service cost 12.7 11.2
- Current service cost 12.7 11.2
Net interest 2.1 1.0
Benefits paid (18.3) (17.5)
Remeasurement (gains)/losses in P&L (45.1) (11.9)
- Actuarial (gains)/losses (45.1) (11.9)
Remeasurement (gains)/losses in OCI 0.0 0.0
- Actuarial (gains)/losses 0.0 0.0
DEFINED BENEFIT OBLIGATION AT 31 DECEMBER
217.7 266.2
The expense recognized in the income statement is presented hereafter:

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As at 31 December
IN MILLION EUR 2022 2021
Service cost 12.7 11.2
- Current service cost 12.7 11.2
Net interest 2.1 1.0
Remeasurement (gains)/losses (45.1) (11.9)
- Actuarial (gains)/losses reported as financial (47.1) (8.2)
- Actuarial (gains)/losses reported as operating 1.9 (3.7)
NET EXPENSE
(30.3) 0.3
The impact on payroll costs and financial costs is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Payroll costs 14.7 7.4
Financial costs (45.0) (7.1)
NET EXPENSE
(30.3) 0.3
6.26.3 Termination benefits
Early Retirement scheme
The bpost NV/SA early retirement plan is overed by the Framework Agreement of September 30, 2016 and accessible to civil servants under
The bpost NV/SA early retirement plan is covered by the Framework Agreement of September 30, 2016 and accessible to civil servants under
certain conditions of age, seniority and service organization. bpost NV/SA continues to pay to the beneficiaries 75% of their salary at depar-
ture and until they reach retirement age, with a maximum of 5 years. This plan has an indefinite duration.
The AMP retirement plans are as follows :
• In 2011, a first plan of early retirement had been announced in the framework of a restructuring under the procedure Renault. The plan was
accessible for people with a minimum age of 55 year and will end in 2021. AMP pays on monthly base an indemnity till the moment of the
legal retirement. The payment corresponds to 80% of the difference between : (the last net salary * 14.92) /12 and the social allowance. The
plan was presented to the Works Council on September 22, 2011 and was open until September 22, 2013.
• A second plan of early retirement had been announced in 2014 in the framework of a restructuring under the procedure Renault. The plan
was accessible for people with a minimum age of 55 year and will end in 2024. AMP pays on monthly base an indemnity till the moment of
the legal retirement. The payment corresponds to 80% of the difference between : (the last net salary * 14.92) /12 and the social allowance.
The plan was presented to the Works Council on May 22, 2014 and was open until September 09, 2016.
• Given the economic and financial challenges, a concept of soft exit for employees with a financial incentive has been put in place.
Employees older than 55 year could opt for a part-time career interruption in combination with early legal retirement or early legal
retirement. During the career interruption, the employee receives a monthly additional premium and a one-off premium when they reach
the early retirement age (24,000 EUR for day workers and 38,000 EUR for night workers). Employees above 59 years, opting for early legal
retirement receive the one-off premium as well. The plan was presented to the Works Council on September 16, 2020 and was open until
December 31, 2020. A second plan was presented to the Works Council in 2022 and is open until June 2023.
The employee benefit related to the early retirement schemes gives rise to a liability because (i) the employment is terminated before the
normal retirement age and (ii) it is the employee’s decision to accept the offer made by the company in exchange.

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The net liability for termination benefits comprises the following:
As at 31 December
IN MILLION EUR 2022 2021
Present value of total obligations 9.2 8.7
Fair value of plan assets 0.0 0.0
Present value of net obligations 9.2 8.7
NET LIABILITY
9.2 8.7
Employee benefits amounts in the statement of financial position
Liabilities 9.2 8.7
NET LIABILITY
9.2 8.7
The changes in the present value of the obligations are as follows:
IN MILLION EUR 2022 2021
Present value at 1 January 8.7 9.8
Service cost 5.2 4.5
-Current service cost 5.2 4.5
Net interest 0.0 0.0
Benefits paid (4.4) (4.4)
Remeasurement (gains)/losses in P&L (0.2) (1.1)
-Actuarial (gains)/losses (0.2) (1.1)
Remeasurement (gains)/losses in OCI 0.0 0.0
-Actuarial (gains)/losses 0.0 0.0
DEFINED BENEFIT OBLIGATION AT 31 DECEMBER
9.2 8.7
The expense recognized in the income statement is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Service cost 5.2 4.5
-Current service cost 5.2 4.5
Net interest 0.0 0.0
Remeasurement (gains)/losses (0.2) (1.1)
- Actuarial (gains)/losses reported as financial (0.2) 0.0
- Actuarial (gains)/losses reported as operating (0.1) (1.1)
NET EXPENSE
4.9 3.3
The impact on payroll costs and financial costs is presented hereafter:
As at 31 December
IN MILLION EUR 2022 2021
Payroll costs 5.1 3.3
Financial costs (0.2) 0.0
NET EXPENSE
4.9 3.3

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6.27 Trade and other payables
As at 31 December
IN MILLION EUR 2022 2021
Trade payables 2.2 1.6
Other payables 23.7 31.8
NON-CURRENT TRADE AND OTHER PAYABLES
25.9 33.3
The non-current other payables are related to the purchase of the minority shares of Active Ants International, Anthill and Marceau (IMX). The
decrease compared to last year was explained by the reassessment in 2022 of the variable exercise price for the remaining shares of Anthill BV
and Active Ants International, partially offset by the recognition of the liability linked to the minority shares of IMX.
As at 31 December
IN MILLION EUR
2022 2021
Trade payables 387.5 382.9
Collected proceeds due to clients 65.5 59.9
Terminal dues 298.4 329.2
Payroll and social security payables 421.6 366.4
Tax payable other than income tax 10.0 9.7
Transit account franking machines 10.3 10.3
Working capital provided for postal financial services 18.8 18.8
Cash guarantees received 11.5 11.3
Accruals (excluding terminal dues) 181.8 179.2
Deferred income 73.6 75.8
Other payables 15.5 27.3
CURRENT TRADE AND OTHER PAYABLES
1,494.4 1,470.9
The carrying amounts are considered to be a reasonable approximation of the fair value.
The increase of current trade and other payables by 23.5 mEUR to 1,494.4 mEUR was mainly explained by:
• the increase of the outstanding payroll and social security payables (55.2 mEUR), mainly due to the deferred payment of withholding taxes
on payroll (30.6 mEUR), a measure granted by the Belgian government in the context of the energy crisis;
• partially offset by;
• the decrease of the terminal dues from postal operators by 30.8 mEUR due to higher settlements of previous year’s outstanding positions
and lower cross border activities;
• the reimbursement of the 12.0m working capital (included in other payables) of bpost bank per January 3, 2022 at the time of the finaliza-
tion of the transaction in which BNP Paribas Fortis acquired the 50% shares of bpost in bpost bank.
Contract liabilities
As at 31 December
IN MILLION EUR 2022 2021
Stamps sold not yet used and credit on franking machine 53.1 47.9
Other contract liabilities 18.5 25.9
CONTRACT LIABILITIES
71.6 73.8
The considerations paid already by customers that have been allocated to the remaining performance obligation that are (partially) unsatis-
fied at reporting date amounted to 53.1 mEUR and are mainly related to stamps and credits on franking machine sold but not yet used by cus-
tomers at balance sheet date. At year-end the performance obligation for the SGEI has been satisfied and no contract liabilities are recorded.

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6.28 Provisions
RESTRUCTURING &
IN MILLION EUR LITIGATION ENVIRONMENT ONEROUS CONTRACT OTHER TOTAL
BALANCE AT 1 JANUARY 2021
15.2 2.6 2.8 6.4 27.0
Additional provisions recognized 5.4 0.0 1.6 3.2 10.2
Addition through Business 0.0 0.0 0.0 0.0 0.0
Combinations
Provisions used (0.2) 0.0 (2.7) (1.9) (4.7)
Provisions reversed (3.3) (2.1) 0.0 (0.9) (6.3)
Transfer to held for sale 0.0 0.0 (0.4) (0.1) (0.5)
Exchange rate difference 0.0 0.0 0.1 0.0 0.1
Other movements 0.0 0.0 0.0 0.0 0.0
BALANCE AT 31 DECEMBER 2021
17.2 0.5 1.4 6.7 25.8
Non current balance at end of year 14.0 0.5 0.1 0.1 14.7
Current balance at end of year 3.2 0.0 1.3 6.6 11.1
17.2 0.5 1.4 6.7 25.8
BALANCE AT 1 JANUARY 2022
17.2 0.5 1.4 6.7 25.8
Additional provisions recognized 3.3 0.0 1.2 6.2 10.6
Addition through Business 0.0
Combinations
Provisions used (0.6) 0.0 (1.2) (2.7) (4.5)
Provisions reversed (2.4) 0.0 0.0 (2.8) (5.2)
Transfer to held for sale 0.0 0.0 0.0 0.0 0.0
Exchange rate difference 0.0 0.0 0.0 0.0 0.0
BALANCE AT 31 DECEMBER 2022
17.3 0.5 1.4 7.4 26.7
Non current balance at end of year 14.1 0.5 0.5 0.1 15.2
Current balance at end of year 3.3 0.0 0.9 7.3 11.5
17.3 0.5 1.4 7.4 26.7
The provision for litigation amounted to 17.3 mEUR as per December 31, 2022. It represents the expected financial outflow relating to many
different (actual or imminent) litigations between bpost and third parties.
The period anticipated for the cash outflows pertaining thereto is dependent on developments in the length of the underlying proceedings for
which the timing remains uncertain.
bpost is currently involved in the following legal proceedings initiated by intermediaries:
• A claim for damages in an alleged (provisional) amount of approximately 21.1 mEUR (exclusive of late payment interest) in the context
of legal proceedings initiated by Publimail NV/SA. The Brussels commercial court rejected Publimail’s claim on May 3, 2016. Publimail
appealed this decision on December 16, 2016. The case was due to be pleaded in April 2021 but the judge decided to postpone the hearing
pending the decision of the European Court of Justice in the case between bpost and the Belgian Competition Authority. A judgement is not
expected before the end of 2023.
• A claim for damages in an alleged (provisional) amount of approximately 28.0 mEUR (exclusive of late payment interest) in the context of
legal proceedings initiated by Link2Biz International NV/SA and pending before the Brussels commercial court. Certain aspects of the con-
tractual relationship between Link2Biz and bpost are also the subject of a cease and desist order (adopted on June 21, 2010), which bpost
has appealed in August 2010 and which is currently pending before the Brussels Court of Appeal. It is expected that the Court will remove
this matter from the general roll following the closure of the bankruptcy proceedings by the Company Court of Walloon Brabant in April
2020, i.e. in the course of 2023.
All claims and allegations are contested by bpost.
Finally, on December 10, 2012, the Belgian Competition Authority concluded that certain aspects of bpost’s pricing policy over the January
2010-July 2011 period infringed Belgian and European competition law and imposed a fine of approximately 37.4 mEUR. While bpost paid
the fine in 2013, it contested the Belgian Competition Authority’s findings and appealed the decision before the Brussels Court of Appeal.
On November 10, 2016, the Brussels Court of Appeal annulled the Authority’s decision. The Belgian Competition Authority appealed this
judgment before the Supreme Court on points of law. On November 22, 2018, the Supreme Court annulled the judgment and referred the case
to the Brussels Court of Appeal for retrial. By a judgement dated February 19, 2020, the Brussels Court of Appeal decided to refer 2 questions

137
to the EU Court of Justice (“ECJ”) for a preliminary ruling. On March 22, 2022, ECJ issued a preliminary ruling on the 2 questions raised by
the Brussels Court of Appeal. The Court of Appeal will now have to decide in the light of the answers given by the ECJ
6
. A final decision is not
expected before the end of 2023.
The provision related to environment issues amounted to 0.5 mEUR. It covers soil sanitation.
The provision on onerous contracts concerns the best estimate of the costs relating to the closing down of mail and retail offices and the ICT
maintenance of a phasing-out webstore platform.
Other provisions include expected costs related to obligations for repairs and legal obligations among others. As at December 31, 2022 other
provisions amounted to 7.4 mEUR.
6.29 Financial assets and financial liabilities
The following tables provides the fair value measurement hierarchy of bpost’s financial assets and financial liabilities:
As of 31 December 2021
FAIR VALUE CATEGORIZED
QUOTED PRICES IN ACTIVE SIGNIFICANT OTHER OBSER- SIGNIFICANT UNOBSERVABLE
IN MILLION EUR CARRYING AMOUNT MARKETS (LEVEL 1) VABLE INPUTS (LEVEL 2) INPUT (LEVEL 3)
FINANCIAL ASSETS MEASURED AT AMOR-
TIZED COST
NON-CURRENT
Financial assets 14.9 0.0 14.9 0.0
CURRENT
Financial assets 1,816.6 0.0 1,816.6 0.0
TOTAL FINANCIAL ASSETS
1,831.5 0.0 1,831.5 0.0
FINANCIAL LIABILITIES MEASURED
AT AMORTIZED COST (EXCEPT FOR
DERIVATIVES)
NON-CURRENT
Long-term bond 644.8 666.1 0.0 0.0
Financial liabilities 649.8 0.0 649.8 0.0
CURRENT
Derivatives instruments – forex swap 0.3 0.0 0.3 0.0
Derivatives instruments – forex 0.0 0.0 0.0
forward
Financial liabilities 1,587.3 0.0 1,587.3 0.0
TOTAL FINANCIAL LIABILITIES
2,882.2 666.1 2,237.4 0.0

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As of 31 December 2022
FAIR VALUE CATEGORIZED
QUOTED PRICES IN ACTIVE SIGNIFICANT OTHER OBSER- SIGNIFICANT UNOBSERVABLE
IN MILLION EUR CARRYING AMOUNT MARKETS (LEVEL 1) VABLE INPUTS (LEVEL 2) INPUT (LEVEL 3)
FINANCIAL ASSETS MEASURED
AT AMORTIZED COST
NON-CURRENT
Financial assets 19.9 0.0 19.9 0.0
Shares in equity 0.1 0.0 0.0 0.1
CURRENT
Financial assets 1,988.8 0.0 1,988.8 0.0
TOTAL FINANCIAL ASSETS
2,008.9 0.0 2,008.8 0.1
FINANCIAL LIABILITIES MEASURED
AT AMORTIZED COST (EXCEPT FOR
DERIVATIVES)
NON-CURRENT
Long-term bond 646.0 626.0 0.0 0.0
Financial liabilities 560.8 0.0 560.8 0.0
CURRENT
Derivatives instruments – forex swap (0.3) 0.0 (0.3) 0.0
Financial liabilities 1,801.8 0.0 1,801.8 0.0
TOTAL FINANCIAL LIABILITIES
3,008.2 626.0 2,362.2 0.0
The fair value of the non-current and current financial assets measured at amortized cost and the non-current and current financial liabilities
measured at amortized cost, approximate their carrying amounts. As they are not measured at fair value in the statement of financial position
their fair value should not be disclosed.
During the period there was no transfer between fair value hierarchy levels and there were no changes in the valuation techniques and inputs
applied.
Financial liabilities measured at amortized cost – non-current
At the end of 2022, the non-current financial liabilities consisted of:
• 650.0 mEUR bond. The 8-year bond has been issued in July 2018 with a coupon of 1.25%. In anticipation of this issuance, in February 2018
bpost entered into a forward interest rate swap for 10 years with a nominal amount of 600.0 mEUR to hedge the interest risk of the bond.
• Liabilities related to leases: 534.9 mEUR.
Derivative instruments
bpost is exposed to certain risks relating to its daily business operations. The primary risk is the foreign currency risk and is managed using
derivative instruments. bpost uses foreign exchange swap contracts to manage some of its exposures in foreign currencies. Those contracts
have been underwritten in order to hedge the exchange rate risks linked to the intercompany loans granted by bpost to its subsidiaries. At
year end 2022 the impact of the fair value of the forward contracts and foreign exchange swap contracts amounted to a decrease of the liabil-
ities by 0.3 mEUR.
Financial liabilities measured at amortized cost – current
In 2022 the 185.0 mUSD unsecured term loan (floating interest rate) has been transferred from non-current to current financial liabilities at
amortized cost as this loan, which started on July 3, 2018 with a maturity of 3 years and extended in 2020 to July 2023, is due to within the
year.
The outstanding balance of liabilities related to leases amounted to 134.1 mEUR end of 2022 (2021 107.5 mEUR).
On May 5, 2007 bpost took out a 100.0 mEUR loan (floating interest rate) from the European Investment Bank (EIB). It has a yearly reimburse-
ment of 9.1 mEUR and the last payment was in 2022.
6 The ECJ hands down its decision to the referring court, which is then obliged to implement the ruling.

139
6.30 Financial instruments and financial risk management
bpost is exposed to market risks from movements in foreign exchange rates, interest rates and other market prices (utility prices).
Furthermore bpost is also exposed to credit risks and liquidity risks.
Foreign exchange rate risks
In its operational and financial activities, bpost is exposed to foreign exchange rate fluctuations which impact the balance sheet and the
income statement.
These exchange rate risks consist of (i) transaction risk related to operational activities with cash flows in foreign currency and (ii) translation
risk related to the consolidation in Euro of subsidiaries whose functional currency is not the Euro (bpost’s functional currency). The main ex-
posure to the foreign exchange rate risk corresponds to the translation risk of the USD (per December 31, 2021 1 EUR = 1.1326 USD compared
to December 31, 2022 1 EUR = 1.0666 USD and yearly average – i.e. monthly average divided by 12 - for 2022 1 EUR = 1.05 USD compared to
2021 1 EUR = 1.18 USD), there are no material monetary items.
Hedging instruments are used to mitigate these impacts.
bpost uses foreign exchange forward contracts and foreign exchange swap contracts to manage some of its exposures in foreign currencies.
Those contracts have been underwritten in order to hedge the exchange rate risks linked to the intercompany loans granted by bpost to its
subsidiaries.
Furthermore in 2018 bpost entered into a USD term loan, with a maturity of 3 years with two possible extensions of one year each. To refi-
nance the 2017 acquisition of Radial Holdings, LP, bpost, with EUR as its functional currency, borrowed along with the issuance of the bond
in USD to mitigate the risk on foreign exchange rate differences on the foreign operations. Hence bpost performed a net investment hedge.
Consequently, the effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income. The
notional amount of the hedging amounted to 143.0 mUSD, whereas the carrying amount converted into Euro amounted to 134.1 mEUR. At
December 31, 2022 the net loss on the revaluation of the USD loan recognized in other comprehensive income and accumulated in the foreign
currency translation reserve amounted to 7.8 mEUR. There was no ineffectiveness in 2022.
The following table demonstrates the sensitivity to a reasonable possible change in the USD exchange rate, with all other variables held
constant. The translation risk is represented by the impact of the variation of the USD value on the EBIT and the equity of the group (after
considering the net investment hedge) of the North America subsidiaries of bpost for 2022. The group’s exposure to foreign currency changes
for all other currencies is not material.
As at 31 December
IN MILLION EUR +5% USD VS EUR -5% USD VS EUR
Effect on EBIT (5.2) 5.7
Effect on Group equity after considering the net investment hedge (26.2) 28.9
Interest rate risks
bpost is directly exposed to interest rate fluctuations through its external financing. However, bpost mitigates this risk by achieving a balance
between fixed and variable rates. This balance currently mainly consists of fixed rates but may evolve according to market situation.
In order to manage the interest rate structure of its debt, bpost may use hedging instruments such as interest rate swaps. Any substantial
change in the rate structure requires prior validation from the Executive Committee.
At the end of 2022, the external financing consisted of:
• 185.0 mUSD unsecured term loan (floating interest rate). This loan started on July 3, 2018 with a maturity of 3 years, and has been extended
in 2020 to July 2023.
• 650.0 mEUR bond. The 8-year bond has been issued in July 2018 with a coupon of 1.25%. In anticipation of this issuance, in February 2018
bpost entered into a forward interest rate swap for 10 years with a nominal amount of 600.0 mEUR. The transaction was contracted in order
to hedge the interest rate risk on the contemplated issuance of a long-term bond to refinance the acquisition bridge loan entered into in
November 2017 for the acquisition of Radial. In July 2018, bpost issued a 650.0 mEUR 8-year bond. At that time, the interest rate swap was
unwound and settled via a payment of 21.5 mEUR split between an effective part 20.0 mEUR and an ineffective part 1.5 mEUR. The ineffec-
tive part was booked in the income statement. The effective part of the cash-flow hedge (20.0 mEUR) has been recognized in other compre-
hensive income (amount net of tax is 14.8 mEUR) as cash-flow hedge reserve. This cash-flow hedge is reclassified to profit or loss during the
same periods as the long-term bonds’ cash-flows will affect profit or loss over 8 years as from its issuance date. In 2022 a net amount of 1.9
mEUR has been reclassified to the income statement.

140
The table below illustrates the impact of a change in interest rates of 50bp (from 1% to 1.5% for example) on the floating rate debts (i.e. the
term loan in USD). Interest is calculated at Euribor/USD Libor plus margin. As the margin is determined in the contract, the sensitivity analysis
only applies on the Euribor/USD Libor, known as the ”base rate”.
As at 31 December
IN MILLION EUR SENSITIVITY TO A -50BP MOVEMENT IN MARKET INTEREST RATES SENSITIVITY TO A +50BP MOVEMENT IN MARKET INTEREST RATES
Impact on costs (0.8) 0.8
Financial results of bpost are also influenced by the evolution of the discount rates, used to calculate the employee benefits obligation.
At December 31, 2022, an increase of 50 bp of the average discount rates, would generate a decrease of financial charge of 12.8 mEUR. A
decrease of 50 bp of the average discount rates, would increase financial charges by 13.9 mEUR. For further detail, see note 6.26 employee
benefits.
Other market risks
The risk of a potential prolonged interruption of operations due to extreme natural events (e.g., fire, flood, storm, pandemic, and increase
in employees’ health issues due to pollution) has increased. bpost seeks to prevent damage to buildings and interruptions to operations as
much as possible through prevention and contingency programs. The detrimental consequences of these risks are covered by insurance
policies. bpostgroup has performed a physical climate risk assessment as part of the EU taxonomy requirements on its Belgian operations to
assess the chronic and acute extreme weather events as a result of climate change. bpost has in place mitigation plans for the risks that are
most likely to increase in likelihood in the next 20-30 years due to climate change according to the Business As Usual scenario (“Worst Case”
IPCC scenario), including heat waves, wildfires, heavy precipitation, coastal- and Fluvial floods and landslides. In addition bpost’s sustainabil-
ity strategy includes ambitious targets to reduce bpost’s Greenhouse Gas (“GhG”) emissions. bpost commits to be one of the greenest players
in the countries we operate with the target to reach net-zero emissions by 2040 and reduce 55% emissions by 2030 compared to 2019 in our
own operations (in line with the SBTi 1.5 degree Celsius pathway). bpost estimates that these various green initiatives will contribute to the
global effort to reduce climate change and the occurrence of extreme natural events.
Next to the rise of natural disasters and health issues associated to climate change and which could affect our operations, carbon taxes, emis-
sions trading schemes and fuel taxes are also expected to feature prominently in the coming regulations and significant increase in the EU ETS
price since the fall of 2021. Average carbon prices will potentially increase up to 100-120 EUR per metric ton by 2030. In addition the EU is also
planning to include the transport industry into the EU ETS, more directly impacting our costs, especially with regards to fuel as of 2027.
The effects of rising carbon prices on companies will be both dynamic and complex:
• Companies’ costs will rise in proportion to the total emissions generated by themselves and possibly their suppliers.
• Selling prices are likely to rise to compensate cost increases at an industry level.
• Demand could fall reflecting the price sensitivity of customers in each market affected, shrinking companies’ sales and costs.
bpost monitors the carbon price risk and takes measures to reduce its carbon footprint within the framework of its group sustainability
strategy. By adopting carbon pricing forecasts and estimated internal carbon prices, bpost is able to outpace the cost of intensifying carbon
regulations and adapt to business in a low-carbon economy. Next to the forecasting of carbon pricing, bpost is also working at effectively re-
ducing its emissions. Aware of the ecological impact of the growing parcels distribution, bpost has drawn up a CO2 reduction objective aimed
at reducing emissions from our own operations of the entire bpostgroup by 55% by 2030, compared to 2019 (in line with the Science-Based
Targets Initiative 1.5-degree Celsius pathway and climate targets of the Paris Agreement). To achieve this goal, bpost will, among others,
switch to 100% electric vans (small, medium, large) by 2030.
Credit risks
bpost is exposed to credit risks through its operational activities, in the investment and management of its liquidities (banks)..
As at 31 December
IN MILLION EUR 2022 2021
Cash and Cash equivalents 1,051.0 907.5
Trade receivables (current and non-current) 871.0 830.2
Other receivables exposed at credit risk 41.4 77.4
Of which loan to associate 0.0 25.0
CREDIT RISK CLASSES ASSETS
1,963.3 1,840.0

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On December 11, 2019 bpost granted to bpost bank a subordinated loan of 25.0 mEUR with a maturity of 10 years and a first call date after
5 years. As such, this debt ranks after the other debts if bpost bank falls into liquidation or bankruptcy. This loan has been reimbursed in
January 3, 2022 in line with the finalization of the transaction in which BNPPF acquired the 50% shares of bpost in bpost bank.
Operational activities
The credit risk by definition only concerns that portion of bpost’s activities that are not paid upfront in cash. bpost actively manages its expo-
sure to credit risk by investigating the solvency of its customers. This translates into a credit rating and a credit limit.
bpost recognizes on all of its trade receivables an allowance for expected credit losses based on the lifetime expected credit losses (ECL)
model. As the trade receivables do not contain a significant financing component bpost opted to apply the simplified approach to calculate
the expected credit loss rate with the use of a provision matrix, based on the historical default rates adapted for current and forward looking
information.
The following table summarizes the movement in the provision for expected credit losses:
IN MILLION EUR 2022 2021
AT 1 JANUARY
22.0 24.8
Impairments: Additions through business combinations 0.8 (1.5)
Impairments: Additions 18.9 1.7
Impairments: Utilization (1.0) (1.2)
Impairments: Reversal (2.7) (2.2)
Impairments: Translation differences (0.3) 0.5
AT 31 DECEMBER
37.7 22.0
The ageing analysis of the trade receivables and the credit risk exposure following the provision matrix is as follows:
DAYS PAST DUE
INDIVIDUALLY
IN MILLION EUR CURRENT < 60 DAYS 60 -120 DAYS > 120 DAYS ASSESSED TOTAL
AS AT 31 DECEMBER 2021
Estimated total gross carrying amount at default 803.5 29.8 3.8 8.5 6.5 852.2
Expected credit loss rate 0.4% 12.5% 14.0% 98.0% 100%
Allowance for expected credit losses (2.9) (3.7) (0.5) (8.4) (6.5) (22.0)
TRADE RECEIVABLES AND TERMINAL DUES
800.6 26.1 3.3 0.2 0.0 830.2
AS AT 31 DECEMBER 2022
Estimated total gross carrying amount at default 830.0 48.8 4.8 16.4 900.0
Expected credit loss rate 0.0% 21.6% 43.8% 99.9%
Allowance for expected credit losses 0.0 (10.6) (2.1) (16.4) (29.0)
TRADE RECEIVABLES AND TERMINAL DUES
830.0 38.2 2.7 0.0 871.0
The expected credit loss rate increased in 2022 in comparison to 2021. This increase was mainly due to disputes with terminated customers at
Radial North America. Allowance for expected credit losses includes Covid and energy crisis overlay based on customer credit rating provided
by an external credit rating agency.
Investment of liquidities
Regarding bpost’s investment of its liquidities, which includes cash and cash equivalents and investment securities, the exposure to credit
risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments.
Liquidity risks
bpost’s current liquidity risk is limited due to the high level of cash at hand and due to the fact that a significant portion of its revenues is paid
for by its customers prior to bpost performing the service.

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The maturity of the liabilities are presented as follow:
IN MILLION EUR CURRENT NON CURRENT TOTAL
LESS THAN 1 YEAR BETWEEN 1 AND 5 YEARS LATER THAN 5 YEARS
31 DECEMBER 2021
Lease obligations 117.9 320.3 175.3 613.5
Trade and other payables 1,470.9 33.3 0.0 1,504.3
Long term bond 8.1 678.6 0.0 686.8
Commercial papers 0.0 0.0 0.0 0.0
Derivative instruments 0.3 0.0 0.0 0.3
Bank loan 12.0 164.8 0.0 176.8
TOTAL LIABILITIES
1,609.3 1,197.1 175.3 2,981.7
31 DECEMBER 2022
Lease obligations 156.5 405.1 179.8 741.4
Trade and other payables 1,494.4 25.9 0.0 1,520.3
Long term bond 8.1 670.5 0.0 678.6
Commercial papers 0.0 0.0 0.0 0.0
Derivative instruments (0.3) 0.0 0.0 (0.3)
Bank overdraft 0.4 0.0 0.0 0.4
Bank loan 176.9 0.0 0.0 176.9
Other loans (0.2) 0.0 0.0 (0.2)
TOTAL FINANCIAL LIABILITIES
1,835.9 1,101.5 179.8 3,117.2
The above contractual maturities are based on the contractual undiscounted payments, which may differ from the carrying values of the
liabilities at the statement of financial position date.
The liquidity risk is further mitigated by committed credit lines scaled according to the magnitude of bpost operations.
6.31 Contingent liabilities and contingent assets
As described under note 6.28, the Brussels Court of Appeal annulled the Belgian Competition Authority’s decision imposing a fine of
37.4 mEUR on November 10, 2016. The Belgian Competition Authority appealed this judgment before the Supreme Court on points of law. On
November 22, 2018, the Supreme Court annulled the judgment and referred the case to the Brussels Court of Appeal for retrial. By a judge-
ment dated February 19, 2020, the Brussels Court of Appeal decided to refer 2 questions to the ECJ
7
for a preliminary ruling . On March 22,
2022, ECJ issued a preliminary ruling on the 2 questions asked by the Brussels Court of Appeal. The Court of Appeal will now have to decide in
the light of the answers given by the ECJ. A final decision is not expected before end of 2023. The foregoing constitutes a contingent asset as,
should the Court of Appeal annul the Belgian Competition Authority’s decision, bpost may recover the fine of 37.4 mEUR (excluding interests)
unless the Supreme Court would again annul the judgement of the Court of Appeal.
In October 2020, Radial North America experienced a ransomware attack impacting a portion of its US operations, including technology
services and downstream impacts to its operational services. The attack and the malware was not capable of exfiltrating or stealing data and
there is no indication that any client or personal data left Radial North America systems. Within a reasonable timeframe following the attack
and prior to the 2020 peak holiday period, Radial North America managed to regain sufficient functionality in its technology services in order
to restart operations at all of its locations. Radial North America maintains two layers of cyber insurance coverage throughout which the com-
pany recovered the full amount available under its primary insurance policy and received 10.0 mUSD in 2021 from the insurance companies,
mainly related to business disruption and client appeasements. Radial North America is currently in the process of finalizing its claim with its
secondary insurance carrier in connection with the ransomware attack.
Furthermore on August 10, 2022, the Chair of the bpost Board of Directors requested the Head of Compliance & Data Protection of bpost, with
the support of the Head of Corporate Audit of bpost, to conduct an internal compliance review regarding the then ongoing public tenders of
the Belgian State for the distribution of recognized newspapers and periodicals in Belgium
8
.
The compliance review started on August 28, 2022, focusing on the governance principles set forth in the Code of Conduct of bpostgroup and
the specific compliance guidelines related to these tenders and was based, in terms of fact findings, (1) on questionnaires and interviews of
the most relevant and senior persons working for bpost; and (2) relevant documents requested from the interviewees during their interviews.
The preliminary results of the review on September 27, 2022 did not reveal elements that indicated potential violations of applicable laws.

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Early October 2022, new facts emerged that had not been disclosed to the compliance review team during the initial fact gathering. This led
the Chair of the Board of Directors, on October 7, 2022, to extend the compliance review that she had requested in August and to proceed with
a more extensive and intrusive review. A forensic search with an external forensic investigation firm was launched immediately thereafter.
Based on the initial incoming results of the forensic search, new interviews were held, and the scope of the forensic search was extended to
other employees with a particular focus on any illegal information exchange or concerted practices.
The Board of Directors was informed of the results of the extended review, revealing elements that may indicate violations of the Company’s
codes, policies and applicable laws. On October 24, 2022, the Board of Directors and the CEO mutually agreed that the CEO would temporarily
step aside pending the review.
As the compliance review continued, it revealed non-compliance with the Company’s codes and policies as well as indications of non-com-
pliance with applicable laws. The review was also extended to the current concession for the distribution of newspapers and periodicals in
Belgium, in relation to which it revealed elements that may indicate potential violations of applicable laws as well.
On December 9, 2022, the Board of Directors and the CEO decided to mutually terminate their collaboration. Within this context, the collabo-
ration with two other persons within bpostgroup also ended.
Throughout the process, bpost was assisted by external legal counsels and has actively cooperated with the competent authorities in order to
preserve its interests.
bpost understands that the Belgian Competition Authority has in the meantime opened an investigation and has conducted inspections at
the premises of a company active in the press distribution sector and of a press publisher, which are independent of the bpostgroup. bpost
also understands that the Belgian government has announced that it would audit the press concession for any overcompensation.
Potential impact
Based on current information at its disposal and discussions with its legal advisors, bpost has the following view on the potential impact of
the compliance review:
(i) bpost has fully cooperated with the ongoing investigation of the Belgian Competition Authority, but the risk of the imposition of a fine
will depend on the findings made by the Belgian Competition Authority. This risk is currently, subject to further findings of the Belgian
Competition Authority, assessed as possible but not probable.
(ii) The Belgian government announced its intention to conduct a Governmental audit into the compensation for the current press conces-
sion (2016-2020), which is extended until end 2023 (or mid 2024 if a new tender is launched and attributed to another party than bpost).
Whilst the costs associated to the service were reviewed and scrutinized on an ex-ante basis in the context of the European Commission’s
State aid review and on an ex-post basis by the College des Commissaires as part of the annual approval of the accounts, bpost is cur-
rently unable to assess the risks associated to this audit and its potential findings considering that at the time of writing bpost did not yet
receive any information regarding the scope of the audit. Any findings of over-compensation could inter alia lead to a claim for reimburse-
ment of a part of the revenues charged for the service.
(iii) Considering the self-cleaning measures taken by the Company (i.e. the Company’s cooperation with the competent authorities; the
severance of all links with persons involved; the strengthening of the Company’s bid compliance policy and of the staff formation; the
Company’s intention to pay compensation in respect of any damage caused; and the implementation of a new tender approval process
and a new tender governance), it is probable that contracting authorities will consider that bpost has demonstrated its reliability and will
therefore allow bpost to participate in ongoing and future tendering procedures.
Furthermore, consistent with past practice for similar matters, bpost considers the possibility that contracting authorities would reverse
previous award decisions and terminate current contracts or concessions because of the current results of the compliance review to be
remote, without prejudice to the potential claims for over-compensation resulting from the Governmental audit.
(iv) bpost has also taken measures of cooperation with the public prosecutor so as to reduce any risk of criminal enforcement.
Considering the uncertainty involved with above investigations, bpost deems the exposure of a cash outflows at this moment possible but not
probable. bpost is however unable to provide any estimates at this stage.
Given that the current press concession (2016-2020) is extended until end 2023 (or mid 2024 if a new tender is launched and attributed to
another party than bpost), there is no significant operational or financial impact expected in 2023 as compared to 2022 (other than as set out
above).
On February 23, 2023 the Belgian government published the new press concessions tender. The government has reduced the budget
attributed to the press concessions and adapted the tender specifications in function of this reduced budget. bpost will assess the RFP and
its requirements whether an offer can be submitted that is financially sound. Any such offer would be subject to the customary approval pro-
cess. bpost judges itself well-placed to win such a tender process, in which case operational and financial impact will depend on the tender
specifications.
The financial impact of these scenarios depends on many factors, of which the key ones are (i) the requirements included in the new tender,
(ii) the overall workload across all products in its operations (notably linked to uncertainty on parcel volume development), (iii) the position
of editors towards potential commercial solutions offered by bpost or others arising in the market and (iv) the outcome of any social negoti-
ations arising from the potential need to restructure the bpost operations. Given the uncertainty on all of these factors, bpost is not able to
provide any estimates at this stage.

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6.32 Rights and commitments
Lease contracts signed but not started yet
Four significant new leases contracts have been signed for which the start date is after the statement of financial position date. It concerns:
• a new headquarter for Apple Express with a duration of 10 years with a right of use asset estimated at 22.0 mEUR;
• a new warehouse for Active Ants UK with a duration of 10 years with a right of use asset at 13.3 mGBP;
• a new warehouse at DynaGroup with a duration of 10 years with a right of use asset estimated at 6.7 mEUR;
• a new warehouse at FDM with a duration of 4.5 years with a right of use asset estimated at 2.8 mEUR;
Guarantees received
At 31 December 2022, bpost benefits from bank guarantees amounting to 30.6 mEUR , issued by banks on behalf of bpost’s customers. These
guarantees can be called in and paid against in the event of non-payment or bankruptcy. They therefore offer bpost financial certainty during
the period of contractual relations with the customer.
Goods for resale on consignment
At 31 December 2022, merchandise representing a sales value of 3.5 mEUR had been consigned by partners for the purpose of sale through
the postal network.
Revolving credit facilities
bpost has two undrawn revolving credit facilities for a total amount of 375.0 mEUR. The syndicated facility amounts to 300.0 mEUR, which
expires in October 2024 whereas the bilateral facility of 75.0 mEUR, which expires in June 2025 and allows for EUR and USD drawdowns. The
interest rate of 300.0 mEUR revolving credit facility changes according to bpost’s sustainability rating as determined by an external party.
Guarantees given
bpost has an agreement with BNP, Belfius, ING, KBC and Société Générale according to which they agree to provide for up to 102.1 mEUR in
guarantees for bpost upon simple request . Furthermore, bpost has provided for an amount of 16.0 mEUR of guarantees to third parties.
Funds of the State
bpost settles and liquidates the financial transactions of government institutions (taxes, VAT, etc.) on behalf of the State. The funds of the
State constitute transactions “on behalf of” and are not included in the statement of financial position.
6.33 Related party transactions
a) Relations with the shareholders
The Belgian State as a shareholder
The Belgian State, directly and through the Société Fédérale de Participations et d’Investissement/Federale Participatie-en
Investeringsmaatschappij (“SFPI/FPIM”), is the majority shareholder of bpost and holds 51.04% of bpost. Accordingly, it has the power to
control any decision at the Shareholders’ Meeting requiring a simple majority vote.
The rights of the Belgian State as bpost’s shareholder are defined in the corporate governance policies (publicly available on bpost website).
The Belgian State as public authority
The Belgian State is, together with the European Union, the main legislator in the postal sector. The Belgian Institute for Postal services and
Telecommunications (“BIPT”), the national regulatory authority, is the principal regulator of the postal sector in Belgium.
7 The ECJ hands down its decision to the referring court, which is then obliged to implement the ruling.
8 The Belgian State organized a tendering procedure with respect to the distribution of recognized newspapers and periodicals in Belgium,
following which the service concessions were awarded to bpost on October 16, 2015 to provide the services from January 1, 2016 until
December 31, 2020. In December 2019, the Belgian government decided to extend the service concessions until December 31, 2022. On
September 2, 2021, the European Commission decided not to raise objections to the compensation granted to bpost relating to this extension
of the service concessions on the grounds that it is compatible with the internal market.
In November 2022, the Belgian government decided to extend the service concessions until December 31, 2023, at the conditions that apply for
2022, as specified in the current concessions. The process of submission of the extension to the European Commission for approval under State
aid rules has started.
On February 23, 2023 the Belgian government published the new press concessions tender. If the concession is not awarded to bpost, the
addendum extending the current concession agreement provides for a six-month extension, until June 30, 2024, to ensure the transition
between the service providers.

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The Belgian State as a customer
The Belgian State is one of bpost’s largest customers. Including the remuneration for the SGEIs, 9.6% of bpost’s total operating income in
2022 was attributable to the Belgian State and State related entities. Excluding the SGEI remuneration, the services provided to State related
customers do not exceed 5% of bpost’s total operating income.
bpost provides postal delivery services to a number of public administrations, both on commercial terms and pursuant to the provisions of
the management contract.
bpost provides universal postal services and SGEIs entrusted to it by the Belgian State, covering postal, financial, and other public services.
The Law of 1991, the Postal Law of January 26, 2018, the universal postal service obligations (“USO”) management contract, the 7th SGEI
management contract as well as the press concession agreements set out the rules and conditions for carrying out the obligations that bpost
assumes in execution of its universal postal services and SGEIs, and, where applicable, the financial compensation paid by the Belgian State.
The SGEIs entrusted to bpost under the 7th management contract are aimed at satisfying certain objectives related to the public interest.
These SGEIs include the maintenance of the retail network: in order to ensure territorial and social cohesion, bpost must maintain a retail net-
work consisting of at least 1,300 postal service points. At least 650 of these postal service points must be post offices. bpost must also install
at least 350 ATMs on the territory and at least one in the municipalities where no other operator has installed it. The provision of day-to-day
SGEIs consists in “cash at counter” services and home delivery of pensions and social allowances. Finally ad hoc SGEIs include the social role
of the postman, especially in relation to persons who live alone or are the least privileged, the “Please Postman” service, the distribution of
information to the public at the request of the authorities and to support large-scale information campaigns by the authorities in case of a
major crisis, cooperation with regard to the delivery of voting paper packages, the delivery of addressed and unaddressed election printed
items, the delivery at a special price of postal items sent by associations, the delivery of letter post items falling within the freepost sys-
tem, support to initiatives to ‘bridge the digital divide’ and facilitate access to e-government services via the post offices, the financial and
administrative processing of fines, the sale of public or shared transportation tickets, at the request of the public or shared transportation
companies and the sale of post stamps.
Tariffs and other terms for the provision of certain of the services provided under the 7th management contract are determined in implement-
ing agreements between bpost, the Belgian State and, where relevant, the other parties or institutions concerned.
bpost furthermore continues to provide the SGEIs of early delivery of newspapers and distribution of periodicals. Until December 31, 2015,
these services were provided under the 5th management contract. In accordance with the Belgian State’s commitment to the European
Commission, a competitive, transparent and non-discriminatory market consultation procedure with respect to these services was orga-
nized, following which the provision of the services was awarded to bpost in October 2015. Consequently, since January 1, 2016, the services
of distribution of newspapers and periodicals are delivered in accordance with the concession agreements executed between bpost and the
Belgian State in November 2015.
On June 3, 2016, the European Commission approved both the 6th management contract and the concession agreements on distribution of
newspapers and periodicals under the state aid rules
9
.
In December 2019 the Belgian Federal Council of Ministers decided to extend the current press concessions with bpost for a period of two
years (2021-2022) at the conditions that apply for 2020, as specified in the current concessions. This decision was approved by the European
Commission on September 2, 2021. In November 2022, the government decided to extend the concession once again at the conditions that
apply for 2020, this time for one year. This extension is beingnotified to the European Commission.
In December 2020, the Belgian government decided to extend the 6th management contract until December 31, 2021. The extension was
approved by the European Commission on July 27, 2021. On September 14, 2021, the Belgian government and bpost signed the 7th manage-
ment contract covering the period until December 31, 2026. This contract has been notified to the European Commission and was approved
on July 19, 2022. As a consequence of this approval, the contract entered into force.
bpost also provides cash account management services to the Belgian State and certain other public entities pursuant to the Royal Decree of
January 12, 1970 regulating the postal service as amended pursuant to the Royal Decree of April 30, 2007 regulating postal financial services
and the Royal Decree of April 14, 2013 amending the Royal Decree of January 12, 1970 regulating the postal service.
The compensation granted to bpost in respect of the SGEIs is being disclosed in note 6.7 of the annual report and amounted to 302.6 mEUR for
2022 (277.0 mEUR in 2021).
The compensation of SGEIs is based on a net avoided cost (“NAC”) methodology. This methodology provides that compensation shall be
based on the difference between (i) the net cost for the provider of operating with the SGEI obligation and (ii) the net cost for the same provid-
er of operating without that obligation.
The compensation for the distribution of newspapers and periodicals consists of a flat amount and a variable fee based upon distributed
volumes. This compensation is subject to further ex-post verifications and must be NAC compliant.
9 In October 2016, the Flemish Federation of Press Vendors ("Vlaamse Federatie van Persverkopers") sought the annulment of the European
Commission’s clearance decision before the General Court on procedural grounds. In February 2019, the General Court has removed the case
from the register following the request by VFP to discontinue the proceedings.

146
The outstanding amount owed by the Belgian State for the SGEI remuneration on December 31, 2022 amounted to 77.7 mEUR (107.6 mEUR
on December 31, 2021).
b) Consolidated companies
A list of all subsidiaries (and equity-accounted companies), together with a brief description of their business activities, is provided in note
6.34 of this annual report.
Balances and transactions between bpost and its subsidiaries, which are related parties of bpost, have been eliminated within the consolidat-
ed financial statements and are not disclosed in this note.
c) Relations with associates and joint ventures
bpost bank
bpost bank was a 50% associate of bpost. bpost bank’s other shareholder was BNP Paribas Fortis NV/SA (“BNPPF”) with the remaining 50%. In
2020 the investment in bpost bank was classified as assets held for sale given the non-binding agreement on the future long-term partnership
of bpost bank NV/SA, including the sale of participation from bpost to BNPFF. In 2021 the agreement has been finalised and on January 3,
2022 the transaction was completed after having obtained the regulatory approvals.
As a registered banking and insurance intermediary, bpost distributes banking and insurance products on behalf of bpost bank. bpost, in its
quality of service provider, furthermore provided back office activities and other ancillary services to bpost bank.
The main banking and insurance products distributed by bpost bank through bpost are current accounts, saving accounts, term accounts,
certificates of deposit and funds or structured products provided by BNPPF, respectively accident and/or health insurances, and annuity and
pension products, including “branch 21” and “branch 23” life insurances provided by AG Insurance.
bpost bank does not perform any asset management activities nor any private banking or commercial lending.
On March 31, 2021, BNPPF and bpost announced a new collaboration model whereby bpost continues at least until December 31, 2028 to
distribute - as a registered banking and insurance intermediary - banking and insurance products on behalf of bpost bank through its network
of post offices.
Banking and insurance partnership agreement
The cooperation between bpost and BNPPF with respect to bpost bank was set out in a banking partnership agreement, which expired on
January 3, 2022, and was replaced by a distribution, governance framework and other ancillary agreements signed by bpost, bpost bank and
BNPPF on January 3, 2022.
The distribution agreement with bpost bank provides in substance that bpost is, subject to certain exceptions provided for in the agreement,
the exclusive distributor of bpost bank’s products and services through its network of post offices.
The insurance products of AG Insurance are offered and marketed via bpost bank using the distribution network of bpost.
The cooperation between AG Insurance, bpost bank and bpost is set out in an insurance partnership agreement that expired on December 31,
2021. Following the launch of a request for proposals in February 2020, bpost bank selected AG Insurance to engage in contract negotiations,
which culminated into the signing of a new Insurance Partnership Agreement on December 16, 2021 and became effective on January 1, 2022.
The distribution agreement provides for an access fee, commissions on all the insurance products sold by bpost and additional commissions
if certain sales objectives are achieved.
bpost bank paid bpost a commission determined in accordance with market conditions for the distribution of banking and insurance prod-
ucts and for the performance of certain back-office activities. The amount of the commission for the distribution of banking and insurance
products depended, inter alia, on the interest margin realized by bpost bank, the assets under management and the sales of financial/insur-
ance products realized by bpost’s retail network. Total income related to banking and financial products amounted to 143.3 mEUR in 2022
(2021: 149.7 mEUR), of which a significant amount is related to the commission paid by bpost bank. The amount owed by bpost bank to bpost
on December 31, 2022 amounted to 5.3 mEUR (2021: 7.5 mEUR).
Working capital
bpost bank had placed a working capital of 12.0 mEUR at the disposal of bpost without guarantee or payment of interest by bpost. This work-
ing capital remained available to bpost throughout the term of the banking partnership agreement until January 3, 2022.
Subordinated loan
On December 11, 2019 bpost granted to bpost bank a subordinated loan of 25.0 mEUR with a maturity of 10 years and a first call date after 5
years. This loan has been reimbursed to bpost on January 3, 2022 in line with the finalization of the transaction in which BNPPF acquired the
50% shares of bpost in bpost bank.

147
Jofico
On November 4, 2019, bpost NV/SA, AXA Bank Belgium NV/SA, Crelan NV/SA, Argenta Spaarbank NV/SA and vdk bank NV/SA incorporated the
joint venture “Jofico CV”. This joint venture in which each shareholder has an equal part, aims at implementing an ATM-as-a-service model
according to which the participating companies will combine forces for the purchase and maintenance of their respective ATM network.
d) Compensation of key management
Key management personnel are those persons with authority and responsibility for the strategic orientation of the company. For bpost, key
management personnel is composed of all members of the Board of Directors, including the CEO, and Executive Committee.
As described in the Remuneration Report, the Remuneration Policy setting out the remuneration principles of the non-executive members of
the Board of Directors, the CEO and the members of the Executive Committee was approved by the Shareholders’ Meeting on May 12, 2021.
The Remuneration Policy has been applicable since January 1, 2021 and bpost did not deviate from it during the financial year 2022.
The Board of Directors’ members, with exception of the CEO, are entitled to (i) a monthly fixed remuneration and (ii) an attendance fee for
each Advisory Committee meeting attended.
In 2022, the total remuneration paid to the Board of Directors’ members (excluding the CEO) amounted to 0.5 mEUR (2021: 0.5 mEUR).
The remuneration package of the CEO and the members of the Executive Committee consists of (i) a fixed base remuneration, (ii) a variable
short-term remuneration, (iii) pension contributions and (iv) various other benefits.
For the year ended on December 31, 2022, a total remuneration of 5.4 mEUR (2021: 4.5 mEUR) excluding the variable remuneration was paid
to CEO and the members of the Executive Committee, and can be broken down as follows:
• base remuneration: 4,342,070.71 EUR (2021: 3,090,667.78 EUR);
• pension contribution : 718,549.51 EUR (2021: 353,110.54 EUR);
• other benefits : 325,583.39 EUR (2021: 177,445.38 EUR).
In addition, the CEO and the members of the Executive Committee received in 2022 a global variable remuneration of 1,378,351.49 EUR (2021:
897,654.35 EUR) because the collective objectives and the individual performance targets for the year that ended on December 31, 2021 were
met (the 2021 assessment was completed in 2022).
No shares, stock options or other rights to acquire shares (or other share-based remuneration) were granted to or exercised by the CEO or the
other members of the Executive Committee or have expired in 2022. No options under previous stock option plans were still outstanding for
the financial year 2022.
A more detailed overview of the compensation of key management of bpost and bpost’s remuneration policy is included in the remuneration
report.
6.34 Group companies
The business activities of the main subsidiaries can be described as follows:
• Aldipress is active on the Dutch market as a distributor of magazines, comics, novels and puzzle books.
• Active Ants’ business activities consist of cross-border e-fulfilment for webshops, including product storing, picking, packing, transport
and shipping and returns handling.
• AMP is a prominent player in the Belgian press distribution market with a large number of points of sale serviced and a large number of
titles distributed.
• Apple Express Courier (Miami) and Apple Express Courier (Canada) are logistics and supply chain companies specializing in premium expe-
dited and dedicated transportation, value-added forward and reverse warehousing services and end-mile delivery services in Canada.
• bpost Singapore and bpost Hong-Kong provide a full range of delivery and logistics solutions, including cross-border mail and parcels and
e-commerce fulfilment. Both entities are mainly focused on directly collecting parcels from overseas e-commerce companies and busi-
nesses for delivery in Europe and other regions. bpost International Logistics (Beijing) Co. is a company affiliated to bpost Hong Kong and
is established in Beijing (China). It offers a full range of cross-border parcel distribution services to the Chinese e-tailers and consolidators,
with a strong focus on delivery of parcels to European and other global buyers. It is primarily active in Beijing, Shanghai and Shenzhen.
• DynaGroup offers a range of specialized logistics services and software, including the repair of electronics (from smartphones and drones
to coffee machines), the personalized e-commerce delivery services, for both small products (such as smartphones) and large consumer
products (such as the delivery and installation of large televisions, washing machines and furniture), as well as the preventive and correc-
tive maintenance, cleaning, repair and reuse of medical devices. DynaGroup also provides safe and reliable services for governments and
financial institutions, such as the delivery of passports and the finalizing of contracts at the customer’s home.
• Euro-Sprinters is a courier service offering express deliveries of any size 7 days a week, 24 hours per day, within Belgium as well as
internationally.
• Freight 4U Logistics is a ground handler based in Brussels and Liège airports areas with services including freight breakdown, sorting and
processing of freight, import and export customs activities and freight forwarding.

148
• Freight Distribution Management Systems and FDM Warehousing are specialized in providing a personalized customer service for ware-
housing, fulfilment and distributing products in Australia and New Zealand. Its businesses consist of third party logistics (3PL) warehous-
ing, transport & distribution.
• IMX is Paris-based international delivery provider that offers a full range of delivery services worldwide. Thanks to its partners and agree-
ments with 200+ leaders in last mile delivery, IMX offers a wide variety of delivery services (parcels, letters, press publications, tracked
shipments, delivery with signature, return goods, etc.) at optimized cost from the very first shipment.
• Landmark Global and Landmark Trade Services are leading international parcels consolidators respectively based in the US and Canada.
They are mainly focused on the distribution of e-commerce parcels from US-based e-tailers into Canada, Europe, Australia and Latin
America. They also offer various logistics solutions and fulfilment services in locations in the United States and Canada for their e-com-
merce customers.
• Landmark Global (UK) is a UK based mail, parcel and transport company providing global logistics solutions to the market in UK. Based
near to Heathrow airport, Landmark Global (UK) has a customs bonded facility enabling to offer customs clearance services and x-ray secu-
rity screening services. Landmark Global (UK) acts as an inbound and outbound gateway for other bpost entities around the world.
• Landmark Trade Services (UK) provides import services for goods entering the UK. Its location right next to London Heathrow makes it
ideally suited to service US to UK airlift imports.
• Leen Menken Foodservice Logistics is a logistic operator for the storage, logistics and distribution of refrigerated and frozen products for
e-commerce.
• Radial Netherlands provides import services for US customers looking to sell their products in Europe. This includes customs clearance
services, warehousing, pick & pack and last mile delivery. Landmark Trade Services (Netherlands) focuses on advising new US customers
on how to enter their products into Europe. This includes both advice on customs/VAT set-up and on product registration in the various
European countries.
• Radial Poland provides fulfilment, logistics and distribution activities. It operates as logistics and distribution partner for direct selling
companies across Western, Central and Eastern Europe.
• Radial’s American and other European entities market a range of services all along the e-commerce logistics chain. Radial’s technical,
powerful omnichannel solutions connect supply and demand through efficient fulfilment and delivery options, intelligent fraud protection
and payment processing and personalized customer care services, allowing brands to simplify their post click experience and improve their
customer service.
• Speos Belgium manages outgoing document flows for its customers, specializing in the outsourcing of financial and administrative
documents, such as invoices, bank statements and salary slips. Services include document generation, printing and enclosing, electronic
distribution and archiving.
SHARE OF VOTING RIGHTS IN % TERMS COUNTRY OF INCORPORATION
NAME 2022 2021
bpost bank NV-bpost banque SA
1
- 50% Belgium
Jofico CV 20% 20% Belgium
SHARE OF VOTING RIGHTS IN % TERMS COUNTRY OF INCORPORATION
NAME 2022 2021
Alteris NV-SA 100.0% 100.0% Belgium
Certipost NV-SA 100.0% 100.0% Belgium
Euro-Sprinters NV-SA 100.0% 100.0% Belgium
Radial Poland Sp z o.o. 100.0% 100.0% Poland
Speos Belgium NV-SA 100.0% 100.0% Belgium
Landmark Global (UK) Ltd 100.0% 100.0% UK
bpost Hong Kong Ltd 100.0% 100.0% Hong Kong
bpost Singapore Pte. Ltd 100.0% 100.0% Singapore
bpost International Logistics (Beijing) CO Ltd 100.0% 100.0% China
bpost US Holdings, Inc 100.0% 100.0% USA
Landmark Global, Inc 100.0% 100.0% USA
Landmark Trade Services, Ltd 100.0% 100.0% Canada
Radial Netherlands B.V. 100.0% 100.0% Netherlands
Landmark Trade Services (Netherlands) BV 100.0% 100.0% Netherlands
Landmark Trade Services (UK) Ltd 100.0% 100.0% UK
Apple Express Courier, Inc 100.0% 100.0% USA
Apple Express Courier, Ltd 100.0% 100.0% Canada

149
SHARE OF VOTING RIGHTS IN % TERMS COUNTRY OF INCORPORATION
NAME 2022 2021
Freight Distribution Management Systems PTY, Ltd 100.0% 100.0% Australia
FDM Warehousing PTY, Ltd 100.0% 100.0% Australia
AMP NV-SA 100.0% 100.0% Belgium
Ubiway NV-SA
1
- 100.0% Belgium
Ubiway Services NV-SA
1
- 100.0% Belgium
Ubiway Retail NV-SA
1
- 100.0% Belgium
Radial Belgium NV-SA 100.0% 100.0% Belgium
DynaGroup BV 100.0% 100.0% Netherlands
Dynafix Repair BV 100.0% 100.0% Netherlands
Dynalogic Benelux BV 100.0% 100.0% Netherlands
Dynafix Care BV 100.0% 100.0% Netherlands
Dynalogic Courier BV 100.0% 100.0% Netherlands
Dynafix Computer Repair BV 100.0% 100.0% Netherlands
Dynasure BV 100.0% 100.0% Netherlands
Dynafix OnSite BV 100.0% 100.0% Netherlands
DynaLinq BV 100.0% 100.0% Netherlands
Dynalogic Belgium NV 100.0% 100.0% Belgium
Radial Solutions Hong Kong Ltd
1
- 100.0% Hong Kong
Radial Holdings, LP 100.0% 100.0% USA
Radial Commerce, Inc 100.0% 100.0% USA
Radial South, LP 100.0% 100.0% USA
Radial, Inc 100.0% 100.0% USA
Radial Luxembourg S.à.R.l. 100.0% 100.0% Luxembourg
Radial Omnichannel Technologies India, Private Ltd 100.0% 100.0% India
Radial Omnichannel International, SL 100.0% 100.0% Spain
Radial GmbH 100.0% 100.0% Germany
Radial Commerce Ltd 100.0% 100.0% UK
Radial Solutions Singapore PTE Ltd
1
- 100.0% Singapore
Radial E-commerce (Shanghai) Corp. Ltd 100.0% 100.0% China
bpost North America Holdings, Inc 100.0% 100.0% USA
Radial III GP, LLC 100.0% 100.0% USA
Radial South GP, LLC 100.0% 100.0% USA
Radial Italy s.r.l. 100.0% 100.0% Italy
Leen Menken Foodservice Logistics BV 100.0% 100.0% Netherlands
Active Ants BV 75.0% 75.0% Netherlands
Anthill BV 75.0% 75.0% Netherlands
Freight 4U Logistics BV 100.0% 100.0% Belgium
Active Ants International BV 75.0% 75.0% Netherlands
Active Ants Belgium BV 75.0% 75.0% Belgium
Active Ants Germany GmbH 75.0% 75.0% Germany
Active Ants UK Ltd 75.0% 75.0% UK
Marceau 1 SAS 68.6% - France
IMX France 68.6% - France
IMX GmbH 68.6% - Germany
Aldipress BV 100.0% - Netherlands
1 Liquidated or sold during the year 2022

150
bpostgroup structure
As per 31 December 2022
100.00%
FREIGHT DISTRIBUTION
MANAGEMENT SYSTEMS PTY
Ltd
100.00%
FDM
100.00%
LANDMARK TRADE
WAREHOUSING PTY
Ltd
SERVICES (UK)
Ltd
bpost
100.00%
100.00%
LANDMARK
BV
NV-SA
Inc
RADIAL NETHERLANDS
GLOBAL
100.00%
100.00%
LANDMARK TRADE
LANDMARK TRADE
SERVICES
Ltd
SERVICES (NETHERLANDS)
BV
100.00%
APPLE EXPRESS
COURIER
Ltd
100.00%
100.00%
Inc
APPLE EXPRESS
BPOST US HOLDINGS
Inc
COURIER
100.00%
LANDMARK GLOBAL (UK)
Ltd
100.00%
NV-SA
100.00%
CERTIPOST
100.00%
BPOST INTERNATIONAL
BPOST HONG KONG
Ltd
100.00%
0.01%
LOGISTICS (BEIJING) CO
Ltd
SPEOS BELGIUM
NV-SA
100.00%
0.01%
BPOST SINGAPORE PTE.
99.99%
Ltd
RADIAL BELGIUM
NV-SA
100.00%
100.00%
0.08%
DYNAGROUP
BV
DYNALOGIC BENELUX
BV
99.99%
ALTERIS
NV-SA
100.00%
LEEN MENKEN FOOD-
99.92%
DYNALOGIC BELGIUM
NV-SA
0.01%
SERVICE LOGISTICS
BV
99.99%
NV-SA
100.00%
100.00%
EURO-SPRINTERS
RADIAL POLAND
Sp z o.o.
DYNALOGIC COURIER
BV
100.00%
100.00%
100.00%
AMP
NV-SA
s.r.l.
DYNAFIX
RADIAL ITALY
BV
COMPUTER REPAIR
100.00%
75.00%
100.00%
FREIGHT 4U LOGISTICS
BV
BV BV
ANTHILL DYNASURE
20.00%
100.00%
100.00%
JOFICO
CV
BV
DYNAFIX ONSITE
ACTIVE ANTS
BV
100.00%
DYNALINQ
BV
100.00%
100.00%
DYNAFIX CARE
BV
100.00%
100.00%
LLC
BPOST NORTH
RADIAL III GP
Inc
AMERICA HOLDINGS
DYNAFIX REPAIR
BV
100.00%
GP interest
LP
100.00%
75.00%
100.00%
RADIAL HOLDINGS
ACTIVE ANTS
RADIAL COMMERCE
Inc
BV
ACTIVE ANTS BELGIUM BV
INTERNATIONAL
100.00%
100.00% 100.00%
100.00%
ACTIVE ANTS GERMANY
RADIAL
Inc
LP
RADIAL SOUTH
100.00%
ACTIVE ANTS UK
100.00%
RADIAL OMNICHANNEL TECH-
100.00%
RADIAL LUXEMBOURG
100.00%
Ltd
S.à.R.L.
RADIAL GmbH
NOLOGIES INDIA, PRIVATE
85.34%
14.66%
RADIAL COMMERCE Ltd
100.00%
RADIAL E-COMMERCE
(SHANGHAI) CORP. Ltd
RADIAL SOUTH GP
LLC
GP interest
100.00%
RADIAL OMNICHANNEL
INTERNATIONAL SLU
68.59%
100.00%
Marceau 1 SAS
IMX France
37.00%
63.00%
IMX GmbH
100.00%
ALDIPRESS BV
6.35 Events after the statement of financial position date
No significant events impacting bpost’s financial position have been observed after the statement of financial position date.

151
7. Summary financial statements of bpost NV/SA
This section contains a summary version of the statutory (non-consolidated) annual accounts of bpost NV/SA under BGAAP. The statutory
auditor issued an unqualified opinion on the statutory accounts of bpost NV/SA as of and for the year 2022.
The full version of the annual accounts is filed with the National Bank of Belgium and is also available free of charge on the bpost’s website.
Balance sheet of bpost NV/SA (summary)
As at 31 December
IN MILLION EUR 2022 2021
ASSETS
NON-CURRENT ASSETS
Intangible assets (including formation expenses) 34.4 44.2
Tangible assets 298.8 298.9
Financial assets 1,325.0 1,451.6
Trade and other receivables 2.0 0.0
1,660.3 1,794.7
CURRENT ASSETS
Inventories 8.4 10.6
Trade and other receivables 661.2 596.4
Cash and cash equivalents 838.3 715.0
Deferred charges and accrued income 35.2 35.4
1,543.1 1,357.3
TOTAL ASSETS
3,203.4 3,152.0
EQUITY AND LIABILITIES
EQUITY
Issued capital 364.0 364.0
Reevaluation surpluses 0.1 0.1
Reserves 71.9 76.0
Retained earnings 370.7 326.4
806.7 766.5
PROVISIONS
Pension related provisions 26.4 29.0
Provision for repairs and maintenance 0.4 0.1
Other liabilities and charges 137.3 135.9
Deferred taxes 7.0 8.4
171.1 173.4
NON-CURRENT LIABILITIES
Long term debts 652.4 831.0
652.4 831.0
CURRENT LIABILITIES
Trade and other payables 342.6 385.7
Short term debts 173.4 21.6
Social debts payable 409.7 390.5
Tax payable 45.0 9.8
Other debts 429.2 409.0
Accrued charges and deferred income 173.2 164.6
1,573.2 1,381.1
TOTAL LIABILITIES
3,203.4 3,152.0

152
Income statement of bpost NV/SA (summary)
For the year ended 31 December
IN MILLION EUR 2022 2021
Revenue 2,256.8 2,308.1
Other operating income 45.1 35.5
Non-recurring operating income 0.0 0.0
TOTAL OPERATING INCOME
2,301.9 2,343.6
Material costs 6.4 8.0
Payroll costs 1,270.1 1,217.4
Services and other goods 757.7 811.6
Other operating expenses 21.4 29.2
Provisions (0.9) (2.9)
Depreciation and amortization 62.9 61.7
Non-recurring operating expenses 94.2 15.2
TOTAL OPERATING EXPENSES
2,211.7 2,140.2
PROFIT FROM OPERATING ACTIVITIES
90.2 203.3
Financial gains/(losses) (9.8) (9.5)
Non-recurring financial gains (losses) 69.1 15.5
PROFIT FOR THE PERIOD BEFORE TAXES
149.5 209.4
Transfer from postponed taxes (1.4) (1.0)
Income taxes 30.6 52.0
NET PROFIT FOR THE PERIOD
120.2 158.4
Transfer to/(from) untaxed reserves (4.1) (3.0)
NET PROFIT FOR THE PERIOD AVAILABLE FOR
APPROPRIATION
124.3 161.4

153
9. Management responsibility
statement and Report of the
Joint Auditors
Philippe Dartienne, Chief Executive Officer ad interim and Koen Aelterman, Chief Financial Officer ad interim, declare in title and for the entity
that to the best of their knowledge:
• the consolidated financial statements for the financial years 2021 and 2022, prepared in accordance with “International Financial Reporting
Standards” (IFRS) as accepted by the European Union up until December 31, 2022, give a true and fair view of the net assets, the financial
position and the results of bpost NV/SA and the entities included in the consolidation scope; and
• the management report related to the consolidated financial statements give a true and fair view of the development and the result of
bpost’s activities, as well as the position of bpost NV/SA and the entities that are included in the consolidation scope, together with a de-
scription of the main risks and uncertainties that bpost faces.
Philippe Dartienne Koen Aelterman
Chief Executive Officer a.i. Chief Financial Officer a.i.

154
Report of the Joint Auditors to the
general meeting of bpost SA de droit
public/ bpost NV van publiek recht
for the year ended 31 December 2022
In the context of the statutory audit of the Consolidated Financial Statements) of bpost SA de droit public/ bpost NV van publiek recht (the
“Company”) and its subsidiaries (together the “Group”), we report to you as statutory joint auditor. This report includes our opinion on the
consolidated financial statements as at 31 December 2022, the consolidated income statements, the consolidated statement of comprehen-
sive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year ended 31 December
2022 and the disclosures (all elements together the “Consolidated Financial Statements”) as well as our report on other legal and regulatory
requirements. These two reports are considered one report and are inseparable.
We have been appointed as statutory joint auditors by the shareholders’ meeting of 12 May 2021, in accordance with the proposition by the
Board of Directors following recommendation of the Audit Committee and following recommendation of the workers’ council. Our mandate
expires at the shareholders’ meeting that will deliberate on the Consolidated Financial Statements for the year ending 31 December 2023. We
performed the audit of the Consolidated Financial Statements of the Group during 14 consecutive years.
Report on the audit of the Consolidated Financial Statements
Unqualified opinion
We have audited the Consolidated Financial Statements of bpost SA de droit public/ bpost NV van publiek recht, that comprise of the consol-
idated statement of financial position on 31 December 2022, the consolidated income statement, the consolidated statement of comprehen-
sive income, the consolidated statement of change in equity and the consolidated statement of cash flows of the year and the disclosures,
which show a consolidated balance sheet total of € 4,358.3 million and of which the consolidated income statement shows a profit for the year
of € 231.7 million.
In our opinion, the Consolidated Financial Statements give a true and fair view of the consolidated net equity and financial position as at 31
December 2022, and of its consolidated results for the year then ended, prepared in accordance with the International Financial Reporting
Standards as adopted by the European Union (“IFRS”) and with applicable legal and regulatory requirements in Belgium.
Emphasis of matter – contingent liability
Without qualifying our opinion, we draw attention to Note 6.31 “Contingent liabilities” of the Consolidated Financial Statements that de-
scribes the ongoing investigation related to the award of the press concession to the Company as well as management risk assessment on the
potential impacts
Basis for the unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (“ISAs”) applicable in Belgium. In addition, we have applied
the ISA's approved by the International Auditing and Assurance Standards Board (“IAASB”) that apply at the current year-end date and have
not yet been approved at national level. Our responsibilities under those standards are further described in the “Our responsibilities for the
audit of the Consolidated Financial Statements” section of our report.
We have complied with all ethical requirements that are relevant to our audit of the Consolidated Financial Statements in Belgium, including
those with respect to independence.
We have obtained from the Board of Directors and the officials of the Company the explanations and information necessary for the perfor-
mance of our audit and we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

155
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial
Statements of the current reporting period.
These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole and in forming our opinion
thereon, and consequently we do not provide a separate opinion on these matters.
Long term employee benefits
Description of the key audit matter
Provisions for long term employee benefits amount to € 244,2 million as of 31 December 2022 and are disclosed in note 6.26 to the
Consolidated Financial Statements. This area is important to our audit because of the magnitude of the amounts, the judgments involved
concerning the key actuarial assumption (discount rates) and the technical expertise required to evaluate these provisions and to properly
reflect the impacts in the Consolidated Financial Statements in accordance with IAS 19.
Summary of the procedures performed
• We have assessed the design and operating effectiveness of the processes and controls established by the Company to manage the un-
derlying participant data and to ensure that the amendments to the plans are properly and timely reflected in the Consolidated Financial
Statements.
• We have performed an assessment of the actuarial report prepared by the external actuary engaged by the Company to ensure that all
characteristics of the plans have been properly considered in the actuarial calculations.
• We have assessed the expertise, independence and integrity of the external actuary engaged by the Company.
• We have compared the input data used for the calculation of the provisions by the external actuary (such as population, age, years of ser-
vice, wage,…) with source information of the human resources department of the Company.
• We have assessed the appropriateness of the key actuarial assumption (discount rates) with the assistance of our internal actuarial
specialists.
• We have audited that the actuarial calculations are properly reflected in the provisions recorded in the Consolidated Financial Statements
and ensured that impacts are correctly recorded in accordance with IAS19.
• We have audited the roll-forward of the provisions to understand the changes in the valuation of the provisions compared to last year.
• We have assessed the adequacy and completeness of the disclosures presented in the note 6.26 of the Consolidated Financial Statement
based on the requirements of IAS19.
Impairment of long term assets
Description of the key audit matter
As described in note 6.20, relating to impairment testing on long term assets (including goodwill), the Company reviews the carrying amounts
of its cash generating units (“CGU”) annually of more frequently if impairment indicators are present. The impairment assessment involves a
comparison of the estimated value in use of the CGU to its carrying amount. The assessment is a judgmental process which requires estimates
concerning the projected future cash flows associated with the CGU, the weighted average cost of capital (“WACC”) and the growth rate of
revenue and costs to be applied in determining the value in use. This area is important to our audit because of the magnitude of the amounts,
the judgments and the technical expertise required to perform the impairment testing of long term assets.
Summary of the procedures performed
• We have assessed the design and implementation of the internal controls relating to Management’s impairment testing of goodwill and
long term assets.
• We evaluated and challenged management determination of CGU's and allocation of GW to those CGUs for the purpose of impairment
testing.
• We have tested the accuracy of the underlying model to assess whether the processes are applied to the correct input data.
• We have challenged each of the key assumptions employed in the annual impairment test. These key assumptions include the WACC, the
growth rates and projected cash flows. We have involved our internal valuation specialists to assess and benchmark those assumptions to
comparable independent data. We have tested the reasonableness of projected cash flows in the light of the Group’s historic forecasting
accuracy and compared these projections with the long term plan as presented to the Board of Directors.
• We have assessed Management’s sensitivity analyses and the appropriateness and completeness of the sensitivity disclosures.
• We have assessed the appropriateness and completeness of the disclosures in accordance with IAS36 as included in note 6.20 to the
Consolidated Financial Statements.

156
Revenue Recognition relating to Radial US, terminal dues and financial compensation
for Services of General Economic Interest (“SGEI”)
Description of the key audit matter
Revenue recognition is a key audit matter in our audit resulting considering the amounts involved (€ 4,397.5 million of operating income for
2022) and the complexity and assumptions used to estimate several revenue streams at year-end in accordance with IFRS 15. The main risk
areas relate to:
• Revenue relating to the financial compensation for Services of General Economic Interest (“SGEI”) and for the distribution of press and pe-
riodicals that are estimated at year-end based on complex calculations included in contractual agreements and which amounts to € 302,6
million for 2022 as disclosed in note 6.7 to the Consolidated Financial Statements. These contracts include various calculation models for
the determination of the annual financial .compensation for which the lowest compensation is granted and thus taken into consideration
for the revenue recognition. These calculation models are based on various input data (such as actual volumes, quality targets, incurred
costs relating to the concerned services,…) and involves management estimates.
• Revenue of December 2022 for Radial US ($ 193 million) that is estimated at year-end and will be billed to customers in January of the next
year. Radial is providing E-commerce outsourcing services (Technology services, payment processing services, shipping and handling
services, 24/7 customer services related to the webstores, order management and fulfillment) and other professional services to its cus-
tomers. The estimation of the December 2022 revenue in accordance with IFRS 15 is complex considering the various input data used in the
calculations, the volume of transactions and the specific contractual conditions agreed with customers.
• Revenue with other postal operators (“terminal dues”) (€ 58,2 million) that is estimated based on complex calculations involving various
input data. The estimation of these revenues is based on volumes exchanged (in kilogram’s and per item), the prices agreed with the foreign
postal operators and also other contractual conditions (e.g. quality of service of the mail distribution).
Summary of the procedures performed
• We have gained an understanding of internal control environment relating to the revenue processes, performed walkthroughs of the
significant revenue classes of transactions mentioned in the description of the key audit matter and evaluated the design and operating
effectiveness of key internal controls.
• We have also evaluated design and operating effectiveness of the IT general controls and key IT application controls supporting the reve-
nue processes with assistance of our internal IT experts.
• We have assessed the Management’s estimation process and challenged their calculations by performing
- (i) an assessment and comparison of the key inputs and assumptions in the calculation models with the contractual agreements,
- (ii) a validation on whether the transfer of risks and rewards are properly reflected based on the contractual agreements and
- (iii) a reconciliation of the key underlying data used in the revenue calculation models (e.g. volumes, prices,…) with underlying IT sys-
tems, contracts and other documents provided by external parties.
• We have performed analytical procedures on the important revenue streams to detect unusual trends or transactions by comparing reve-
nue with last year and performing an analysis of revenue on a disaggregated basis.
• We have performed subsequent events procedures by reviewing significant transactions recorded during 2023 and comparing these trans-
actions with estimates recorded at year-end.
• We have assessed the adequacy and completeness of the disclosures on revenue in the Consolidated Financial Statements based on the
IFRS requirements.
Responsibilities of the Board of Directors for the preparation of the Consolidated
Financial Statements
The Board of Directors is responsible for the preparation of the Consolidated Financial Statements that give a true and fair view in accordance
with IFRS and with applicable legal and regulatory requirements in Belgium and for such internal controls relevant to the preparation of the
Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error.
As part of the preparation of Consolidated Financial Statements, the Board of Directors is responsible for assessing the Company’s ability
to continue as a going concern, and provide, if applicable, information on matters impacting going concern, The Board of Directors should
prepare the financial statements using the going concern basis of accounting, unless the Board of Directors either intends to liquidate the
Company or to cease business operations, or has no realistic alternative but to do so.
Our responsibilities for the audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance whether the Consolidated Financial Statements are free from material misstatement,
whether due to fraud or error, and to express an opinion on these Consolidated Financial Statements based on our audit. Reasonable assur-
ance is a high level of assurance, but not a guarantee that an audit conducted in accordance with the ISAs will always detect a material mis-
statement when it exists. Misstatements can arise from fraud or error and considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.

157
In performing our audit, we comply with the legal, regulatory and normative framework that applies to the audit of the Consolidated Financial
Statements in Belgium. However, a statutory audit does not provide assurance about the future viability of the Company and the Group, nor
about the efficiency or effectiveness with which the board of directors has taken or will undertake the Company's and the Group’s business
operations. Our responsibilities with regards to the going concern assumption used by the board of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional judgment and we maintain professional skepticism throughout the audit.
We also perform the following tasks:
• identification and assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or
error, the planning and execution of audit procedures to respond to these risks and obtain audit evidence which is sufficient and appro-
priate to provide a basis for our opinion. The risk of not detecting material misstatements resulting from fraud is higher than when such
misstatements result from errors, since fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control;
• obtaining insight in the system of internal controls that are relevant for the audit and with the objective to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control;
• evaluating the selected and applied accounting policies, and evaluating the reasonability of the accounting estimates and related disclo-
sures made by the Board of Directors as well as the underlying information given by the Board of Directors;
• conclude on the appropriateness of the Board of Directors’ use of the going-concern basis of accounting, and based on the audit evidence
obtained, whether or not a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s or
Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on audit evidence obtained up to the date of the auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going-concern;
• evaluating the overall presentation, structure and content of the Consolidated Financial Statements, and evaluating whether the
Consolidated Financial Statements reflect a true and fair view of the underlying transactions and events.
We communicate with the Audit Committee within the Board of Directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the audits of the
subsidiaries. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities.
We provide the Audit Committee within the Board of Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with the Audit Committee within the Board of Directors, we determine those matters that were of most
significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matters. We describe
these matters in our report, unless the law or regulations prohibit this.
Report on other legal and regulatory requirements
Responsibilities of the Board of Directors
The Board of Directors is responsible for the preparation and the content of the Board of Directors’ report on the Consolidated Financial
Statements, the non-financial information attached to the Board of Director’s report, and other information included in the annual report.
Responsibilities of the Joint Auditors
In the context of our mandate and in accordance with the additional standard to the ISAs applicable in Belgium, it is our responsibility to veri-
fy, in all material respects, the Board of Directors’ report on the Consolidated Financial Statements, the non-financial information attached to
the Board of Directors’ report, as well as to report on these matters.
Aspects relating to Board of Directors’ report and other information included in the annual report
In our opinion, after carrying out specific procedures on the Board of Directors’ report, the Board of Directors’ report is consistent with the
Consolidated Financial Statements and has been prepared in accordance with article 3:32 of the Code of companies and associations.
In the context of our audit of the Consolidated Financial Statements, we are also responsible to consider whether, based on the information
that we became aware of during the performance of our audit, the Board of Directors’ report and other information included in the annual
report, being:
• Overview of key figures
• Key events of the year
contains any material inconsistencies or contains information that is inaccurate or otherwise misleading. In light of the work performed, there
are no material inconsistencies to be reported.

158
The non–financial information required by article 3:32, § 2, of the Code of companies and associations has been included in the Board of
Directors’ report on the Consolidated Financial Statements. The Company has prepared this non-financial information based on Global
Reporting Initiatives standaarden (hierna "GRI"). However, we do not comment on whether this non-financial information has been prepared,
in all material respects, in accordance with Global Reporting Initiatives standaarden (hierna "GRI").
Independence matters
Our audit firm and our network have not performed any services that are not compatible with the audit of the Consolidated Financial
Statements and have remained independent of the Company during the course of our mandate.
The fees related to additional services which are compatible with the audit of the Consolidated Financial Statements as referred to in article
3:65 of the Code of companies and associations were duly itemized and valued in the notes to the Consolidated Financial Statements.
European single electronic format (“ESEF”)
In accordance with the standard on the audit of the conformity of the financial statements with the European single electronic format (herein-
after "ESEF"), we have carried out the audit of the compliance of the ESEF format with the regulatory technical standards set by the European
Delegated Regulation No 2019/815 of 17 December 2018 (hereinafter: "Delegated Regulation").
The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the consolidated financial statements
in the form of an electronic file in ESEF format (hereinafter 'the digital consolidated financial statements') included in the annual financial
report available on the portal of the FSMA (https://www.fsma.be/en/data-portal).
It is our responsibility to obtain sufficient and appropriate supporting evidence to conclude that the format and markup language of the digi-
tal consolidated financial statements comply in all material respects with the ESEF requirements under the Delegated Regulation.
Based on the work performed by us, we conclude that the format and tagging of information in the digital consolidated financial statements
of bpost SA de droit public/ bpost NV van publiek recht per 31 December 2022 included in the annual financial report available on the portal of
the FSMA (https://www.fsma.be/en/data-portal) are, in all material respects, in accordance with the ESEF requirements under the Delegated
Regulation.
Other communications
This report is consistent with our supplementary declaration to the Audit Committee as specified in article 11 of the regulation (EU) nr.
537/2014.
Diegem, 16 March 2023
EY Bedrijfsrevisoren BV PVMD Réviseurs d’entreprises CV/SC
Statutory auditor Statutory auditor
Represented by Represented by
Han Wevers * Alain Chaerels
Partner Partner*
Unique sequential number of EY
reports tracking database
*Acting on behalf of a BV/SRL

159
10. Appendices
Glossary
Abbreviations
• 1991 Law: the Law of March 21, 1991 on the reform of certain economic public companies, as amended from time to time
• BCCA: Belgian Code of Companies and Associations
• BU Belgium: Mail, Parcels and Retail business unit Belgium
• BIPT: Belgian Institute for Postal services and Telecommunications
• BNPPF: BNP Paribas Fortis
• BU: Business Unit
• B2B: Business to Business
• B2C: Business to Consumer
• Capex: total amount invested in fixed assets
• CEO: Chief Executive Officer (for ease of reference, references to the “CEO” in this report should be understood as CEO or CEO ad interim)
• Company: a public-law public limited company incorporated and existing under Belgian law, having its registered office at Boulevard
Anspach 1, 1000 Brussels (Belgium) and registered with the Crossroads Bank for Enterprises under number 214.596.464 (RLE Brussels)
• Constant Exchange Rate: The reported figures in local currency of the prior comparable period are converted with the exchange rates
applied for the current reported period
• Corporate Governance Code: 2020 Belgian Code on Corporate Governance
• D&A: Depreciation and amortization
• EAT: Earnings After Taxes
• EBIT: Earnings Before Interests and Taxes
• EBITDA: Earnings Before Interests, Taxes, Depreciation and Amortization
• Effective tax rate: Income tax expense/profit before tax
• E-Logistics Eurasia: E-Logistics Europe & Asia
• E-Logistics N. Am.: E-Logistics North America
• ERM: Enterprise Risk Management
• ERP: Enterprise Resource Planning
• EY: EY Réviseurs d’Entreprises–Bedrijfsrevisoren SRL/BV
• GhG: Greenhouse Gas
• ICT: Information and Communication Technology
• LTIP: long-term incentive plan
• NPS: Net Promotor Score
• Opex: Operating expenses
• PUDO: Pick-up and Drop-off point
• PVMD: PVMD Réviseurs d’Entreprises- Bedrijfsrevisoren SC/CV
• QR: Quarterly Review
• Remuneration Policy: bpost remuneration policy approved by the Shareholders’ Meeting on May 12, 2021
• SBTi: Science Based Targets initiative
• SGEI: Services of General Economic Interest
• TCV: Total Contract Value
• USO: universal postal service obligations

160
Definitions
Absenteeism
Absenteeism is the rate of unplanned absence of own employees due to due to work-related occupational accidents or illness during the
reporting period. This is calculated by dividing the total number of days where employees were absent in the reporting year out of the number
of days worked in the reporting year times 100.
Carbon emissions offset
A carbon offset is a reduction or removal of emissions of carbon dioxide or other greenhouse gases made in order to compensate for emis-
sions made elsewhere. Offsets are measured in tonnes of carbon dioxide-equivalent (CO2e).
CO
2
equivalent emissions
bpostgroup uses the Greenhouse Gas Protocol – A Corporate Accounting and Reporting Standard (Revised Edition) as well as the joint meth-
odology of UPU (universal postal union), PostEurope and IPC (international postal corporation) “GHG Inventory standard for the postal sector
last version 2010 standard” – to collect activity data and calculate emissions. bpostgroup reports CO
2
emissions only. HFCs emissions from
on-site refrigeration or air-conditioning are negligibly small. Emissions from NH4, N2O, PFCs or SF6 are negligible and not relevant for bpost’s
activities. Therefore, the IPC GHG program has not included these emissions in the scope of emissions to be monitored. The majority of the
conversion factors used are derived from IPC or provided directly by the relevant supplier.
bpostgroup reports on
• Scope 1: Emissions directly from our activities mainly emissions from our fleet (trucks, vans, company cars,…) and heating our buildings
(natural gas and heating oil)
• Scope 2: Emissions from purchased electricity and heat
• Scope 3: includes emissions from employee commuting, subcontracted transport, purchased goods and services, waste, business travel,
upstream emissions from purchased fuel
Employee engagement
Employee engagement is determined by an independent third party via an employee engagement survey. Employee engagement is the de-
gree to which employees get inspiration from their work. Engaged employees gain energy from their work, are proud of the work they do, and
experience their work as meaningful.
Employee turnover
The number of own employees (in headcount) that left the entity during the reporting period. The leaving employee has left the entity and
is not on the entity’s payroll anymore. This is calculated by dividing the total number of employees that left the entity during the reporting
period (year X), divided by the average number of employees in year X, multiplied by 100.
Energy consumption
The total energy consumed in kWh by the buildings and by the activities within the buildings, excluding energy consumption for transporta-
tion and logistics purposes, during the reporting period. This consists of electricity, natural gas, heating oil, district heating, fuel oil con-
sumed for generators and diesel for lift trucks.
Frequency rate
An injury frequency rate is the number of work-related occupational accidents that happened in the reporting year per 1 000 000 employ-
ee-hours worked. It is an indicator of the state of health and safety at a workplace. This is calculated by dividing the number of work-related
occupational accidents that happened in the reporting year, out of the total number of hours worked in the reporting year, multiplied by

161
1,000,000 hours worked.
Lost days
Lost days refers to the number of working days employees did not come to work, due to occupational accidents involving employees, not
counting any days on which the employee would not have worked (so excluding e.g. weekends, holidays, part-time days, etc.).
New hires
The total number of new employee hires is the total headcount of own employees of the reporting year.
Occupational work accidents
Total number of occupational accidents leading to a lost-time injury or a work-related fatality during the reporting period.
Total training hours
The total number of training hours received by the entity’s own employees or temporary staff during the reporting period. These include
planned trainings, instruction and/or education for employees or temporary staff, paid by the entity, during and outside working hours for
the reporting period. Formal trainings are organised in collaboration with an (internal or external) educator or educational institution. The
trainings are directly or indirectly linked to the work activity and can be within company buildings or off-site.
Voluntary employee turnover
Voluntary employee turnover refers to the number of own employees (in headcount) that left the entity voluntarily during the reporting
period. The leaving employee has left the entity and is not on the entity’s payroll anymore. The reported number includes all own employees
leaving voluntarily, by their own choice to leave the organization, e.g. resignation or early pension/retirement. This is calculated by dividing
the total number of employees that left the entity voluntarily during the reporting period (year X), divided by the average number of employ-
ees in year X and year X-1, multiplied by 100.
Women in management
The headcount of own employees on December 31 in any management position of the entity. This includes executive level positions, top man-
agement positions, middle management positions and junior management positions.
Severity rate
Severity rate is a safety metric used to measure how critical or serious the injuries and illnesses sustained in a period of time are by using the
number of lost days per accident as a proxy for severity. This is calculated by dividing the total lost days in the reporting year out of the num-
ber of hours worked in the reporting year times 1,000 hours worked.
Significant tier 1 suppliers
Significant tier 1 suppliers are the suppliers that make up minimum 80% of the procurement spent during the reporting period.

162
Awards and Recognitions
bpostgroup’s sustainability efforts have been rewarded with following distinctions:
bpostgroup is one of the 20 constituents of the BEL ESG, the new
joiner of the BEL index family. Euronext launches the BEL® ESG,
a new index identifying and tracking the companies within the
BEL® 20 and the BEL® Mid indices that have demonstrated the
best ESG practices.
bpost has been awarded the CO
2
-Neutral® label. This is a guar-
antee that bpost calculates, reduces and offsets its local and
global climate impacts. Serious efforts on behalf of the climate
are needed to secure this label, which is managed by Vinçotte, an
independent international accreditation body.
Sustainalytics provides environment, social and governance
(ESG) research, ratings and data to institutional investors and
companies. bpost is rated ‘low risk’ which puts it 52 out of 385 in
the industry ranking.
The EcoVadis methodology is used to assess how well companies
incorporate sustainability/social responsibility in their activi-
ties and management system. The 2022 EcoVadis silver medal
(65/100) was awarded to bpostgroup, placing us in the 90th
percentile.
bpostgroup is part of the Ethibel Sustainability Index (ESI)
Excellence Europe. ESI Excellence Europe comprises the shares of
200 European companies with the best social and environmental
responsibility performance. This register is made available to in-
vestors who wish to create sustainable investment funds. Forum
Ethibel regularly performs a deep-dive analysis of each company
in the register, on which basis it updates the rating.
MSCI is a leading provider of tools and services to help the global
investor community make investment decisions. bpost is rated A.
The Carbon Disclosure Project (CDP) manages the global dis-
closure system to help investors, companies, cities, states and
regions manage their environmental impact. bpostgroup was
awarded a B rating for climate change in 2022, above the industry
average C for Intermodal transport & logistics sector.
ISS is one of the leading solution providers in the fields of corpo-
rate governance, responsible investment, market data, fund ser-
vices, events and editorial content for institutional investors and
companies across the globe. bpost was awarded the score – 3 –
for Environment, alongside a 4 for Social and a 5 for Governance.

163
About our non-financial
consolidated statements
The non-financial consolidated statements of this report is structured based on our material topics. bpostgroup has reported the information
cited in this GRI content index for the period January 1, 2022 to December 31, 2022 with reference to the GRI Standards. The GRI Content Index
can be found on in the appendix: GRI content index.
Scope and boundaries
The information disclosed the non-financial consolidated statements was collected from our global business units and is based on informa-
tion available through internal reporting. The information refers to the 2022 calendar year and covers all of bpost’s activities, including those
of its subsidiaries, unless specifically stated otherwise.
The complete list of bpost’s subsidiaries can be found in bpost’s Financial Consolidated Statements. We define a subsidiary as an entity
in which bpost owns more than 50% of the shares and that is significant in terms of turnover and employees. Subsidiaries included for our
reported data are listed below.
BPOST ENTITIES OWNERSHIP SCOPE
bpost SA/NV 100% Yes
Eurosprinters 100% Yes
AMP 100% Yes
Freight4U 100% Yes
SPEOS 100% Yes
DynaGroup (including Leen Menken) 100% Yes
Landmark Global Inc. North America (including Landmark Trade Services) 100% Yes
Landmark Global UK 100% Yes
Landmark Global APAC 100% Yes
Radial North America 100% Yes
Radial Europe (Germany, Spain, Italy, Poland, Netherlands, UK) 100% Yes
Active Ants 75% Yes
Apple Express 100% Yes
FDM Warehousing 100% Yes
IMX France – acquired during 2022 and will be included in the non-financial
reporting as of FY 2023.
100% No
Aldipress – acquired during 2022 and will be included in the non-financial
reporting as of FY 2023.
100% No
The subsidiaries in scope are included as of the date of acquisition. If the subsidiary was acquired or sold in 2022, the data only covers the
period after/before the date of acquisition/sale.
External verification
DNV, an external body, verifies the quality of bpostgroup's CO
2
emissions data according to the ISO 14064 Standards. Also, bpost has obtained
ISO 14001 certification for its strategic sites in Belgium from AIB Vincotte. bpost Is working to further formalise the data reporting process and
tool of bpost subsidiaries before submitting the Sustainability report for external verification.
For more information related to our Sustainability governance and awards and partnerships, we refer to our website.

164
Reference to external documents
For our Sustainability Governance, we refer to the following section on our website.
To read about how we engage with our stakeholders, we refer to the following section on our website.
The bpostgroup’s Integrated Annual Report 2022 has been prepared in accordance with the GRI Standards. Our materiality analysis and GRI
content index for this report can be found in the appendix: GRI content index and appendix: materiality and stakeholder dialogue sections of
this report, as well as on our website.
An overview of bpost’s awards and partnerships, we refer to the appendix: Awards and Recognitions, and in the following section on
our website.

165
Materiality assessment and
Stakeholder engagement
Driven by increasing attention from authorities, capital markets, clients, consumers, and employees economic, social, and ecologic sus-
tainability is an important imperative for bpostgroup. We strive to create value for all stakeholders and aspire to understand and act upon
material topics for our business and our stakeholders.
An independent materiality assessment was undertaken in 2021 to identify bpostgroup’s actual and potential ESG impacts and prioritise
material topics that are most relevant for our stakeholders and business operations. In 2022, with the launch of the new bpostgroup sustain-
ability strategy, we completed an annual review of the materiality assessment. The review helped us to ensure our strategy is focused in the
right areas to assess the changing sustainability landscape and to identify, understand and prioritize the material topics that matter to our
business and our stakeholders.
We followed a structured four-phased process
to enforce bpostgroup's material topics
Phase 1: Context analysis: The materiality assessment started with a context analysis of the business landscape in which bpostgroup oper-
ates. During this context analysis, a peer review in the area of materiality assessments and materiality communication was performed. A
longlist of material topics was then compiled based on the Global Reporting Initiative standards, the ISO 26000 guidelines and other com-
monly accepted sustainability frameworks. Qualitative interviews were conducted with Group Executive Committee Members and other top
executives of bpostgroup to identify potential material topics for bpostgroup.
Phase 2: Stakeholder engagement: In this phase we identified all relevant stakeholders for the materiality exercise. Internally we wanted to
focus on the Group Executive Committee and management, unions of bpost and staff employees per subsidiary of bpostgroup. Externally,
consumers, corporate clients and public sector, suppliers, the financial community and civil society were targeted.
Phase 3: Collection and prioritization of material topics: Based on the input gathered from the context analysis, a longlist of material topics
relevant to bpostgroup was reduced to a more manageable list of 28 topics. More than 1,400 diverse stakeholders from 13 different countries
contributed to a digital survey. The high response rate emphasized the importance our stakeholders attach to sustainability and why it is
key for bpostgroup to be a reference in sustainability in all the markets we operate in. In addition, we held one-on-one interviews with key
account clients of bpostgroup to discuss the collected responses in depth.
Phase 4: Development and finalization of the materiality topics: All the input was then aggregated, analysed and processed, resulting in five ma-
terial areas where bpostgroup can have a significant impact. Subsequently, the outcome of the materiality assessment has been integrated in
the update of the new bpostgroup sustainability strategy with specific targets and actions set in the short- medium- and long-term.
The full materiality matrix of bpostgroup is presented below.

166
INFLUENCE ON STAKEHOLDER
ASSESSMENTS AND DECISIONS
SIGNIFICANCE OF IMPACT ON BUSINESS
VERY IMPORTANT
VERY IMPORTANT
IMPORTANTSLIGHTY IMPORTANT
IMPORTANT
Environment
Social
Governance
LEGEND
Circular business
models
ESG-based
investment
decision-making
Responsible supply
chain management
Community involvement
and engagement
bpostgroup as
a responsible
investment
Environmental
packaging
Resource optimization
Skills development
Sustainable innovation
Pollution prevention and
reduction
Reporting and
communication
Responsible and reliable
products and services
Proximity to customers
Responsible use of data
Corporate citizenship
Green buildings and infrastructure
Road safety
Diversity and inclusion
Health, safety and well-
being of employees
Ethical behavior
Emissions reduction
Green transportation
and logistics
Regulation and compliance
Business continuity
and resilience
Hiring and retaining talent
Equal and sustainable employment
Dialogue and transparency in
relations with authorities
Fair compensation
BPOSTGROUP IS
FIRMLY COMMITTED
TO FURTHER STEP
UP SUSTAINABILITY
EFFORTS
Public
commitment to
set SBTi targets
Target setting
approved by Group
Executive Committee
Signing of the
Belgian Charter
for Sustainable
Development
New group
sustainability
strategy defined
and validated
Reach
net zero
emissions
2017 2018-2019 2020 2030 204020222021
Member of Belgian
Alliance for Climate
Action (BACA)
Implementation ESG
roadmap + roll-out
of new sustainability
governance structure
bpostgroup
materiality
assessment
completed
Reduction by
55% of GHG
emissions
from own
operations
Public commitment
to 1.5°C SBTi targets
bpostgroup’s ambition is to be a reference in sustainability in all markets we operate in, with a focus on five material areas where bpostgroup
can have a significant impact:
1. Health & Safety of our people first: Become an employer of choice by creating an environment promoting physical safety and mental
well-being
2. Be a career lifter for our employees: Be a career lifter, especially for short schooled labor by offering high quality employment and up-
and re-skilling programs, creating career paths within or even outside bpost
3. Champion Diversity, Equity & Inclusion across the group: Be an employer of inclusion and equal opportunity, where all people of every
ethnicity, social background, religion, gender, age or disability – visible or invisible – feel welcomed and valued.
4. Decarbonize the e-commerce supply chain: Be one of the greenest logistic players in the countries we operate in. Reduce emissions with
55% by 2030 and reach net zero by 2040.
5. Re-use and re-cycle packaging as part of a circular economy: Offer sustainable solution for the e-commerce value chain through recy-
clable and re-usable packaging
The group sustainability team will be working at group level to shape and integrate the ESG agenda further and support the businesses in
execution against their targets.

167
Non-financial Consolidated
Statements
Governance
Ethics
METRIC
Unit 2019 2020 2021 2022
Number of registered complaints on
unethical workplace behaviour
Number 47 44 50 53
Number of registered cases of
corruption and bribery
Number 1 0 0 0
Monetary amount of legal and
regulatory fines and settlements
above 10,000 USD linked to data
breaches, corruption or environment
damage
Euros 0 0 0 0
Customer and citizen value
Customer Satisfaction
METRIC UNIT 2019 2020 2021 2022
Customer Satisfaction – bpost
Belgium
% 82 84 83 84.5
Total number of PUDO points
(including Parcel Lockers)
Number 1,819 2,303 2,500 2,760
Total number of parcel lockers Number 206 365 501 692
Social dialogue
METRIC UNIT 2019 2020 2021 2022
Average number of strike action days strike days per 1,000
employees
1,1 2,7 6,8 8,7
Share of own employees covered
by a CBA
% 76.1 75.3 75.9 76.8
Community engagement
METRIC UNIT 2019 2020 2021 2022
Total donations Euros 288,449 613,769 535,527 342,296

168
Social value
Health & Safety of our people first
BPOST BELGIUM BPOSTGROUP
1
METRIC UNIT 2019 2020 2021 2022 2022
HEALTH AND SAFETY OF
OWN EMPLOYEES
KPI – Absenteeism of own employees % 7.96 8.36 8.33 9.51 6.64
KPI – Frequency rate of own
employees
Accidents per
1,000,000 hours
worked
27.14 22.8 27.59 24.65 21.49
Severity rate of own employees Lost days per
1,000 hours
worked
0.84 0.93 0.89 0.77 0.58
Lost days of own employees Days 29,205 34,669 31,200 27,641 29,002
Occupational accidents of own
employees
Number 949 848 1,054 890 1,120
Total number of work-related
fatalities of own employees
Number 2 3 1 2 2
HEALTH AND SAFETY OF
TEMPORARY STAFF
Frequency rate of temporary staff Accidents per
1,000,000 hours
worked
17.4 18.6 21.0 15.3 15.4
Severity rate of temporary staff Lost days per
1,000 hours
worked
0.13 0.1 0.27 0.13 0.07
Lost days of temporary staff Days 245 283 478 289 502
Occupational accidents of temporary
staff
Number 32 49 38 35 101
Total number of work-related
fatalities temporary staff
Number 0 0 0 0 0
1 For the first time in 2022, we aligned the health and safety figures across bpostgroup. For reference we have included historical figures for
bpost Belgium as well.

169
Be a career lifter for our employees
Employee turnover and new hires
METRIC UNIT 2019 2020 2021 2022
KPI – Employee engagement
1
% n/a n/a n/a 39.5
EMPLOYEE TURNOVER
Total Employee Turnover of own
employees
% 15.7 16.3 19.0 16.3
Employee Turnover Male of own
employees
% 14.9 15.4 17.8 15.2
Employee Turnover Female of own
employees
% 17.2 17.7 21.2 18.1
Voluntary Employee Turnover of own
employees
% 4.5 11.2 10.5 10.2
NEW HIRES
3
Total number new employee hires Headcount - - - 4,319
Total number male new employee
hires
Headcount - - - 2,608
Total number female new employee
hires
Headcount - - - 1,651
Total number new non-binary/
undisclosed new employee hires
Headcount - - - 60
Total new employee hires ≤ 30 years
old
Headcount - - - 1,964
Total own new employee hires within
the age group 31-50
Headcount - - - 1,767
Total new employee hires within the
age group 50+
Headcount - - - 587
Employee training and development
METRIC UNIT 2019 2020 2021 2022
KPI – Total training hours per FTE
(employees and temporary staff)
Training hours per
FTE
32.8 33.1 29.8 38.5
Total training hours per own
employees
Training hours per
FTE
26.5 17.8 19.3 33.9
Total training hours per temporary
staff
Training hours per
FTE
82.2 88.6 99.2 45.4
2 For historical data on employee engagement, scores are available for bpost Belgium in the 2021 annual report. For the first time, we aligned
the “My Voice” employee engagement survey across bpostgroup.
3 New metrics

170
Champion Diversity, Equity & Inclusion across the group
Diversity of employees
METRIC UNIT 2019 2020 2021 2022
Total own employees Headcount 33,986 36,087 35,688 34,087
Total male own employees Headcount 21,845 23,317 23,228 22,215
Total female own employees Headcount 12,141 12,770.00 12,460 11,763
Total non-binary/undisclosed
headcount own employees
4
Headcount - - - 109
Total FTE FTE 30,885.9 32,685.2 32,258.7 30,722.9
Total male FTE FTE 20,262.9 21,549.2 21,384.3 20,344.9
Total female FTE FTE 10,627.5 11,136.0 10,873.4 10,269.8
EMPLOYEE DIVERSITY
KPI – Share of women in
management positions
5
% 37.8 40.8 38.5 37.0
Share of women at group executive
level
5
% 28.6 25 16.7 28.6
Share of female (own employees) % 35.7 35.4 34.9 34.5
Total headcount of own employees
with disabilities
Headcount 40 132 159 157
Total number of nationalities of
own employees represented in the
workplace
4
Number - - - 117
HEADCOUNT BY AGE GROUP
Total own employees ≤ 30 years old Headcount 6,587 7,963 7,468 6,447
Total own employees within the age
group 31-50
Headcount 16,223 15,776 15,521 15,118
Total own employees within the age
group 50+
Headcount 11,176 12,348 12,538 12,522
HEADCOUNT BY TYPE OF CONTRACT
Total own employees with fixed term
contracts
Headcount 915 2,465 2,112 1,632
Total male own employees with fixed
term contracts
Headcount 558 1,569 1,251 1,013
Total female own employees with
fixed term contracts
Headcount 357 896 769 619
Total non-binary/undisclosed with
fixed term contracts
4
Headcount - - - 0
Total own employees with open-
ended contracts
Headcount 33,070 33,622 33,670 32,456
Total male own employees with
open-ended contracts
Headcount 21,346 21,748 21,975 21,212
Total female own employees with
open-ended contracts
Headcount 11,725 11,874 11,689 11,135
Total non-binary/undisclosed with
open-ended contracts
4
Headcount - - - 109
HEADCOUNT BY FULL-TIME/PART-TIME
4 New metric
5 The historical data for women in management and women at group executive level has been corrected. In the past, the share of women at
executive level was representative of “top management” at each subsidiary level. In order to avoid any confusion the Executive level has now
been defined as the group Executive Committee (ExCo) as indicated in our leadership governance.

171
METRIC UNIT 2019 2020 2021 2022
Total own employees contracted on
a full-time basis
Headcount 26,906 28,620 27,306 32,241
Total male own employees
contracted on a full-time basis
Headcount 18,289 19,501 18,782 21,494
Total female own employees
contracted on a full-time basis
Headcount 8,617 9,119 8,524 10,639
Total non-binary/undisclosed
contracted on a full-time basis
6
Headcount - - - 108
Total own employees contracted on
a part-time basis
Headcount 7,080 7,465 8,382 1,848
Total male own employees
contracted on a part-time basis
Headcount 3,603 3,816 4,434 719
Total female own employees
contracted on a part-time basis
Headcount 3,477 3,649 3,948 1,128
Total non-binary/undisclosed
contracted on a part-time basis
6
Headcount - - - 1
Environmental value
Decarbonize the e-commerce supply chain
Carbon footprint
UNIT 2019 2020 2021 2022 TREND
SCOPE 1
t CO2e 88,996 84,835 95,083 90,143
Fuel fleet t CO
2
e 67,983 65,518 72,993 68,947
Natural gas & heating oil t CO
2
e 20,986 19,289 22,065 21,322
Oil for generators t CO
2
e 28 28 26 16
SCOPE 2
t CO2e 30,266 32,554 32,837 28,620
Electricity (market-based)
7
t CO
2
e 29,794 32,054 32,384 28,348
District Heating t CO
2
e 472 500 453 272
SCOPE 1 & 2
t CO2e 119,262 117,389 127,921 118,906
SCOPE 3
t CO2e 322,562 337,222 349,322 306,993
Subcontracted road transport t CO
2
e 113,440 128,772 118,902 89,663
Business travel t CO
2
e 1,374 510 513 731
Employee commuting t CO
2
e 32,977 31,782 31,091 27,011
Waste t CO
2
e 3,932 4,652 3,287 4,690
Subcontracted air transport BE t CO
2
e 37,597 13,870 16,096 19,133
Subcontracted air transport
Subsidiaries
13
t CO
2
e 34,733 40,176 39,039 42,029
Fuel & energy related activities not
included in scope 1 or 2
t CO
2
e 22,248 21,577 23,818 22,295
6 New metric
7 The market-based method reflects bpost’s choices in terms of electricity supply, such as the purchase of electricity from renewable energy
sources. This is set out in detail in contracts between bpost and its energy suppliers.

172
Carbon footprint
UNIT 2019 2020 2021 2022 TREND
Purchased goods & services t CO
2
e 76,260 95,883 116,576 101,441
TOTAL CO
2
EMISSIONS (SCOPE 1+2+3)
t CO2e 441,824 454,611 477,243 425,898
Green fleet
METRIC UNIT 2019 2020 2021 2022
Share of EURO 5 and EURO 6
standard
% 98 99 99 99
Average van fuel use l/km 10 9 9 9
Average truck fuel use l/km 27 24 27 28
Share of last mile alternative fuel
vehicles
% 31 30 33 40
KPI – Share of emission-free last mile
delivery
8
% - - 8.5 15.3
Total number of emission-free
ecozones
9
Number - - 1 9
Share of new company cars zero-
emission
10
% - - 0 7
Green buildings
METRIC UNIT 2019 2020 2021 2022
Total energy consumption per
employee
MWh/ unit(s) 7.8 7.1 7.6 7.5
Total energy consumption kWh 268,028,666 256,789,292 272,431,809 257,321,218
Total renewable/green electricity
consumed
kWh 74,322,490 72,856,827 68,026,619 65,519,865
Share of renewable electricity % 49 46 41 43
Total non-renewable/grey electricity
consumed
kWh 77,991,882 86,773,932 97,268,650 87,871,048
Share of non-renewable electricity % 51 54 59 57
Total natural gas consumed kWh 87,983,267 80,962,648 94,167,905 94,622,844
Total heating oil consumed kWh 24,593,356.84 9,026,551.05 10,225,193.00 7,561,488
Total district heating consumed kWh 2,680,653 2,894,043 2,654,016 1,594,832
Total fuel oil consumed for
generators
kWh 457,018 96,588 89,426 56,310
Share of renewable electricity
produced
% 3 3 4 5
Total renewable energy capacity
installed
MWp 4,830 6,610 7,451 8,238
Total surface of solar electricity
capacity installed
m² 45,890 54,485 57,304 66,042
Total water consumption m³ - - 280,556 229,238
8 New metric. For the first time in 2022, we aligned the health and safety figures across bpostgroup. For reference we have included historical
figures for bpost Belgium as well.
9 New metric. For historical data on employee engagement, scores are available for bpost Belgium in the 2021 annual report. For the first time,
we aligned the “My Voice” employee engagement survey across bpostgroup
10 New metric

173
Carbon offsetting
METRIC UNIT 2019 2020 2021 2022
Amount of letters for which the
customers have offset their mail
carbon emissions
Million letters 164 850 824 797
Total carbon emissions offset for
mail and parcels
t CO
2
e 2,000 8,000 7,880 32,307
Sustainable Procurement
11
METRIC UNIT 2019 2020 2021 2022
Share of significant tier 1 suppliers
covered by the Supplier Code of
Conduct
% 35 31 34 49
Share of procurement spent on
significant tier 1 suppliers screened
on CSR by Ecovadis
% 39 38 57 65
Share of tier 1 suppliers with SBTi
approved targets
% n/a – new metric n/a – new metric n/a – new metric 15
Re-use and re-cycle packaging as part of a circular economy
Recycled packaging
12
METRIC UNIT 2019 2020 2021 2022
KPI – Share of recyclable
or re-usable packaging
% n/a – new metric n/a – new metric n/a – new metric 86.3
KPI – Share of recycled content
in packaging
% n/a – new metric n/a – new metric n/a – new metric 80.9
Waste management
METRIC UNIT 2019 2020 2021 2022
Total waste generated t 62,241 70,378 64,127 79,907
Total non-hazardous waste
generated
t 62,127 70,248 64,055 78,181
Recycled waste t 54,379 60,185 51,878 70,313
Share of recycled waste % 87 86 81 88
Residual waste incinerated for
energy recovery
t 3,246 2,644 7,938 2,886
Residual incinerated without energy
recovery or land-filled
t 4,499 7,419 4,240 4,981
Total Hazardous waste generated t 114 130 71 1,726
11 These indicators are metrics in reference to bpost Belgium only
12 These indicators are new metrics in reference to bpost Belgium only

174
GRI content index
STATEMENT OF USE
bpostgroup has reported the information cited in this GRI content index for the period January 1, 2022 to December
31, 2022 with reference to the GRI Standards.
GRI 1 USED
GRI 1: Foundation 2021
GRI STANDARD DISCLOSURE LOCATION
GRI 2: GENERAL DISCLOSURES 2021
2-1 Organizational details Chapter Financial Consolidated Statements
(bpostgroup structure)
2-2 Entities included in the organization’s sustainability
reporting
Appendix – Data coverage
2-3 Reporting period, frequency and contact point
Appendix – Data coverage
2-4 Restatements of information
Appendix – Non-financial consolidated statements
2-5 External assurance
Appendix – Data coverage, Chapter Management
Responsibility Statement and Report of the Joint
Auditors
2-6 Activities, value chain and other business relationships
Chapter Shared Value Creation (Profile)
2-7 Employees
Chapter Shared Value Creation (Profile)
2-8 Workers who are not employees
Chapter Social Value, Chapter Non-financial
Consolidated Statements
2-9 Governance structure and composition
Chapter Governance – Governance Structure, Chapter
Shared Value Creation
2-10 Nomination and selection of the highest governance
body
Chapter Corporate Governance Statement
2-11 Chair of the highest governance body
Chapter Corporate Governance Statement
2-12 Role of the highest governance body in overseeing the
management of impacts
Chapter Corporate Governance Statement
2-13 Delegation of responsibility for managing impacts
Chapter Corporate Governance Statement
2-14 Role of the highest governance body in sustainability
reporting
Chapter Corporate Governance Statement (ESG
Committee)
2-15 Conflicts of interest
Chapter Corporate Governance Statement
2-16 Communication of critical concerns
Chapter Corporate Governance Statement
2-17 Collective knowledge of the highest governance body
Chapter Corporate Governance Statement
2-18 Evaluation of the performance of the highest
governance body
Chapter Corporate Governance Statement
2-19 Remuneration policies
Chapter Corporate Governance Statement
2-20 Process to determine remuneration
Chapter Corporate Governance Statement
2-21 Annual total compensation ratio
Chapter Corporate Governance Statement
2-22 Statement on sustainable development strategy
Appendix – Materiality Assessment and Stakeholder
Dialogue
2-23 Policy commitments
Appendix – Materiality Assessment and Stakeholder
Dialogue
2-24 Embedding policy commitments
Appendix – Materiality Assessment and Stakeholder
Dialogue, Chapter Environmental value, Chapter
Social Value
2-25 Processes to remediate negative impacts
Chapter Environmental value, Chapter Social Value
2-26 Mechanisms for seeking advice and raising concerns
Appendix – Materiality Assessment and Stakeholder
Dialogue
2-27 Compliance with laws and regulations
Chapter Corporate Governance Statement
2-28 Membership associations
Chapter Awards and Recognitions

175
GRI STANDARD DISCLOSURE LOCATION
2-29 Approach to stakeholder engagement Appendix – Materiality Assessment and Stakeholder
Dialogue
Stakeholder Policy
2-30 Collective bargaining agreements
Code of Conduct
GRI 3: MATERIAL TOPICS 2021
3-1 Process to determine material topics Appendix – Materiality Assessment and Stakeholder
Dialogue
3-2 List of material topics
Appendix – Materiality Assessment and Stakeholder
Dialogue
3-3 Management of material topics
Appendix – Materiality Assessment and Stakeholder
Dialogue, Chapter Social Value, Chapter
Environmental value
GRI 201: ECONOMIC PERFORMANCE 2016
201-1 Direct economic value generated and distributed Chapter Financial Review
201-2 Financial implications and other risks and
opportunities due to climate change
Chapter Corporate Governance, Chapter EU
Taxonomy. Chapter Environmental value
201-3 Defined benefit plan obligations and other retirement
plans
Chapter Corporate Governance
201-4 Financial assistance received from government
Chapter Corporate Governance
GRI 202: MARKET PRESENCE 2016
202-1 Ratios of standard entry level wage by gender
compared to local minimum wage
Chapter Corporate Governance
202-2 Proportion of senior management hired from the local
community
Chapter Corporate Governance
GRI 203: INDIRECT ECONOMIC IMPACTS
2016
203-1 Infrastructure investments and services supported Chapter Financial Consolidated Statements, Chapter
Risk Management, Chapter EU Taxonomy, Chaper
Environmental Value
203-2 Significant indirect economic impacts
Chapter Financial Consolidated Statements, Chapter
Risk Management, Chapter EU Taxonomy, Chaper
Environmental Value
GRI 204: PROCUREMENT PRACTICES 2016
204-1 Proportion of spending on local suppliers Chapter Environmental value (Sustainable
Procurement), Chapter Non-financial Consolidated
Statements
GRI 205: ANTI-CORRUPTION 2016
205-1 Operations assessed for risks related to corruption Code of Conduct
Chapter Corporate Governance
205-2 Communication and training about anti-corruption
policies and procedures
Chapter Corporate Governance
Code of Conduct
205-3 Confirmed incidents of corruption and actions taken
Chapter Corporate Governance, Chapter Non-
financial Consolidated Statements
Code of Conduct
GRI 206: ANTI-COMPETITIVE BEHAVIOR
2016
206-1 Legal actions for anti-competitive behavior, anti-trust,
and monopoly practices
Chapter Risk Management
GRI 207: TAX 2019
207-1 Approach to tax Chapter Financial Consolidated Statements
207-2 Tax governance, control, and risk management
Chapter Financial Consolidated Statements
207-3 Stakeholder engagement and management of
concerns related to tax
Chapter Financial Consolidated Statements
207-4 Country-by-country reporting
Chapter Financial Consolidated Statements
GRI 301: MATERIALS 2016
301-1 Materials used by weight or volume Chapter Environmental value (Carbon Footprint,
Sustainable Packaging), Chapter Non-financial
Consolidated Statements
301-2 Recycled input materials used
Chapter Environmental value (Carbon Footprint,
Sustainable Packaging), Chapter Non-financial
Consolidated Statements
301-3 Reclaimed products and their packaging materials
Chapter Environmental value (Carbon Footprint,
Sustainable Packaging), Chapter Non-financial
Consolidated Statements
GRI 302: ENERGY 2016
302-1 Energy consumption within the organization Chapter Environmental value (Green buildings),
Chapter Non-financial Consolidated Statements
302-2 Energy consumption outside of the organization
Chapter Environmental value (Green buildings),
Chapter Non-financial Consolidated Statements

176
GRI STANDARD DISCLOSURE LOCATION
302-3 Energy intensity Chapter Environmental value (Green buildings),
Chapter Non-financial Consolidated Statements
302-4 Reduction of energy consumption
Chapter Environmental value (Green buildings),
Chapter Non-financial Consolidated Statements
302-5 Reductions in energy requirements of products and
services
Chapter Environmental value (Green buildings),
Chapter Non-financial Consolidated Statements
GRI 305: EMISSIONS 2016
305-1 Direct (Scope 1) GHG emissions Chapter Environmental value (Carbon Footprint),
Chapter Non-financial Consolidated Statements
305-2 Energy indirect (Scope 2) GHG emissions
Chapter Environmental value (Carbon Footprint),
Chapter Non-financial Consolidated Statements
305-3 Other indirect (Scope 3) GHG emissions
Chapter Environmental value (Carbon Footprint),
Chapter Non-financial Consolidated Statements
305-4 GHG emissions intensity
Chapter Environmental value (Carbon Footprint),
Chapter Non-financial Consolidated Statements
305-5 Reduction of GHG emissions
Chapter Environmental value (Carbon Footprint),
Chapter Non-financial Consolidated Statements
305-6 Emissions of ozone-depleting substances (ODS)
Chapter Environmental value (Carbon Footprint),
Chapter Non-financial Consolidated Statements
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other
significant air emissions
Chapter Environmental value (Carbon Footprint),
Chapter Non-financial Consolidated Statements
GRI 306: WASTE 2020
306-1 Waste generation and significant waste-related
impacts
Chapter Environmental value Chapter Environmental
value (Carbon Footprint, Sustainable Packaging),
Chapter Non-financial Consolidated Statements
306-2 Management of significant waste-related impacts
Chapter Environmental value (Carbon Footprint,
Sustainable Packaging), Chapter Non-financial
Consolidated Statements
306-3 Waste generated
Chapter Environmental value (Carbon Footprint,
Sustainable Packaging), Chapter Non-financial
Consolidated Statements
306-4 Waste diverted from disposal
Chapter Environmental value (Carbon Footprint,
Sustainable Packaging), Chapter Non-financial
Consolidated Statements
306-5 Waste directed to disposal
Chapter Environmental value (Carbon Footprint,
Sustainable Packaging), Chapter Non-financial
Consolidated Statements
GRI 308: SUPPLIER ENVIRONMENTAL
ASSESSMENT 2016
308-1 New suppliers that were screened using
environmental criteria
Chapter Environmental value (Sustainable
Procurement), Chapter Non-financial Consolidated
Statements
308-2 Negative environmental impacts in the supply chain
and actions taken
Chapter Environmental value (Sustainable
Procurement), Chapter Non-financial Consolidated
Statements
GRI 401: EMPLOYMENT 2016
401-1 New employee hires and employee turnover Chapter Social Value (Be a career lifter for our
employees), Chapter Non-financial Consolidated
Statements
401-2 Benefits provided to full-time employees that are not
provided to temporary or part-time employees
Chapter Corporate Governance Statement
401-3 Parental leave
Chapter Corporate Governance Statement
GRI 402: LABOR/MANAGEMENT
RELATIONS 2016
402-1 Minimum notice periods regarding operational
changes
Chapter Corporate Governance Statement
GRI 403: OCCUPATIONAL HEALTH AND
SAFETY 2018
403-1 Occupational health and safety management system Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
403-2 Hazard identification, risk assessment, and incident
investigation
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
403-3 Occupational health services
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
403-4 Worker participation, consultation, and
communication on occupational health and safety
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements

177
GRI STANDARD DISCLOSURE LOCATION
403-5 Worker training on occupational health and safety Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
403-6 Promotion of worker health
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
403-7 Prevention and mitigation of occupational health and
safety impacts directly linked by business relationships
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
403-8 Workers covered by an occupational health and safety
management system
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
403-9 Work-related injuries
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
403-10 Work-related ill health
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
GRI 404: TRAINING AND EDUCATION 2016
404-1 Average hours of training per year per employee Chapter Social Value (Be a career lifter for our
employees), Chapter Non-financial Consolidated
Statements
404-2 Programs for upgrading employee skills and transition
assistance programs
Chapter Social Value (Be a career lifter for our
employees), Chapter Non-financial Consolidated
Statements
404-3 Percentage of employees receiving regular
performance and career development reviews
Chapter Non-financial Consolidated Statements
GRI 405: DIVERSITY AND EQUAL
OPPORTUNITY 2016
405-1 Diversity of governance bodies and employees Chapter Corporate Governance Statement
405-2 Ratio of basic salary and remuneration of women to
men
Chapter Corporate Governance Statement
GRI 406: NON-DISCRIMINATION 2016
406-1 Incidents of discrimination and corrective actions
taken
Chapter Corporate Governance Statement (Ethics)
GRI 407: FREEDOM OF ASSOCIATION AND
COLLECTIVE BARGAINING 2016
407-1 Operations and suppliers in which the right to freedom
of association and collective bargaining may be at risk
Code of Conduct
Human Rights Policy
Supplier Code of Conduct
GRI 408: CHILD LABOR 2016
408-1 Operations and suppliers at significant risk for
incidents of child labor
Code of Conduct
Human Rights Policy
GRI 409: FORCED OR COMPULSORY
LABOR 2016
409-1 Operations and suppliers at significant risk for
incidents of forced or compulsory labor
Supplier Code of Conduct
GRI 410: SECURITY PRACTICES 2016
410-1 Security personnel trained in human rights policies or
procedures
Human Rights Policy
GRI 411: RIGHTS OF INDIGENOUS
PEOPLES 2016
411-1 Incidents of violations involving rights of indigenous
peoples
Human Rights Policy
GRI 413: LOCAL COMMUNITIES 2016
413-1 Operations with local community engagement, impact
assessments, and development programs
413-2 Operations with significant actual and potential
negative impacts on local communities
Stakeholder Policy
GRI 414: SUPPLIER SOCIAL ASSESSMENT
2016
414-1 New suppliers that were screened using social criteria Supplier Code of Conduct
414-2 Negative social impacts in the supply chain and
actions taken
Supplier Code of Conduct
GRI 415: PUBLIC POLICY 2016
415-1 Political contributions Chapter Corporate Governance Statement
GRI 416: CUSTOMER HEALTH AND SAFETY
2016
416-1 Assessment of the health and safety impacts of
product and service categories
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
416-2 Incidents of non-compliance concerning the health
and safety impacts of products and services
Chapter Social Value (Health and Safety of our
People First), Chapter Non-financial Consolidated
Statements
GRI 418: CUSTOMER PRIVACY 2016
418-1 Substantiated complaints concerning breaches of
customer privacy and losses of customer data
bpost privacy policy

178
UN Global Compact reference table
GLOBAL COMPACT PRINCIPLES REFERENCE*
HUMAN RIGHTS
Principle 1: Businesses should support and respect the protection of interna-
tionally proclaimed human rights; and
Chapter Corporate Governance Statement
Principle 2: make sure that they are not complicit in human rights abuses.
Chapter Corporate Governance Statement
LABOUR
Principle 3: Businesses should uphold the freedom of association and the
effective recognition of the right to collective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labour
Principle 5: the effective abolition of child labour; and
Principle 6: the elimination of discrimination in respect of employment and
occupation.
Code of Conduct
Human Rights Policy
ENVIRONMENT
Principle 7: Businesses should support a precautionary approach to environ-
mental challenges
Principle 8: undertake initiatives to promote greater environmental respon-
sibility; and
Principle 9: encourage the development and diffusion of environmentally
friendly technologies.
Chapter Environmental value, Chapter Risk Assessment
Principle 10: Businesses should work against corruption in all its forms,
including extortion and bribery.
Code of Conduct
Human Rights Policy

179
TCFD Reference Table
TCFD RECOMMENDED DISCLOSURES LINK TO DISCLOSURES
GOVERNANCE
Disclose the organization’s
governance around climate-related
issues and opportunities
a. Describe the board’s oversight of climate-related risks and opportunities
Chapter Corporate Governance
Statement
b. Describe the management’s role in assessing and managing climate-
related risks and opportunities
Chapter Corporate Governance
Statement
STRATEGY
Disclose the actual and potential
impacts of climate-related risks and
opportunities on the organization’s
business, strategy and financial
planning where such information is
material
a. Describe the climate-related risks and opportunities the organization has
faced over the short, medium and long term
Chapter Environmental value,
Chapter EU Taxonomy, Chapter Risk
Management
b. Describe the impact of climate-related risks and opportunities on the
organization’s businesses, strategy, and financial planning.
Impact of climate-related
opportunities: Chapter Risk
Management Chapter Environmental
value, Chapter EU Taxonomy
Impact on business and strategy:
Chapter Shared Value Creation
Impact of climate change risks
Chapter Risk Management, Chapter
EU Taxonomy
c. Describe the resilience of the organization’s strategy, taking into
consideration different climate-related scenarios, including a 2°C or lower
scenario.
Chapter Risk Management, Chapter
Governance – Governance Structure
RISK MANAGEMENT
Disclose how the organization
identifies, assesses, and manages
climate-related risks.
a. Describe the organization’s processes for identifying and assessing
climate-related risks.
Chapter Risk Management,
Chapter EU Taxonomy
bpostgroup has performed a
physical climate risk assessment
as part of the EU taxonomy
requirements on its Belgian
operations to assess the chronic
and acute extreme weather events
as a result of climate change. In
2023, we will implement a new ERM
strategy for bpostgroup, including
assessing the actual and potential
impacts of climate-related risks
and opportunities and taking into
consideration different climate-
related scenarios.
b. Describe the organization’s processes for managing climate-related risks.
c. Describe how processes for identifying, assessing, and managing
climate-related risks are integrated into the organization’s overall risk
management.
METRICS AND TARGETS
Disclose the metrics and targets
used to assess and manage
relevant climate-related risks
and opportunities where such
information is material
a. Disclose the metrics used by the organization to assess climate-related
risks and opportunities in line with its strategy and risk management
process.
Chapter Environmental value,
Appendix: Non-financial
Consolidated Statements
b. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas
(GHG) emissions, and the related risks.
c. Describe the targets used by the organization to manage climate-related
risks and opportunities and performance against targets.