1
2024
Annual report

2
1. Overview of Key figures 3
2. Message to the Stakeholders 4
3. Shared Value Creation 8
3.1 Who we are 8
3.2 Trends 10
3.3 Strategy 11
3.4 Our Value Creation Model 13
4. Customer Value Strategy 15
5. Governance 21
5.1 Corporate Governance Statement 21
5.2 Risk Management 47
6. Sustainable Value 54
Non-financial statements (CSRD report) 77
6.1 General Information 79
6.2 Environmental Information 122
6.3 Social Information 165
6.4 Governance Information 209
6.5 Assurance Report of the Independent Auditor 224
7. Economic Value 232
7.1 Financial Review 232
7.2 Outlook for 2025 241
7.3 Financial Consolidated Statements 242
7.4 Report of the Joint Auditors 312
Contents
This PDF version is not ESEF (European Single
Electronic Reporting Format) compliant. The ESEF
package is available on our website and includes
a readable XHTML version. This pdf is prepared
for the ease of use, the ESEF package prevails
in case of discrepancy with other formats.
8. Management Responibility Statement 318
9. Appendix 319
9.1 Glossary 319
9.2 Awards and Recognitions 320
9.3 GRI Content Index 321
9.4 UN Global Compact reference table 326
9.5 TCFD reference table 327
9.6 EU legislation and data points 328

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1. Overview of Key figures
Adjusted for the year ended 31 December
IN MILLION EUR 2024 2023 EVOLUTION 2024-2023
Total Operating Income
(1)
4,341.3 4,272.2 1.6%
Result from operating activities (EBIT)
(2)
224.9 248.5 -9.5%
Result of the year (consolidated - IFRS)
(3)
127.8 147.9 -13.6%
Operating free cash flow
(4)
(875.3) 220.7 -
Reported for the year ended 31 December
IN MILLION EUR 2024 2023 EVOLUTION 2024-2023
ECONOMIC VALUE
Total Operating Income 4,341.3 4,272.2 1.6%
Result from operating activities (EBIT) (118.1) 160.8 -
Result of the year (consolidated - IFRS) (204.1) 64.8 -
bpost NV/SA net profit (unconsolidated - Belgian GAAP) (230.0) 111.5 -
Operating free cash flow
(5)
(887.1) 223.8 -
Net debt/(Net cash)
(6)
1,800.4 420.5 -
Basic earnings per share, in EUR (1.03) 0.33 -
Dividend per share, in EUR 0.00 0.13 -100.0%
SOCIAL VALUE
Number of employees (at year end) 36.527 35.035 4.3%
Number of FTE (average) 32.434 31.240 3.8%
Number of FTE and interim (average) 37.500 37.782 -0.7%
Total training hours per FTE 27.2 31.3 -13.2%
ENVIRONMENTAL VALUE
Share of emission-free last mile delivery Belgium 21.0% 15% 40.0%
CO
2
footprint (tCO
2
e)
7
431.477 453.477 4.9%
CUSTOMER VALUE
Customer satisfaction score - bpost NV/SA 85.0% 84.0% 1.2%
(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 and borrowings (incl. lease liabilities) plus bank overdrafts minus cash
and cash equivalents
(7) 2023 updated for methodological improvements: (1) Switch to Well-to-Wheel emission factors, (2) Improved methodology for Purchased Goods
and Services, (3) new category Capital Goods and (4) Extension of the scope of Fuel & Energy Related Activities.
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.

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2. Message to the Stakeholders
bpostgroup 2025:
a strategy that embraces change
Chris Peeters,
CEO of bpostgroup
“In the B2B segment,
bpost can really play
a major role. Thanks
to our large network
of automated parcel
lockers, pick-up points
and post offices, we have
assets that other players
do not have.”
Chris Peeters’ first year as CEO of bpostgroup
was all about accelerated transformation. The
sooner-than-expected loss of the newspaper
contract in Belgium is inevitably leaving its
mark. But Peeters is resolute. “We have a
clear strategy and all the signs show that
our people are fully on board. This year, the
new bpostgroup must take concrete shape.
Everything is ready.”
Peeters knew what he was getting into when he took over the helm
as CEO of bpostgroup at the end of 2023. Just over a year later, he
concludes that his assessment was correct. However, 2024 was
more challenging than expected. “The newspaper distribution
contract evolved faster than anticipated,” he says. “What initially
seemed to be a process that would take a few years suddenly
turned into one with a transition period of barely six months.”
As a result, Peeters immediately had to switch into crisis mode.
“The extremely short transition naturally placed heavy pressure
on the planning for the first half of the year,” he explains. “We had
to prepare a plan to deal with the social and financial impact.”
But the newspaper contract was not the only challenge. The
diversification strategy with Radial in the United States, aimed
at reducing dependence on a few large customers, was not as far
along as hoped. “A start had already been made in making that
strategic shift, but progress remained slow and was taking more
time than anticipated,” Peeters comments. “However, we are
pressing on with this shift and are now working hard on that new
market positioning.”

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Despite these challenges, Peeters remains positive about the past
year and what lies ahead. “We continue to be a leading player
in Belgium,” he emphasizes. “Our excellent postal workers take
great pride in their work and have a deep awareness of the social
importance of what they do.”
Peeters points to the scale of the operations. “People sometimes
don’t fully realize what bpost does every day and on what scale,”
he says. “Every day, a massive number of parcels and letters
come in, and we ensure that they are delivered the next day. That
demands incredible logistical competence. Not only in Belgium, by
the way. With the acquisition of Staci, we have brought in a wealth
of complementary expertise.”
The complex transfer of the newspaper contract has emphasized
that logistics strength. “The image of bpost as an overpaid,
ponderous monopolist turned out not to be entirely accurate,”
says Peeters, choosing his words delicately. “That daily
distribution of newspapers is no small feat - it is a complex
operation. We did it with dedicated postal workers, in an
organization in which colleagues were always willing to help each
other if necessary. That spirit is lacking among freelancers for
whom delivering newspapers is nothing more than a quick way to
earn a bit of extra income. And then it suddenly became clear that
delivering newspapers more cheaply and more efficiently is not as
simple as it seemed.”
However, the reality remains that 2025 will mark the first full
year in which bpost operates without income from a newspaper
contract. That will also be visible in the 2024 figures. “When a
contract of such magnitude suddenly disappears mid-year, it will
of course be reflected in the results,” Peeters acknowledges. “Our
third quarter was marked by losses in our Belgian operations.”
Even so, there is optimism. “Our organization is already
demonstrating its resilience,” Peeters remarks. “At the end of
2024, we achieved one of our best-ever peak periods, both in the
US and in Belgium. Operational records were broken. And yet the
workload during that period is so high that even a simple issue
such as a broken label machine can cause major problems. But
this year, everything went smoothly. We are still waiting for the
final feedback from our customers on last year’s peak, but we
expect it to be positive.”
That success must set the stage for 2025. “If 2024 was marked
by operational resilience, then 2025 must be the year when we
start to see the first results of our transformation,” Peeters says.
“The strategy is settled and has been finalized with the Board
of Directors and our social partners. The transformation must
succeed if we want to secure our future. But patience is required.
On a positive note, the first synergies with Staci are already
bearing fruit. The integration is progressing according to plan.”
Where must this strategy lead? Reconnection with growth. “A
successful business is a growing business. Without growth, you
can only try to right-size your organization, but that alone does not
guarantee a future,” Peeters says. “At the moment, bpostgroup
cannot call itself a growth company. To do so, we have to increase
our relevance for our customers on all fronts.”
The foundations for that growth are partly rooted abroad, where
we need to achieve more synergies. bpostgroup must operate
as one group rather than as a collection of different entities.

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“In 3PL, the objective is clear. Our customer portfolio has to be
more diversified, certainly in North America. We have to position
ourselves more as a strategic partner for our customers. We may
not have the scale of the global giants, but we do have our unique
expertise. I see growth both in diversifying into new sectors and
in deepening our presence in the locations where we are already
active. Our cross-border activities are successful, but there is
still a great deal of room there to develop additional solutions
for mid-size e-commerce platforms. In Belgium, the challenge is
complex,” Peeters acknowledges. “The growth of B2C parcels is
not compensating for the fall in letter volumes. Therefore, we are
developing new market segments, such as C2C parcel solutions
and especially B2B services.”
With regard to the latter, Peeters sees great potential, particularly
with SMEs. “This is where bpost can really play a major role.
Thanks to our large network of automated parcel lockers, pick-up
points and post offices, we have assets that other players do
not have.” he states. “With the necessary adjustments in our
processes, we can quickly establish our relevance for B2B services.
We can provide very flexible, customized solutions, relieving SMEs
of the logistics burden.”
Peeters sees potential in Staci’s specific expertise. “For instance,
in France, they manage all of the logistics around the delivery and
collection of set-top boxes for the telecoms sector. In Belgium, we
can combine that know-how with our hybrid network and the local
presence of our postal workers to offer a fast and comprehensive
solution.”
These ambitions and plans must be realized by 2027 within the
framework of a new management contract with the federal
government. “It is clear that the new federal government wants to
reduce the cost of that contract,” Peeters acknowledges. “We are
a professional company and will put forward a strong proposal in
line with the framework that we get.”
The social role of the bpost network remains a crucial pillar for our
society. “The government decides how that proximity is defined,
and it is then our role to implement it as efficiently as possible,”
says Peeters, who already has a number of specific ideas.
“We want to expand our social significance. The social aspect of
the mail carriers and their rounds must not be underestimated.
I hear stories of people waiting by their mailboxes. And from
neighbourhoods that throw a retirement party for their mail
carrier. Where else do you see that? The digitalization of pensions
is a good idea, but we mustn’t overlook the fact that the human
aspect is still very important for many people. For some, that
means a regular moment of social contact, not just a financial
transaction.”
An important role remains for the post office. “Our offices are
places which everyone, sooner or later, will find themselves
visiting, regardless of their role in society. We don’t actively do
community building, but we do help to maintain that community.
In our strategy, we are going to reinforce this by expanding our
range of services, thereby increasing the flow in our offices.”
In parallel with this social role, Peeters also wants to put
more effort into digitalization. “For years, there has been
underinvestment in this regard,” he recognizes. “One of my first
decisions as CEO was to appoint a Chief Digital Officer. You don’t
bridge the digital divide by offering more analogue services, but
by developing good digital tools. My mother is 90 years old and
doesn’t use a banking app, but she does know how to put rabbit
ears on me in a TikTok video.” It is all about ease of use.
With that philosophy, bpost is fully engaged in the digital
reinvention of its core products such as post and parcels. “Our
goal is to give our customers the flexibility to receive their
products wherever and whenever they want. Customers can
now use the My bpost app to let their mail carrier know that they
want their parcel or letter delivered on a different day or even to a
different address. And by working with itsme, our customers now
also have complete control over the delivery of their registered
mail. 2025 is going to be a year in which we will continue to
prioritize digitalization and customer convenience.”

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bpostgroup Board Chair, Audrey
Hanard takes the time to look back on
2024 and talks about how she sees the
future unfolding.
“2024 marked a turning point for bpostgroup, bringing an end to
a prolonged period of instability. With the appointment of Chris
Peeters as CEO, the company entered a new phase of stability,
strategic clarity, and operational discipline. His leadership
provided much-needed direction, and under his guidance,
bpostgroup already successfully navigated several major
challenges, including the loss of the press concession. Despite this,
the company remained committed to its societal role of ensuring
democratic access to the press while finding economically viable
solutions for its operations.
Another major milestone was the acquisition of Staci, a French
B2B logistics player, which represents a crucial step in securing
bpostgroup’s future. This acquisition aligns with our long-term
ambition of remaining an employer of choice while expanding into
higher-value segments of the logistics chain.
On the governance front, 2024 allowed the Board to conclude its
hands-on investigations related to the compliance reviews that
were done in 2023. While certain negotiations with governmental
bodies are still ongoing, the Board has completed its immediate
role in addressing past issues and can now focus on the future. The
foundation for a stronger governance culture has been laid, and
the company is well-positioned to move forward with confidence.”
Can you talk more concretely about this strengthened
governance after the events of 2022 - 2023?
“Since the compliance reviews, initiated by the Board in 2022,
bpostgroup has undergone a deep cultural transformation
centered around transparency and integrity. The cornerstone of
this transformation is the bpostgroup Code of Conduct, which
establishes clear ethical standards for all employees. Every year,
all 40,000 employees undergo mandatory training on the Code
of Conduct to ensure these principles are embedded in daily
operations.
Additionally, the Speak Up program has been reinforced to provide
employees with a secure and confidential reporting channel,
fostering a culture of openness and accountability. This initiative
has strengthened trust across the organization and ensures that
any concerns can be addressed swiftly and fairly.
To further enhance governance, the compliance and enterprise
risk management team has been significantly reinforced. Their
focus has been on defining clear governance models, establishing
a group-wide compliance strategy, and embedding a robust
enterprise risk management framework. While these measures
were necessitated by past events, they have ultimately created
a stronger and more resilient organization. Today, I trust in the
integrity of our governance structures and our ability to uphold
the highest standards.”
2024 came with a new CEO. How does the Board look at this
new leadership & approach?
“After years of turbulence, bpostgroup required stability and
visionary leadership, and Chris Peeters has delivered just that. The
Board has full confidence in him and the strong executive team he
has further developed. Together, they have laid the foundation for
a strategic roadmap that has been thoroughly reviewed, debated,
and approved by the Board.
One of the key strengths of Chris' leadership is his ability to
balance long-term vision with pragmatic execution. Under his
guidance, bpostgroup has renewed its focus on innovation and
digitalization. His rapid testing and deployment of new ideas have
already modernized key products, such as registered mail, and
further high-value services are in development across various
business units.
The Board and management are fully aligned in their commitment
to growth and transformation, ensuring that bpostgroup remains
a leading force in the industry while securing a sustainable and
promising future for this nearly 200-year-old company.”
There is a new government and a new minister.
“I would like to extend my congratulations to Minister Matz on
her appointment. I am convinced that bpostgroup will establish a
productive and constructive working relationship with her in the
coming months. She has already shown an understanding of our
strategic direction and recognizes the importance of stability and
continuity as we navigate the critical next two to three years of
transformation.
bpostgroup remains committed to serving Belgian citizens as
a trusted service provider while also playing a vital role in the
country’s economic ecosystem. We support SMEs and businesses
by facilitating seamless B2B and B2C logistics, and we continue
to prioritize our role as an employer of choice. Our commitment
to offering demanding yet fulfilling jobs with long-term career
prospects remains unwavering.
As we move forward, we trust that our stakeholders will recognize
our solid plan and ambition to successfully navigate the challenges
ahead. The road will not be easy, but we have built the foundations
for sustainable growth, and we are confident that bpostgroup is on
the right path toward a strong and resilient future.”

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3. Shared Value Creation
3.1 Who we are
3.1.1. How we are structured
bpostgroup is structure in 3 Business Units: BENE Last Mile; 3PL; and Global Cross-border. Furthermore, we also have a number of
departments (functions) supporting the group.
BU
BeNe Last-Mile
BU
3PL
BU
Global Cross-border
bpostgroup
functions
• Belgium: Modern, high quality,
flexible postal, parcel services,
banking retail services and
more; Front runner in B2C
distribution: densest network
in Belgium for home and out of
home deliveries.
• Belgium and Netherlands:
Offering differentiated logistics
services in press distribution,
B2B and omni-channel logistics,
ranging from in-shop delivery,
in-home installations, two-man
handling, return/repair/recycle
services, covering the needs of
customers in industries including
high-tech, field technicians, press,
healthcare, beverages, fashion,
retail or FMCG
• Integrated 3
rd
party logistics
services, with a focus on high
value, flexible logistics services
for B2C, B2B and omni-channel
segments
• Regional leadership in Europe
and North America and strong
position in Asia
• Platform for continuous growth
and geographical expansion
• Integrated cross-border and
transportation management
capabilities
• Leadership on key lanes (US
to Canada, China to EU/UK/
Canada, Western EU to Belgium)
reinforced new lanes openings
and strong partnerships to
achieve scale
• Combination of own last mile
networks, carrier access and
agreements, customs and cross-
border services clearance, and
value-added services, enabled
by strong IT platforms
• Finance
• Human resources
• Digital & ICT
• Group Transformation Office
• Group Commercial -B2B
• Group Communication & Brand
2024 key numbers
• almost 7 million mail items/day
• 550.000 parcels/day
• 1.4 million newspapers and
periodicals/day
(items delivered per delivery day;
number of delivery days vary
depending on products and entities)
2024 key numbers
• 350 million shipments
• more than 2,600 clients served
• Approx. 2.3 million m² in more
than 100 warehousing sites
2024 key numbers
• 70 million international shipments
• 220 countries served

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3.1.3. Staci acquisition
In April 2024, bpostgroup announced the acquisition of Staci, a leading player in the contract logistics space. This strategic move is part of
bpostgroup's broader vision to transform from a traditional postal operator into a global third-party logistics provider. The acquisition aligns
with bpostgroup's goal to capture value from underlying market trends, leverage its existing strengths, and develop new capabilities in
high-value, flexible logistics services. The transaction, valued at €1.3 billion, represents a significant investment in expanding bpostgroup's
logistics capabilities and geographical footprint.
Presentation of Staci
Founded in 1989 and based in Saint-Ouen-l’Aumône, France, Staci specializes in complex logistics services, including multi-reference
packages, single-unit picking, and distribution to multiple delivery points. The company operates across Europe, the US, and China, with
a total space of about 900.000 square meters in 66 warehouses or logistics hubs. Staci serves over 2,000 blue-chip clients across various
sectors, including healthcare, high-tech, FMCG, and retail. The company's asset-light business model, strong financial performance, and high
margins made it an attractive acquisition.
Staci's unique positioning in "flexible high-value logistics" is characterized by its ability to handle complex logistics flows efficiently. The
company has developed a highly efficient ordering and procurement management IT tool, which connects approximately 400,000 points of
sales directly to its web solutions. This capability allows Staci to serve clients with diverse and complex logistics needs, making it a valuable
addition to bpostgroup's portfolio.
Synergies from the Acquisition
The acquisition of Staci offers several strategic synergies for bpostgroup, enhancing its operational capabilities and market position.
1. Staci's strong presence in Europe, the US, and China complements bpostgroup's existing network, enabling it to expand its geographical
footprint and better serve its global clients. This expansion is crucial for bpostgroup's strategy to become a regional leader in high-value
logistics services.
2. Staci's expertise in handling complex logistics flows, such as multi-reference packages and single-unit picking, aligns well with
bpostgroup's goal to broaden its service offerings. This acquisition allows bpostgroup to enhance its B2B logistics capabilities, including
detailed logistics, return management, kitting, and multi-carrier transportation.
3. The integration of Staci's operations with bpostgroup's existing logistics network is starting to create significant operational synergies.
These include pooling third-party transportation volumes, optimizing warehouse capacity, and developing integrated commercial
offers. Additionally, the acquisition will enable bpostgroup to scale its operations, particularly in procurement savings and geographical
expansion.
4. Staci's strong financial performance, high margins, and robust cash flow generation will enhance bpostgroup's overall financial health.
The asset-light business model of Staci, which requires low levels of maintenance and expansion capex, aligns with bpostgroup's strategy
to maintain strong cash-generation potential.
5. Staci's diversified client base across various sectors, including healthcare, high-tech, FMCG, and retail, strengthens bpostgroup's market
position. The acquisition allows bpostgroup to serve a broader range of industries and capitalize on cross-selling opportunities,
further enhancing its revenue streams.
The acquisition of Staci is a pivotal step in bpostgroup's transformation journey. It aligns with the group's vision to capture value from
market trends, leverage existing strengths, and develop new capabilities. By integrating Staci's expertise and expanding its geographical and
sectoral reach, bpostgroup is well-positioned to become a regional leader in high-value, flexible logistics services. This acquisition not only
enhances bpostgroup's operational capabilities but also strengthens its financial performance, paving the way for future growth and success.

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3.2 Trends
bpost identifies the following trends impacting its business:
3.2.2. Social Cohesion
Social Cohesion has two aspects: digital and physical. Digital inclusion
in Belgium improved post-COVID, with household internet access
rising from 90% in 2019 to 92% in 2021, especially among the elderly
and low-income groups. However, 46% of Belgians remain digitally
vulnerable, with higher rates among those with lower education,
older adults, and low-income individuals. The pandemic increased
the use of digital services, but vulnerable groups still lag behind. The
FPS Economy aims to reduce digital vulnerability to 20% by 2030,
highlighting the need for non-digital access to essential services.
Physical social cohesion, or the feeling of loneliness, has worsened
since the pandemic, with 13% of Europeans feeling lonely most of the
time. Loneliness is more prevalent among low-income individuals
and is linked to poorer health and lower trust in others. Addressing
loneliness requires frequent and quality social interactions,
emphasizing the importance of social cohesion services.
3.2.3 Technology
Technology significantly impacts logistics by enhancing operational
efficiency, quality, and customer experience. Advanced technologies
like automation, AI, and IoT streamline processes, reduce errors, and
optimize routes, leading to faster and more reliable deliveries. Real-
time tracking systems provide transparency and allow customers to
monitor their shipments, improving satisfaction. Additionally, data
analytics helps in predictive maintenance and demand forecasting,
ensuring better resource management and reducing downtime.
Overall, technology enables logistics companies to offer more
personalized and efficient services, meeting the evolving needs of
customers.
3.2.4 Global Trade and Geopolitics
Geopolitical dynamics significantly influence global trade, particularly
on specific trade lanes. The tensions between West and Russia, as well
as recent US elections can be expected to rise trade restrictions and
geopolitical tensions, which may lead to reshaped trade flows and
policies
1
. Countries are increasingly making trade decisions based
on strategic geopolitical considerations rather than purely economic
benefits
2
. This shift has led to the emergence of "friend-shoring,"
where trade is concentrated among geopolitically aligned nations
1
.
This can also lead e-commerce actors to opt for fulfilment services in
"friendly" geographies.
3.2.1 consumer trends
1. Simplicity and Convenience: Consumers seek
streamlined, efficient ways to manage daily routines,
preferring online stores for their convenience, such as 24/7
shopping and delivery preferences. bpost has captured 3.3
million delivery preferences to meet this demand.
2. Sustainable & Ethical Consumerism: Increasingly,
consumers favor brands committed to sustainability. This
trend pushes logistics companies to adopt eco-friendly
practices, like using electric vehicles and sustainable
packaging.
3. Experience Economy: Consumers value experiences
over material goods, driving the need for stores to offer
inspirational and community-focused environments.
bpost can enhance brand loyalty by integrating logistics
with consumer experiences.
4. Circular Economy: Emphasizing recycling and reusing,
the circular economy encourages logistics companies to
develop services for secure payments, flexible deliveries,
and robust return logistics, catering to the growing
secondhand market.
5. Purchasing Power: Despite a recovery in Belgian
purchasing power, many feel it has decreased, pressuring
prices. Logistics companies may see a shift towards price-
sensitive customer preferences.
6. Generation Z: This digital-savvy cohort demands quick,
personalized, and sustainable shopping experiences.
Brands must adapt to their preferences for fast delivery,
free shipping, and real-time tracking.
7. Aging Population: The growing elderly demographic
increases demand for specific logistics services, such as
meal delivery and medication dispensing.
8. New Family Models: Diverse family structures require
convenient and flexible delivery options to manage shared
custody and busy schedules.
9. Urbanization: As more people move to urban areas,
logistics companies face challenges in last-mile delivery
but also opportunities to innovate with micro-fulfillment
centers.
10. Privacy & Security: Rising awareness of data privacy
pushes logistics companies to protect customer data while
using it to enhance delivery safety and efficiency.
1 cepr.org/voxeu/columns/how-geopolitics-changing-trade
2 www.weforum.org/stories/2024/12/global-trade-geopolitics-uncertainty-economic-policy/

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3.2.5 Fluidification and parcelization for B2B logistics
a. Employees, professionals, come to expect the same level of convenience in their work environment as they have come to experience in
their personal lives. The adoption of technology (system integration, smartphone apps, a dense network of lockers available 24/7, …) can
play a role to provide the flexibility and fluidity they desire.
b. The fluidity of modern logistics enables “real-time”, last minute orders and decentralization of stock in retail shops, reducing the need
for assets in warehouses. B2B shipments that were typically palletized, progressively tend to move more frequently, in individual, nimble
parcels.
c. From ordering, warehousing, picking, packing, and transporting, every day, business continue to rely on their own personnel to execute
logistical tasks that do not correspond to their core business. By developing new integrated end-to-end solutions, we want to allow our
customers to focus on what they do best.
3.3 Strategy
3.3.1 Our ambition
bpostgroup, a regional and digital expert in parcel size logistics
• We combine and integrate all the capabilities of the group to design End-to-End solutions that create value. We remain anchored in
Belgium.
• We aim for regional leadership in two core geographies: Western/Central Europe and North America, for our clients.
• We combine digital and physical features into hybrid products. We become a “digital” company: providing best digital solutions for
our customers, we are fast to market, we are data-centric.
• “We set the benchmark” in terms of quality, innovation, customer centricity.
• We capture the growth in the parcel-sized logistics B2C, C2C and B2B markets, leveraging our last mile, omni-channel fulfilment and
cross-border capabilities.

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3.3.2 What is our strategic vision?
This year, we have redefined our strategic vision, providing direction
for bpostgroup for the 3-5 years horizon. We refer to it with the tag line
of “Rethink the Possible”.
Our Strategic framework illustrates the components of our vision:
• 5 core building blocks of the strategic vision;
• 4 “Excellence” pillars for bpostgroup to make a difference and
deliver on the core vision;
• 2 “Care” commitments as we remain fully committed to our societal
promises.
1. Preferred Parcel and Mail Last Mile Network, in Belgium and
Beyond
Our vision is to be the most convenient, preferred, and efficient,
cost-competitive, omni-channel parcel and mail last mile network, in
Belgium and beyond. Key features include:
- We offer a broad range of B2C and B2B parcel delivery services, ensuring full convenience for senders and receivers. Our omni-channel
approach follows customer preferences (parcel lockers, at home, safe spaces), and we provide flexible, time-definite deliveries that meet
the highest quality standards. Customers can drop and receive parcels anywhere through the densest network in the country, choosing
bpost for the best delivery experience.
- We deliver high-value mail products with the same standards as parcels, fully integrated into a hybrid physical and digital offering.
- Operations are optimized to capture efficiencies and ensure cost competitiveness.
2. Leading Specialized 3PL Operator Focused on High-Value Logistics Markets
We aim to be the leading specialized 3PL operator, offering the most flexible and E2E solutions in high-value logistics markets. Key features
include:
- We excel at identifying unmet high-value logistics needs and designing complex, flexible solutions that create value for clients. This
includes PoS, critical spare-parts, complex omni-channel, and patient deliveries. We simplify and consolidate complex logistical flows,
capturing superior value through up-selling and cross-selling across clients and geographies.
- We design full end-to-end solutions, combining a broad range of capabilities including first mile, warehousing, item preparation, and
last-mile delivery
3. Leading Cross-Border Network, Focused on Specific Offerings and Lanes Yielding Superior Value
We aim to be a global leading cross-border network, focused on specific offerings and lanes yielding superior value. Key features include:
- High-Value Lanes: We operate a specialized cross-border network, extracting superior value through a combination of own last mile
and/or fulfillment offerings, specific custom-clearance capabilities, and differentiating digital integration capabilities.
- Transport Excellence: We provide best-in-class transport services available to all group entities through digital platforms and a
network of partners.
4. Reference Provider of Proximity Services to Belgian Citizens
We aim to be the reference provider of proximity services to Belgian citizens. Key features include:
- Multi-Service Center: We deliver a broad range of proximity services through our retail network and new assets like mobile service
centers, partnering with various sectors.
- Partner of Government(s): We are the preferred partner of authorities for delivering convenient citizen services, leveraging our last mile
network and physical and digital integration capabilities.
5. Design of End-to-End Solutions and Hybrid Products
We combine and integrate all group capabilities to design defendable End-to-End solutions that solve customer frictions and combine digital
and physical features into hybrid products. A group-wide Center of Excellence maps customer frictions, designs, tests, and scales these
solutions.
- Mail and logistic products are integrated into a hybrid physical and digital offering, allowing customers to be digitally informed and in
control of the delivery experience. This transition defends the relevance of mail products.
- We design full end-to-end solutions, combining digital platforms, warehousing, picking, kitting, packaging, cross-border
transportation, and omni-channel delivery.

13
We Excel…
Four “Excellence” pillars for bpostgroup enable us to make a difference and deliver on our core vision:
- Quality: We set the benchmark, ensuring quality at a level where customers don't even think about it—like a light switch, always
expected to work.
- Customer Centricity: We adapt to the significant changes in how we live and work, understanding and meeting evolving customer
needs. Our products reflect deep customer knowledge, providing optimal convenience. We continuously update our products,
processes, and organization to stay aligned with client needs.
- Digitalization: We offer advanced tools to support our teams and the best digital solutions for our customers. Embracing data and AI, we
ensure maximum convenience and a simple, great user experience.
- Innovation: We build an innovation engine, staying relevant and impactful by focusing on what creates value for our customers. We
quickly scale successful innovations.
We Care…
We remain fully committed to our societal promises, which are core to our market operations and differentiation:
- Environmental Sustainability: We decarbonize the logistics supply chain, positioning ourselves as one of the greenest logistics players.
We consistently deliver on our decarbonization goals, optimize investments for maximum CO2 reduction, and support a scaled circular
economy with leading reverse logistics and sustainable solutions for waste and packaging.
- Employer of Choice: We promote inclusion and equal opportunity, ensuring all individuals feel welcomed and valued. We create a safe
environment for physical and mental well-being, offer social lift opportunities, and provide market-conform contracts that balance
flexibility and business needs. We are recognized for the growth opportunities we offer within the group and the broader job market.
3.4 Our value creation model
bpost creates value for all its stakeholder...
OUR
STAKEHOLDERS
OUR STRATEGIC
AMBITION
OUR KEY PERFORMANCE
INDICATORS OUR SDG IMPACT
Belgian citizens • Access to proximity services through
the bpost mail carrier and service
centers channels, across a broad
range of services, enabling physical
touchpoints and digital inclusion in
a context of highly digitized world.
• Access the most convenient parcel
and mail last-mile network, enabling
the exchange of goods, mail and
press products with highest
convenience and quality standards.
bpost Belgium
"Customer Satisfaction
score": 85%
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.
Belgian and
international
SME’s and larger
companies
• Access the most convenient parcel
and mail last-mile network, enabling
access to end consumers combining
physical and digital channels for
exchanges of goods, high value
marketing activities, etc.
• Access to high value E2E logistics
solutions, combining a broad range
of the capabilities that can be tailor-
made to companies’ needs. This
allows SME’s and companies to focus
on their core business and solve key
frictions in their value chains.
• Access to international markets
through cross-border digital and
logistics solutions.
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.

14
OUR
STAKEHOLDERS
OUR STRATEGIC
AMBITION
OUR KEY PERFORMANCE
INDICATORS OUR SDG IMPACT
Belgian
governments
• Preferred partnership to deliver
modernized and convenient citizen
services across a very broad range
of solutions, combining physical and
digital integration.
• As shareholder, renewed growth in
cash generation and profitability,
thanks to a rebalanced business
portfolio exposed to growth, higher
margin profile, and balanced risks
across sectors/verticals and clients.
• Continued commitment to our
social responsibility (qualitative and
market conform contracts, social
lift…).
“FutureMe” program
allowing bpost Belgium
employees to follow a
training track to obtain
a Higher Secondary
Degree Certificate
• employees newly
enlisted in program
(2024): 40
• employees who
obtained their
degree (2024): 11
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.
Shareholders • Renewed growth in cash generation
and profitability, thanks to a
rebalanced business portfolio
exposed to growth, higher margin
profile, and balanced risks across
sectors/verticals and clients.
Total operating income:
4,341.3m EUR
EBIT (adjusted):
224.9m EUR
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.
Employees • Access to high quality contracts,
growth opportunities within the
group and broader job market
(social lift), and an inclusive working
environment fostering well-being.
bpost Employee
Wellbeing Score [0,5]:
3.7
bpost Belgium
Employee training and
development hours per
employee:
32.2 hours average
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.
Environment • We decarbonize the logistics supply
chain, positioning ourselves as one
of the greenest logistics players.
• We consistently deliver on our
decarbonization goals, optimize
investments for maximum CO2
reduction, and support a scaled
circular economy with leading
reverse logistics and sustainable
solutions for waste and packaging.
Emission-free last
mile delivery
(bpost Belgium): 21%
Carbon footprint:
431.5ktCO
2
e
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.
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.

15
Introduction
bpostgroup is undergoing a fundamental transformation – from a
postal company with logistics capabilities to a logistics leader that
also provides postal services. While mail remains an important
service in Belgium, our primary focus is now on delivering seamless,
end-to-end logistics solutions on an international scale, ensuring
faster, smarter and more efficient deliveries for businesses and
consumers.
But this transformation goes beyond logistics, it’s about creating
value at every step. Our customers today expect reliable, innovative,
and tailored solutions. bpostgroup is present in 15 countries,
offering a wide range of solutions and expertise. In 2024, we created
the role of Chief Commercial Officer to implement a unified strategy,
ensuring that our partners benefit from a consistent, customer-
centric experience. By uniting our strengths across three core
business units and leveraging our global expertise, we cultivate an
integrated logistics ecosystem that extends beyond delivery.
Guided by our four strategic pillars – customer centricity, quality,
digitalization, and innovation – bpostgroup is redefining what it
means to be a trusted logistics partner. Whether through AI-driven
logistics, last-mile excellence, or sustainability-focused initiatives,
our goal is clear: to empower businesses, enhance consumer
experiences, and shape the future of logistics.
Christel Dendas, Chief Commercial Officer, bpostgroup
“At bpostgroup, we put
businesses, citizens, and
customers at the heart
of everything we do.
Every decision reflects
our belief that we don’t
just deliver mail and
parcels, but convenience,
trust, and meaningful
solutions.”
4. Customer Value Strategy

16
Customer Centricity
Customer centricity is at the heart of bpostgroup’s transformation, ensuring services are tailored to evolving customer needs.
Key initiatives:
• Enhancing customer focus with a Chief Commercial Officer
• Service enhancements: raising the bar on customer experience
• Supporting citizens and democracy through election mail services
• Parcel locker network : further enhancing customer convenience
Enhancing customer focus with a Chief Commercial Officer
In 2024, bpostgroup appointed its first Chief Commercial Officer (CCO) to drive a more unified, customer-focused strategy. This role
fosters collaboration across subsidiaries, ensuring seamless, end-to-end solutions that enhance service quality and strengthen customer
relationships.
Service enhancements: raising the bar on customer experience
Customer needs are constantly evolving, and bpostgroup is committed to evolving with them. Based on direct customer feedback and market
trends, we continuously improve our services to ensure greater reliability, speed and flexibility.
Key improvements include expanded delivery preferences, optimized last-mile logistics and refined fulfillment operations, all designed to
maximize convenience. Whether through expanded locker networks, smarter routing, or new fulfillment partnerships, our focus remains on
creating a seamless and stress-free delivery experience.
Supporting citizens and democracy through election mail services
During the 2024 federal and regional elections in Belgium, bpost played a vital role in delivering over 50 million unaddressed campaign
mail items and voting cards. Using its nationwide logistics network, bpost ensured these critical documents reached households on time
while adhering to electoral regulations and maintaining neutrality. This effort reinforced bpost’s commitment to public service and voter
engagement, ensuring reliable access to election information.
Parcel locker network: further enhancing customer convenience
In 2024, bpost further expanded its parcel locker network to enhance convenience and accessibility across Belgium. With over 3,500
locations, including 650 post offices, 670 post points, 900 parcel points, and 1,260 parcel lockers, nearly every person in Belgium is now
within six minutes of a pick-up point—whether by car, bike, or on foot.
In response to growing demand, bpost expanded its network by installing one new locker
per day in 2024, adding 365 new units by year-end. Looking ahead, bpost plans to install
1,200 more lockers in 2025, thereby tripling network capacity to 150,000 doors. With a
focus on efficiency and private parcel exchanges, bpost is also inviting retailers to host
lockers, ensuring continued network expansion and cementing its role as a leader in
logistics innovation.
Parcel lockers have become a key
touchpoint for customers, offering a fast,
flexible, and reliable delivery option with
24/7 access. In 2024, usage surged by 44%,
and they now deliver the highest customer
satisfaction scores among bpost services.

17
Quality
Our goal is not just to meet industry benchmarks but to set them, making quality so seamless that customers don’t even have to think about it.
Key initiatives:
• Increased customer satisfaction scores year-over-year
• Investment in total quality management to exceed industry benchmarks
• Enhancement of cross-border, 3PL and last-mile delivery precision
• Year-end 2024: managing quality amid rising parcel volume
Increased customer satisfaction scores year-over-year
Customer trust is built on consistency, reliability and service excellence. At bpostgroup, we
closely track customer satisfaction through comprehensive feedback systems, including
Net Promoter Score (NPS) analysis and direct customer insights.
Since 2019, bpost customer satisfaction score has steadily risen, reaching 85% in 2024 – a
testament to our continuous improvements in service quality, digital tools, and delivery
reliability. By actively listening to customers and implementing targeted improvements,
we ensure that every interaction with bpost reinforces our reputation for efficiency, care,
and excellence.
Investment in total quality management to exceed industry benchmarks
At bpostgroup, quality isn’t just a goal, it’s a standard. To ensure seamless, reliable and high-performing logistics services, we have made
total quality management a strategic priority. This involves continuous process optimization, rigorous performance tracking and data-driven
decision-making to anticipate and exceed customer expectations. By implementing state-of-the-art sorting technologies, advanced tracking
systems and automation in key logistics hubs, we aim to set new industry benchmarks. Through cross-business collaboration and training
initiatives, we are empowering our teams to deliver with precision, ensuring that customers receive not just packages, but a consistently
superior experience.
Enhancement of cross-border, 3PL and last-mile delivery precision
In logistics, last-mile delivery is the defining moment of customer satisfaction. At bpostgroup, we have invested heavily in cross-border
services, fulfillment efficiency and last-mile precision, ensuring that packages arrive on time, intact, and exactly where customers expect
them. Through AI-driven route optimization, real-time tracking and automated fulfillment centers, we have significantly reduced delays and
errors. Our commitment to innovation in logistics extends to hyperlocal solutions like parcel lockers, urban delivery hubs, and sustainable
transportation options, guaranteeing that customers receive their shipments faster and more conveniently than ever before.
Year-end 2024 peak: managing quality amid rising parcel volume
During year-end 2024, bpostgroup effectively managed the surge in demand across its three business units—3PL, cross-border, and last-
mile. In order to maintain quality across the supply chain, the group implemented a dedicated process called the “End of Year Peak Quality
Program”. This initiative reinforced our commitment to operational excellence by ensuring that shipments, including cross-border parcels,
moved efficiently despite seasonal challenges.
In last mile in Belgium, bpost saw its parcel volumes increase from a daily average of 500,000 to an all time record of 813,000 parcels
distributed in one day nationwide. 3PL operations were significantly strengthened and some 3PL entities saw their e-commerce fulfillment
volumes quadruple around Black Friday.
We strengthened our logistics network by expanding carrier partnerships and cross-border coverage, ensuring a smooth international
package flow despite disruptions. To improve efficiency and delivery accuracy, we introduced advanced routing and exception management
capabilities. Our IT system stability was upgraded with automated testing, enabling faster, error-free updates and greater reliability during
peak season. Additionally, we expanded our 24/7 multilingual customer support, ensuring seamless service and problem resolution for our
global customers.
Net Promoter Score (NPS) is a key metric
for measuring the customer experience
at bpostgroup. Rated on a scale from -100
to 100, it reflects how likely customers are
to recommend our services. bpost tracks
and analyzes real-time feedback, using
the insights to develop targeted action
plans that improve service quality, delivery
precision, and digital convenience.

18
Digitalization
The growth of new technologies is changing the way we consume.
Key initiatives:
• The My bpost app: a digital gateway to seamless delivery
• Merging physical and digital: the rise of ‘phygital’ logistics
• Simplified e-commerce integration with Radial & Shopify
• AI-driven fraud protection with "Pay by Bank"
The My bpost app: a digital gateway to seamless delivery
With a record 2.37 million monthly active users in the course of 2024, the My bpost app has become a cornerstone of customer convenience
in Belgium. This digital platform provides seamless tracking, personalized delivery options, and flexible rescheduling features, offering a
tailored logistics experience at customers’ fingertips.
To meet growing expectations, bpost has introduced new app functionalities based on insights from a March 2024 internal market study.
Research showed that 92% of users wanted to choose their delivery day, while 80% sought the flexibility to change their delivery address mid-
transit. In response, bpost launched two key features:
• Postpone delivery by a day – Since November 8, 2024, users can reschedule deliveries for a later date.
• Change the delivery address – Customers can update their parcel’s destination with a single tap if it remains within the same region.
Additionally, 3.8 million registered delivery preferences now allow users to further customize their logistics experience. As part of bpost’s
ongoing digital transformation, the app continues to evolve, reinforcing our commitment to efficiency, transparency, and customer-centric
innovation.
Merging physical and digital: the rise of ‘phygital’ logistics
E-commerce is evolving beyond transactions – it’s about
immersive brand experiences. Recognizing this shift, Staci Create
introduced Staci Unboxing, a solution that transforms packaging
into a personalized, brand-defining moment.
By blending physical and digital (‘phygital’) elements, Staci
Unboxing helps brands:
• Deliver premium, engaging experiences that delight customers
• Reinforce brand identity with custom design and messaging
• Build lasting customer loyalty through memorable unboxing
moments
This innovation strengthens bpostgroup’s hybrid logistics
approach, merging fulfillment expertise with digital engagement
to elevate the e-commerce experience.
bpostgroup expands its global reach
with Staci acquisition
The acquisition of Staci in 2024 expanded bpostgroup’s
contract logistics expertise, further reinforcing its position
in high-value, flexible logistics.
Founded in 1989, Staci specializes in flexible contract
logistics, with expertise in complex order fulfillment,
warehousing, and freight forwarding. Initially focused
on non-commercial goods like point-of-sale materials
(POSM), it has since expanded into commercial products
and e-commerce fulfillment for B2B, B2C, and D2C
customers. Operating 66 logistics hubs and over 900,000
sqm of warehouse space across France, Europe, the US,
and Asia, Staci supports industries from retail to medical
devices. Its freight forwarding and specialized supply
chain services also facilitate field operations, managing
spare parts distribution and returns for engineers and
technicians.

19
Simplified e-commerce integration with Radial & Shopify
In 2024, Radial and Shopify strengthened their partnership, launching the Radial Fulfillment Connector to streamline logistics for
e-commerce merchants. This tool seamlessly integrates Shopify stores with Radial’s fulfillment network, simplifying inventory management,
order processing, and shipping. By leveraging the Shopify Fulfillment API, merchants receive real-time order and inventory updates, reducing
technical complexities and accelerating time-to-market.
AI-driven fraud protection with “Pay by Bank”
Primarily focused on the U.S. market, Radial’s “Pay by Bank”, powered by Link Money, transforms e-commerce payments by cutting
transaction fees by up to 80% compared to traditional card payments. This system bypasses costly intermediaries through direct bank-to-
bank transfers, allowing merchants to retain more revenue while offering consumers a secure, streamlined payment experience.
To further enhance security, AI-driven fraud detection continuously monitors transactions in real time, identifying risks, preventing fraud,
and reducing chargebacks. This advanced fraud prevention system strengthens payment security while ensuring a seamless, cost-effective
transaction process for both merchants and shoppers.
With these innovations, Radial is optimizing e-commerce operations, cutting costs, and enhancing security, reinforcing its role as a leader in
digital logistics solutions.
An Advanced-Automation
Partnership
doTERRA, a global leader in essential oils and
wellness products, partnered with Radial Europe in
2012 to streamline its growing logistics operations.
As the company expanded across Europe, Radial
introduced advanced automation in 2024, enabling
order fulfillment within 3 to 6 hours and ensuring
real-time inventory tracking. In collaboration with
KNAPP, Radial upgraded warehouse systems and
expanded capacity to handle high-volume logistics
with greater efficiency. This seamless, automated
fulfillment process has strengthened doTERRA’s
global supply chain, ensuring faster, more reliable
deliveries and continued business growth.
“We have that trusting relationship. I would choose
three words to describe it: rock-solid partnership.
Faced with challenges in an ever-changing world,
our collaboration brings problem-solving skills. This
makes us stand out as a rock-solid partnership that is
mutually beneficial.”
Mark Wilkinson, Director Operations EMEA, doTERRA
19

20
Innovation
Innovation drives our future-ready approach to logistics.
Key initiatives:
• Driving sustainable logistics with the CO₂ calculator
• Product innovation: seamless sending and receiving registered mail
• Ecozones: reducing carbon emissions in last-mile delivery
• Expansion to B2B services, enhancing end-to-end solutions
Driving sustainable logistics with the CO₂ calculator
As sustainability gains importance, bpost is committed to providing eco-friendly solutions in Belgium. In 2024, we introduced the CO₂
calculator, enabling businesses to assess and reduce the carbon footprint of each parcel they ship. This tool offers precise, transparent
emissions data based on weight, distance and other variables, empowering customers to make informed, sustainable choices. Compliant
with ISO 14083 and the GLEC Framework, it also helps businesses meet future environmental regulations. By integrating innovation and
accountability, bpostgroup supports a greener supply chain, ensuring greater transparency and sustainability in logistics.
Product innovation: seamless sending and receiving registered mail
In 2024, bpost made sending and receiving registered mail easier with a range of new digital features. Customers can now receive notifications
via the My bpost app, personalize delivery preferences through secured identification using itsme®. Proxies can receive the registered mail via
unique QR codes, and sending registered mail is simplified with the ability to create shipping labels directly through the app. These upgrades
enhance convenience, flexibility, and efficiency while maintaining the legal reliability of registered mail.
Ecozones: reducing carbon emissions in last-mile
delivery
bpost is making urban deliveries greener in Belgium, with
Ecozones – designated areas where all deliveries are made
without CO₂ emissions using electric vehicles. By developing
a dense network of pick-up points and parcel lockers, bpost
reduces delivery distances, cutting emissions significantly.
Customers who collect their parcels on foot or by bike contribute
even further, helping to lower CO₂ emissions by up to 90%
compared to home delivery. This initiative supports sustainable
urban logistics, making parcel delivery more eco-friendly for
both businesses and consumers.
Expansion to B2B services, enhancing end-to-end
solutions
Traditionally focused on B2C logistics, bpostgroup is expanding its B2B offerings, tapping into new opportunities with businesses that require
customized logistics solutions. This shift recognizes the growing demand for omnichannel supply chains, where retailers and enterprises
need seamless integration between warehouses, stores, and end customers. By leveraging its expertise in parcel delivery, warehousing,
and fulfillment, bpostgroup is now a key player in business-to-business logistics, providing everything from inventory replenishment to
specialized delivery solutions for sectors like retail, spare parts and healthcare. This strategic move ensures that companies can optimize
their logistics operations with a single, trusted partner.
Conclusion
At bpostgroup, customer value drives our transformation. As society faces new challenges, we recognize our responsibility to adapt and
contribute. As we evolve from a postal company to a leading logistics provider, we remain committed to seamless, high-quality, and future-
ready solutions. Our focus on customer centricity, digitalization, quality, and innovation ensures faster, smarter, and more sustainable
logistics for businesses and individuals alike.
We are strengthening our ability to serve customers with precision and agility. Whether supporting global business expansion or ensuring
reliable international deliveries, bpostgroup provides tailored logistics solutions across Europe, North America, and Asia.
As we look ahead, our mission remains unchanged: at bpostgroup, we deliver more than just mail and parcels—we provide trust, convenience,
and a global competitive edge.

21
5. Governance
5.1 Corporate governance statement
Reference Code and introduction
In this Corporate Governance Statement, the Company outlines the key aspects of its corporate governance framework. This framework is
consistent 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 public limited liability company under public law, the Company is governed by the BCCA, unless stipulated otherwise in the 1991 Law or
other Belgian laws or regulations.
Articles of Association
The latest version of the Articles of Association was adopted at the General Shareholders’ Meeting of May 13, 2020 and was approved by the
Royal Decree of December 6, 2020
2
.
The main characteristics of the Company’s governance model are the following:
• The Board of Directors sets the Company’s general policy and strategy and oversees operational management;
• The Board of Directors has set up a Strategic Committee, an Audit, Risk & Compliance Committee, a Remuneration and 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;
• 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
& Compliance
Committee
Remuneration
and Nomination
Committee
ESG
Committee
Ad Hoc
Committee
Board of
Directors
(including
the CEO)
1 Dated March 23, 2019. This Code was published in the Belgian Official Gazette on April 4, 2019.
2 This Royal Decree was published in the Belgian Official Gazette on December 29, 2020. In accordance with article 41, §4 of the 1991 Law,
any amendment to the Articles of Association must be approved by a Royal Decree following a debate in the Council of Ministers.

22
Chief Digital
Officer
Chief
Transformation
Officer
CEO Global
Crossborder
Chief Human
Resources
Officer
Chief
Commercial
Officer
CEO 3PL
Europe
Chief Financial
Officer (CFO)
CEO BeNe
Last Mile
Executive
Commitee
*
CEO
(*) Composition of the Executive Committee as of March 1, 2025
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 December 11, 2023.
The Board of Directors regularly reviews the Corporate Governance Charter and adopts any changes deemed necessary and appropriate.
The Corporate Governance Charter contains rules with respect to:
• the corporate governance structure: the Company 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
competences 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 if 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 of a financial nature.
In accordance with provision 1.1 of the 2020 Belgian Code on Corporate Governance, at least once every five years, the Board of Directors
should examine whether the chosen governance structure is still appropriate and, if not, it should propose a new governance structure to
the General Meeting of Shareholders. On 26 February 2025, after an in-depth analysis, the Board of Directors confirmed that the current
one-tier governance structure remains suitable for bpost's operational and strategic needs and decided to maintain this structure, until
the next recommended review (no later than 2030).
Reference Corporate Governance Code
The 2020 Belgian Code on Corporate Governance
3
(the “Corporate Governance Code”) is the reference corporate governance code
applicable to the Company. 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 if they disclose the justification for any such deviation.
3 The Corporate Governance Code is available on the website of the Corporate Governance Committee (www.corporategovernancecommittee.be).

23
Deviations from the Corporate Governance Code
During the financial year 2024, the Company complied with the Corporate Governance Code, except for 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, Christiaan
("Chris") Peeters was appointed at the Special General Shareholders’ Meeting of November 23, 2023 as director for a term ending after 6
years as from November 1, 2023. This is the same duration as his mandate as CEO. Linking Chris’ 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 the Company's long-term objectives.
• 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. The Company 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, the Company is of the view that granting remuneration
in shares would not necessarily contribute to the objectives of the Corporate Governance Code, and believes that its Remuneration Policy
already achieves the objective of enabling non-executive directors to act from the perspective of a long-term shareholder and reduces the
likelihood of conflicts of interest. Moreover, per December 31, 2024, 6 of the 12 non-executive Directors were appointed upon nomination
by the reference 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, the Company 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 company
and receive an appropriate balance of cash and deferred remuneration. However, the members of the Executive Committee are not
required to hold a minimum number of shares in the company and, apart from Thomas Mortier (see below the Remuneration Report),
are not awarded any equity-based remuneration (shares, stock-options or other rights to acquire shares) and, under the Remuneration
Policy as first approved by the General Shareholders’ Meeting of May 12, 2021, no part of their remuneration was deferred. This deviation
from the Corporate Governance Code is in line with the majority shareholder’s expectation and the Company considers it to be justified
as the Board of Directors is convinced that such remuneration package of executives contributes to achieving the objectives of promoting
sustainable value creation and strategic objectives, as well as attracting and retaining talents. To further align the Remuneration Policy
with the Corporate Governance Code in general and to ensure that the actions and initiatives taken by the executives are guided by long-
term interests in particular, a long-term incentive plan has been introduced by the revised Remuneration Policy as approved by the Special
General Shareholders’ Meeting of November 23, 2023.
• the Corporate Governance Code (provision 7.12) provides that contracts with executives should include clawback provisions. There are
no specific contractual clawback provisions in favor of the Company for the short-term variable remuneration paid out to the members of
the Executive Committee who were in office on November 23, 2023
4
(excluding the CEO). The long-term incentive for the member of the
Executive Committee located in the United States as applicable under the Remuneration Policy approved in 2021, is not subject to any
clawback provisions either. 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. In these circumstances,
the insertion of clawback 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 clawback
is very limited, as grants of variable remuneration will be based on audited financial information. To further align the Remuneration Policy
with the Corporate Governance Code, the CEO and Executive Committee members appointed after November 23, 2023 are awarded their
short-term variable remuneration subject to clawback provisions. The long-term variable remuneration as introduced (for the Executive
Members not employed by a US entity) or amended (for the Executive Members employed by a US entity) by the Remuneration Policy
revised in 2023, is also subject to clawback provisions.
4 The date of the Special General Shareholders' Meeting approving the revised Remuneration Policy.

24
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 by the General Shareholders’ Meeting by simple majority, on proposal by the Board of Directors and from
candidates nominated by the Remuneration and Nomination Committee;
• directors are appointed for a renewable term of a maximum of 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 the Company’s shares has the right to nominate directors for appointment pro rata its shareholding
(“nomination right”). Directors appointed upon nomination by a shareholder can 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 provision 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 provision 3.5 of the Corporate Governance Code
and article 4.2.6 of the Corporate Governance Charter. The Corporate Governance Charter further provides that at least half of the directors
must at all times meet the independence criteria as set out in provision 3.5 of the Corporate Governance Code;
• any director can be removed by decision of the General Shareholders’ Meeting by simple majority;
• should any director mandate become vacant, the remaining directors have the right, in accordance with Article 7:88 of the BCCA, to
temporarily fill such vacancy until the next General Shareholders’ Meeting.
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, the Company applies a diversity policy in relation to its administrative, management, and supervisory bodies with regard to aspects
such as age, gender, disability, 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, 2024, composed of the following 12 members:
Members of the Board of Directors appointed by the General Shareholders’ Meeting upon nomination of the Belgian State
NAME POSITION FIRST APPOINTMENT AS DIRECTOR TERM
Chris Peeters
(6)
Chief Executive Director 2023 2029
Audrey Hanard
(1) (2)
Chair of the Board and Non-Executive Director 2021 2025
Ann Caluwaerts
(5)
Non-Executive Director 2023 2027
Véronique Thirion
(6)
Non-Executive Director 2023 2027
Denis Van Eeckhout
(6)
Non-Executive Director 2023 2027
Ann Vereecke
(5)
Non-Executive Director 2023 2027
Members of the Board of Directors appointed by the General Shareholders’ Meeting
NAME POSITION FIRST APPOINTMENT AS DIRECTOR TERM
David Cunningham
(4)
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

25
(1) Appointed by the General Meeting of Shareholders of the Company 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 the Company 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 the Company held on May 11, 2022.
(5) Appointed by the General Meeting of Shareholders of the Company held on May 10, 2023.
(6) Appointed by the General Meeting of Shareholders of the Company held on November 23, 2023.
Changes in the composition of the Board of Directors
There was no change in the composition of the Board of Directors in 2024.
At the close of the annual General Meeting of Shareholders of May 14, 2025, the mandate of Audrey Hanard as director appointed upon
nomination by the Belgian State and the mandate of Lionel Desclée, Jules Noten, Sonja Rottiers and Sonja Willems as independent directors
will expire.
The Remuneration and Nomination Committee and the Board of Directors have begun a process to find candidate directors to fill the vacant
mandates.
Newly elected directors are invited to participate in an induction program aimed at acquainting them with the Company’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 the Company’s purpose,
except for those actions that are specifically reserved by law or the Articles of Association to the General 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 the Company and its
subsidiaries;
• deciding all major strategic, financial and operational matters of the Company and its subsidiaries;
• ensuring that the Company’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 December 12, 2024, the Board of Directors approved a delegation policy formalizing the delegation
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 the Articles of Association, has been published in the Annexes to the Belgian
Official Gazette.
Functioning of the Board of Directors
The Board of Directors is called by the CEO or the Chair whenever the interests of the Company so requires or at the request of at least two
directors. The Board of Directors meets in any event not less than five times a year. In 2024, the Board of Directors met 20 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 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
decision and the proposal shall carry if adopted by a majority of the votes cast.

26
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. The external assessment was led by Guberna
and took place between June and November 2024. The results of this assessment were presented to the Board of Directors in December
2024 and initiatives were prepared to ensure that the functioning of the Board of Directors and the Board Committees always continues to
improve. Initiatives derived from the assessment will be implemented in 2025 and the Board of Directors continues to look for opportunities
to implement additional initiatives derived from such assessment.
The Board of Directors continuously evaluates and improves its functioning to steer the Company ever better and more efficiently.
Transactions between the Company, its Board members and executive managers
A general policy on conflicts of interest applies within the Company and prohibits any direct and indirect conflict of interests of a financial
nature by a member of the Board of Directors with a decision or a transaction that is within its competences.
The conflicts of interest procedure laid down in Article 7:96 of the BCCA has not been applied in 2024.
Transactions between the Company and its related parties
The related party transactions procedure set forth in Article 7:97 of the BCCA must be observed for any transactions or decisions regarding
related parties of the Company (other than those exempted under Article 7:97, §1, section 3 of the BCCA).
In 2024, the Company applied the procedure in the context of (i) the tender launched by the Belgian State to provide 679 services and (ii)
the amendment of the Relationship Agreement following the transfer of the shares held by the Belgian State into bpost to the SFPIM. The
announcements regarding these transactions and decisions, if any, are available on the Company’s website.
Committees of the Board of Directors
The Board of Directors has established 4 Board Committees that assist the Board of Directors and make recommendations in specific fields:
(i) the Strategic Committee, (ii) the Audit, Risk & Compliance Committee (in accordance with Article 7:99 of the BCCA), (iii) the Remuneration
and 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. Strategic decision-making
remains the responsibility of the Board of Directors as a whole.
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 the Company 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: assisting and providing guidance to management on (i) the vision, mission & strategies of the
company, (ii) strategic options and scenarios, (iii) value propositions, (iv) strategic canvas to monitor execution of the long-term strategy
through strategic objectives, milestone plans and targets, and (v) business and implementation planning files in general;
• review and refine strategic files with the management prior to being presented and proposed to the Board of Directors;
• 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 recommend 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
recommendations for changes in the scope of its duties, composition and working practices.
The Strategic Committee consists of a maximum of 6 directors. The Strategic Committee’s Chair is designated by the Strategic Committee’s
members.

27
The Strategic Committee was, per December 31, 2024, composed of the following 6 members:
NAME POSITION
Lionel Desclée (Chair) Independent Director
Michael Stone Independent Director
Jules Noten Independent Director
Ann Caluwaerts Non-Executive Director
Ann Vereecke Non-Executive Director
Chris Peeters CEO
The Strategic Committee met 7 times in 2024.
Audit, Risk & Compliance Committee
The Audit, Risk & Compliance 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 the Company’s financial statements and the Company’s accounting and financial reporting processes and
financial statements audits as well as the Company’s budget;
• together with the ESG Committee,
- informing the Board of Directors on the results of the assurance of the sustainability information and explaining how the assurance of
sustainability reporting contributed to the integrity of sustainability reporting, and what the role of the audit committee was in that
process;
- monitoring the sustainability reporting process and submitting recommendations or proposals to ensure its integrity;
- monitor the effectiveness of the internal quality control and risk management systems and the internal audit in this regard;
- monitoring the assurance of the sustainability information;
• monitoring and overseeing the effectiveness of the Company’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 General 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 Officer;
• addressing risk management and governance within the Company, notably in light of the Company’s strategy and fostering an appropriate
risk culture;
• approving and reviewing the Company’s 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 the Company 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;
• monitoring the Company’s potential or emerging compliance risks that are of a significant nature based on the Company’s business
operations and regulatory environments;
• closely following any audits, reviews and investigations into potential compliance violations at the Company of a significant nature and the
steps that have been taken to monitor, correct and/or mitigate such violations or risk of future violations;
• reporting to the Board of Directors the main findings from reviews and investigations into potential compliance violations of a significant
nature;
• monitoring the implementation of, and providing oversight for, an effective compliance management system at the Company that is
designed to ensure that the Company achieves the related objectives set by the Audit, Risk & Compliance Committee and Board of the
Directors;
• ensuring that the programs underlying the Company’s compliance management system are adequately resourced;
• reviewing periodically the structure, operation and effectiveness of the Company’s compliance management system and making
recommendations in this regard to the Board of Directors;
• in general setting a tone of fostering a culture of compliance and ethics at the Company.
The Audit, Risk & Compliance Committee consists of a maximum of 5 non-executive directors, with at all times a majority of independent
directors. The Audit, Risk & Compliance Committee’s Chair must be an independent director and is designated by the Audit, Risk &
Compliance Committee’s members.

28
Collectively, the Audit, Risk & Compliance 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, internal control and risk management,
as evidenced by her current positions as director of Belgian Finance Center VZW 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 CEO of Lloyd’s Insurance Company,
CFO of AXA Belgium and Dexia Insurance). The other members of the Audit, Risk & Compliance Committee hold or have held several board or
executive mandates in top-tier companies or organizations.
The Audit, Risk & Compliance Committee was, as of December 31, 2024, composed of the following 5 members:
NAME POSITION
Sonja Rottiers (Chair) Independent Director
David Cunningham Independent Director
Véronique Thirion Non-Executive Director
Denis Van Eeckhout Non-Executive Director
Michael Stone Independent Director
The Audit, Risk & Compliance Committee met 8 times in 2024.
Remuneration and Nomination Committee
The Remuneration and Nomination Committee advises the Board of Directors principally on matters regarding the appointment and
remuneration of members of the Board of Directors, CEO and Executive Committee members and shall in particular:
• identify Board of Directors candidates to fill vacancies as they arise, thereby considering proposals made by relevant parties, including
shareholders;
• nominate for appointment 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;
• advise the Board of Directors on the remuneration of the Board of Directors members;
• 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;
• review periodically the performance evaluation processes at the Company;
• establish performance targets and conduct performance reviews for the CEO and other members of the Executive Committee;
• advise the Board of Directors on talent management, diversity & inclusiveness policies and in general HR policies;
• review periodically the Company’s stated values, desired leadership behaviors, and related elements that define the culture at the
Company;
• 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 the Company, 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;
• lead talent profile definition for Board members and Executive Committee members taking into account the required skills and expertise
needed in each position and the competencies generally needed at the Company in light of the challenges and opportunities facing the
Company.
The Remuneration and Nomination Committee consists of a minimum of 3 and a maximum of 5 non-executive directors, with at all times a
majority of independent directors.
The Chair of the Board of Directors chairs the Remuneration and Nomination Committee.
Collectively, Remuneration and Nomination Committee’s members have sufficient relevant expertise with regard to remuneration policies to
fulfil their roles effectively.

29
The Remuneration and Nomination Committee was, per December 31, 2024, composed of the following 5 members:
NAME POSITION
Audrey Hanard (Chair) Chair of the Board and Non-Executive Director
Sonja Willems Independent Director
Sonja Rottiers Independent Director
Michael Stone Independent Director
Ann Caluwaerts Non-Executive Director
The Remuneration and Nomination Committee met 10 times in 2024.
ESG Committee
The ESG (environmental, social and governance) Committee advises the Board of Directors principally on matters regarding the Company’s
ESG strategy and activities, including the preparation and implementation of ESG initiatives and supporting the group in developing a
position as a global leader in ESG performance.
The ESG Committee consists of a maximum of 6 directors. The ESG Committee’s Chair is designated by the ESG Committee’s members.
The ESG Committee was, per December 31, 2024, composed of the following 5 members:
NAME POSITION
Sonja Willems (Chair) Independent Director
Ann Vereecke Non-Executive Director
Audrey Hanard Chair of the Board and Non-Executive Director
Denis Van Eeckhout Non-Executive Director
Jules Noten Independent Director
The ESG Committee met 3 times in 2024.
Executive Management
CEO
The CEO, Chris Peeters, was appointed by the Board of Directors upon recommendation of the Remuneration and Nomination Committee, for
a term ending after 6 years as from November 1, 2023.
The CEO is vested with (i) the day-to-day management of the Company and the representation of the Company in respect of such
management in accordance with article 7:121 of the BCCA, (ii) the implementation of the decisions of the Board of Directors and (iii) the
special powers delegated to him or her by the Board of Directors in accordance 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 by simple majority.
Executive Committee
The Company’s operational management is ensured by the Executive Committee under the leadership of the CEO. The Executive Committee
consists of a maximum of 9 members, who are appointed (for the duration determined by the Board of Directors) and removed by the Board
of Directors, upon proposal of the CEO and after having received the advice of the Remuneration and Nomination Committee.
The Executive Committee convenes regularly at the invitation of the CEO. The Executive Committee is assisted by the Company 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 assign to one or more members of the
Company’s staff special and limited powers. The Executive Committee members may allow sub-delegation of these powers.

30
The Executive Committee was, as of December 31, 2024, composed of the following members:
NAME FUNCTION
Chris Peeters CEO
Anette Böhm Chief Human Resources Officer
Frank Croket Chief Digital Officer
Philippe Dartienne CFO
Jozef ("Jos") Donvil CEO BeNe Last Mile
Nicolas Baise Chief Transformation Officer
James Edge CEO Global Crossborder
Thomas Mortier CEO 3PL Europe
Christel Dendas Chief Commercial Officer
1991 Law Committee
The 1991 Law contains several provisions detailing the composition, appointment, and functioning of a “1991 Law Committee”. However, the
powers of 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).
The 1991 Law Committee was, as of December 31, 2024, composed of the CEO, who chairs the Committee, and two other members (one
Dutch-speaking member and one French-speaking member): Jos Donvil and Nicolas Baise.
Company Secretary
The Board of Directors and the Advisory Committees are assisted by the Company Secretary, Ross Hurwitz, who is also the Company’s Chief
Legal Officer. He was appointed in such qualities on September 23, 2021.
Joint Auditors
The Joint Auditors audit the Company’s financial condition as well as consolidated and unconsolidated financial statements. There are four
Joint Auditors: (i) two Auditors appointed by the General 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 General Shareholders’ Meeting determines the remuneration of the Joint Auditors.
Also the assurance of the consolidated sustainability reporting has been entrusted to the two Auditors appointed by the General
Shareholders’ Meeting
5
.
The Joint Auditors of the Company were, as of December 31, 2024:
• EY Réviseurs d’Entreprises–Bedrijfsrevisoren SRL/BV (“EY”), represented by Mr. Han Wevers (member of the Institut des Réviseurs
d’Entreprises/Instituut van de Bedrijfsrevisoren), Kouterveldstraat 7B, box 1, 1831 Machelen, Belgium (its mandate was renewed by the
annual General Shareholders’ Meeting on May 8, 2024, and will expire after the annual General Shareholders’ Meeting to be held in 2027);
• PVMD Bedrijfsrevisoren – Réviseurs d’Entreprises CV/SC (“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
General Shareholders’ Meeting on May 8, 2024, and will expire after the annual General Shareholders’ Meeting to be held in 2027);
• Mr. Dominique Guide, Advisor to the Court of Audit (Rekenhof/Cour des Comptes), Rue de la Régence 2, 1000 Brussels, Belgium (he was
appointed by the Court of Audit on June 1, 2023 until May 31, 2026); and
• Mrs. Hilde François, first Chair of the Court of Audit (Rekenhof/Cour des Comptes), Rue de la Régence 2, 1000 Brussels, Belgium (she was
appointed by the Court of Audit on October 1, 2024 until September 30, 2027).
EY and PVMD are responsible for the audit of the Company’s financial statements. For the year ended December 31, 2024, EY and PVMD
received 1,433,984 EUR (excluding value added tax) in fees for the audit of the financial statements of the Company and its subsidiaries,
142,500 EUR (excluding value added tax) in fees for the assurance of the consolidated sustainability reporting and 365,333 EUR (excluding
value-added tax) in fees for non-audit services. The two auditors appointed by the Court of Audit received 95,809 EUR in remuneration for
their services in connection with the audit of the Company’s non-consolidated financial statements for the year ended December 31, 2024.
5 It is specified that for the financial year 2024, the Auditors appointed by the General Shareholders’ Meeting will issue a limited assurance on the
consolidated sustainability report.

31
Shareholding structure and shareholders rights
The Company’s shares are registered or dematerialized. On December 31, 2024, the Company’s share capital was represented by 200,000,944
shares, admitted to trading on the regulated market of Euronext Brussels.
On December 31, 2024, the Belgian State (indirectly via SFPI/FPIM) held 102,075,649 (51.04%) of the Company’s shares. The remaining
97,925,295 shares are held by retail shareholders and European and international institutional shareholders.
SHAREHOLDING STRUCTURE
ON DECEMBER 31, 2024
48.96%
Free float
51.04%
Belgian State
(indirectly via
SFPI/FPIM)
In 2024, the Company received one transparency declaration 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 the Company’s website https://bpostgroup.com/investors/
transparency-declarations.
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, 2024, the Company 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 the Company.

32
Remuneration Report
This remuneration report of bpost NV/SA (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.
The Company 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 2024. 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, the Company 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 current Remuneration Policy was approved by the Special General Shareholders’ Meeting of November 23, 2023
6
and has been applicable
since November 23, 2023. The Remuneration Policy, together with the results of the Shareholders vote, are available on the Company's
website
7
. Any material change to this Remuneration Policy has to be approved by the General Shareholders’ Meeting, upon recommendation
of the Board of Directors and the Remuneration and Nomination Committee. In any case, the Remuneration Policy must be approved by the
General Shareholders’ Meeting at least every four years.
The Company 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 other members of the Executive Committee.
The individual remuneration of the members of the Board of Directors and the members of the Executive Committee depends on the category
they belong to.
The Remuneration and Nomination Committee regularly examines the Remuneration Policy’s principles and their application and will
continue to do so.
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
8
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.
6 https://bpostgroup.com/who-we-are/bylaws-and-charters: the current Remuneration Policy was approved by the Special General
Shareholders’ Meeting on November 23, 2023 with a majority of 89.32% votes in favour and 10.68% votes against.
7 https://bpostgroup.com/who-we-are/bylaws-and-charters.
8 The Advisory Committees include the Strategic Committee, the Remuneration and Nomination Committee, the Audit, Risk & Compliance
Committee, the ESG Committee and the Ad Hoc Committee.

33
Monthly fixed fee
During the financial year 2024, the members of the Board of Directors (with the exception of the CEO) received the following monthly fixed fee:
• 4,256.46 EUR for the Board of Directors’ Chair, who also chairs the Company's Joint Committee (Paritair Comité / Commission Paritaire), as
indexed on March 1, 2024;
• 3,192.35 EUR for the Chair of the Audit, Risk & Compliance Committee, as indexed on March 1, 2024;
• 2,128.23 EUR for each other director (with the exception of the CEO), as indexed on March 1, 2024.
Attendance fees
The members of the Board of Directors (with the exception of the CEO) also received an attendance fee of 2,128.23 EUR, as indexed on March
1, 2024, per attended Advisory Committee meeting, regardless of whether as Chair or member of the Advisory Committee.
Overall remuneration
For the financial year 2024, the overall remuneration paid to all the members of the Board of Directors (with the exception of the CEO) totaled
647,981.90 EUR.
The table below shows the total annual remuneration paid on an individual basis to each member of the Board of Directors (with the
exception of the CEO) based on his/her participation in the Advisory Committee(s) meetings (*)(**):
BOARD OF
DIRECTORS’
MEMBERS
BOARD OF DIRECTORS STRATEGIC
COMMITTEE
REMUNERATION
AND NOMINATION
COMMITTEE
AUDIT, RISK &
COMPLIANCE
COMMITTEE
ESG COMMITTEE AD HOC COMMITTEE AD HOC
REMUNERATION
COMMITEE
TOTAL ANNUAL
REMUNERATION
(EUR)
AMOUNT
(EUR)
MEETINGS AMOUNT
(EUR)
MEETINGS AMOUNT
(EUR)
MEETINGS AMOUNT
(EUR)
MEETINGS AMOUNT
(EUR)
MEETINGS AMOUNT
(EUR)
MEETINGS AMOUNT
(EUR)
MEETINGS
ANN
CALUWAERTS
25,405.84 17/20 14,831.15 7/7 19,021.15 9/10 N/A N/A N/A 10,641.15 5/5 69,899.29
DAVID
CUNNINGHAM
25,405.84 15/20 N/A N/A 16,892.92 8/8 N/A 2,128.23 1/3 10,641.15 5/5 55,068.14
LIONEL
DESCLÉE
25,405.84 18/20 14,831.15 7/7 N/A N/A N/A N/A N/A 40,236.99
AUDREY
HANARD (Chair
of the Board of
Directors)
50,811.68 17/20 N/A 19,021.15 9/10 N/A 6,384.69 3/3 N/A N/A 76,217.62
JULES NOTEN
25,405.84 16/20 12,702.92 6/7 N/A N/A 4,256.46 2/3 N/A N/A 42,365.22
SONJA
ROTTIERS
(Chair of the
Audit, Risk &
Compliance
Committee)
38,108.82 19/20 N/A 16,959.38 8/10 16,892.92 8/8 N/A N/A N/A 71,961.12
MICHAEL
STONE
25,405.84 18/20 14,831.15 7/7 21,149.38 10/10 16,892.92 8/8 N/A 6,384.69 3/3 10,641.15 5/5 95,305.13
VÉRONIQUE
THIRION
25,405.84 19/20 N/A N/A 16,892.92 8/8 N/A N/A N/A 42,298.76
DENIS VAN
EECKHOUT
25,405.84 19/20 N/A N/A 16,892.92 8/8 6,384.69 3/3 N/A N/A 48,683.45
ANN VEREECKE
25,405.84 20/20 14,831.15 7/7 N/A N/A 6,384.69 3/3 N/A N/A 46,621.68
SONJA
WILLEMS
25,405.84 16/20 N/A 21,149.38 10/10 N/A 6,384.69 3/3 6,384.69 3/3 N/A 59,324.60
TOTAL 317,573.06 72,027.52 97,300.44 84,464.60 29,795.22 14,897.61 31,923.45 647,981.90
(*) These amounts cover all amounts awarded to the directors due to their participation in the Advisory Committee meetings held in financial
year 2024, including amounts that were paid in financial year 2025.
(**) 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 Directors and/or of an Advisory Committee.

34
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 2024 of:
• a fixed base remuneration;
• a variable short-term incentive;
• a variable long-term incentive;
• pension contributions; and
• various other benefits.
Except for the variable long-term incentive of Thomas Mortier (see below), 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
2024. No options under previous stock option plans were outstanding for the financial year 2024.
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 (2024)
CEO
Variable
remuneration
Base
remuneration
Pension
contribution
Other
benefits
RELATIVE IMPORTANCE OF THE VARIOUS ELEMENTS OF THE GLOBAL REMUNERATION
OF THE MEMBERS OF THE EXECUTIVE COMMITTEE (EXCL. CEO) (2024)
EXCO
Variable
remuneration
Base
remuneration
Pension
contribution
Other
benefits
Fixed base remuneration
The base remuneration consists of a fixed base salary paid in cash, defined by the nature and specificities of the functions, granted
independently of the Company's results:
• the CEO’s total base remuneration for the financial year 2024 amounted to 571,610.52 EUR (as indexed on June 1, 2024). The CEO did not
receive any remuneration for his mandate as a member of the Board of Directors;
• the global base remuneration granted to the other members of the Executive Committee for the financial year 2024 amounted to
3,737,522.71 EUR (as indexed on June 1, 2024). The amount of their individual base remuneration reflects the responsibilities and
characteristics of the position, the level of experience and, to a certain extent, the performance of the members of the Executive
Committee during the past year.
The base remuneration is revised annually based on a benchmark study that covers large Belgian companies and/or postal companies in
Europe in order to offer a base remuneration in accordance with the median on the reference market. For US equivalent positions in the US-
based entities, benchmarking studies that reflect the market situation in the US are used for the same purpose.

35
Variable short-term remuneration
Purpose and allocation of the variable short-term remuneration
The short-term incentive aims to reinforce the performance-based managerial culture, and is based on the achievement of specific individual
performance targets and collective objectives.
The short-term incentive consists of a variable remuneration that is granted in cash or, as of November 23, 2023, to choose every 3 years, in
the form of a contribution to an extralegal pension plan.
In 2024, the CEO
9
and the other members of the Executive Committee in Belgium received variable short-term remuneration with regard to
the performance in relation to financial year 2023 of 30% (at target) of their annual fixed base remuneration. The member(s) of the Executive
Committee in the United States received variable short-term remuneration of 50%
10
(at target) of their annual fixed base remuneration. In the
case of overperformance, the variable short-term remuneration could exceed 30%, respectively 50% and potentially reach a maximum at (i)
60% of the annual fixed base remuneration for the members of the Executive Committee in Belgium, and (ii) 105% of the annual fixed base
remuneration for the member(s) of the Executive Committee in the United States.
In 2025, the members of the Executive Committee in Belgium will receive a variable short-term remuneration, if any, with regard to the
performance in relation to financial year 2024.
The annual potential short-term incentive at target amounts to (i) up to 50% for the CEO and the Executive Committee members employed
by a US entity, if any, and (ii) up to 30% for the other Executive Committee members, of their annual base remuneration. In the case of
underperformance, the payment can drop to 0% of the annual base remuneration. In the case of overperformance, the payout can increase
to (i) up to 100% for the CEO and the Executive Committee members employed by a US entity, if any, and (ii) up to 60% for the other Executive
Committee members, of their annual base remuneration.
Performance is assessed by the Board of Directors upon recommendation by the Remuneration and Nomination Committee annually in light
of the targets achieved over the past year.
Performance targets – collective and individual objectives
The variable short-term remuneration paid in 2024 was awarded on the basis of the achievement of both collective objectives and individual
performance targets in relation to financial year 2023, which were set at the start of 2023. 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
11
) relate to performance against Key
Performance Indicators (KPIs) set by the Board of Directors upon recommendation of the Remuneration and Nomination Committee. These
KPIs 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 2023 was
between 107% and 145.01%.
- Customer Loyalty Index (20%
12,13
): reflects the loyalty of the Company's customers. The pay-out for this criterion is equal to the results
for the given year. The Customer Loyalty Index for 2023 is measured by the Net Promoter Score (NPS). The results for 2023 reached a pay-
out factor between 95.2 % and 163 %.
• The individual performance targets (30% of the total potential variable short-term remuneration at target
14
) 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. The Board of Directors approves the individual performance targets of the CEO and the other Executive Committee members
upon recommendation of the Remuneration and Nomination Committee.
9 The current CEO, Chris Peeters was appointed on November 23, 2023.
During his term of office as CEO ad interim, Philippe Dartienne continued to be remunerated as a member of the Executive Committee (first
CFO and subsequently as CEO e-Logistics North America / Eurasia ad interim) and received variable short-term remuneration based on the
achievement of the collective objectives and individual targets during financial year 2023 as a member of the Executive Committee (CFO). His
variable short-term remuneration as a member of the Executive Committee is included in the global variable short-term remuneration of the
members of the Executive Committee paid in 2024.
10 As opposed to 70% (at target) of the annual fixed base remuneration as laid down in the Remuneration Policy.
11 With a minimum of 0% in the case of underperformance and a maximum of 200% in the case of overperformance.
12 The Remuneration Policy as first approved by the General Shareholders’ Meeting on May 12, 2021 determines the following KPIs: EBIT (50%),
Customer Loyalty Index (15%) and Short-term Absenteeism Index or Employee Engagement Index (5%). 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 (including for the variable remuneration paid in 2024), the Customer Loyalty Index weighs 20% and the Short-term Absenteeism Index is
no longer taken into account.
13 For the member(s) of the Executive Committee in the United States, the KPIs include the following financial and non-financial indicators: EBIT
(50%), Customer Loyalty Index (10%) and Employee Engagement Index (10%).
14 With a minimum of 0% in the case of underperformance and a maximum of 200% in the case of overperformance.

36
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 and 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 CEO's objectives for November and December 2023 were to ensure continuity of leadership, foster collaboration across functions,
support strategic initiatives and continue to strengthen compliance and risk management frameworks.
In 2023, the individual performance reached a pay-out of 100% for the CEO for the exercise of his function.
The main individual performance targets to be achieved by the members of the Executive Committee (excluding the CEO) over financial
year 2023 were the following:
- Leadership and culture: promote leadership behaviours based on collaboration, clarity, continuous improvement and team focus.
- Compliance: ensure team participation in Code of Conduct training and implement key controls as part of the Risk Management
Framework.
- Customers and performance: maintain commitments to customers with satisfaction targets, reinforce sales excellence and pursue
organic and inorganic growth strategies internationally.
- Employees and well-being: develop an employee well-being strategy, optimise talent management across the Group and improve the
retention of key employees.
- ESG: further integrate ESG considerations into bpost's strategy in order to become a benchmark for sustainable development.
- Technology and security: modernise and simplify IT systems, strengthen cyber security and develop future-proof technology platforms.
- Transformation and governance: support the implementation of the new organisational plan, improve governance practices and ensure
strategic follow-up with the Board of Directors.
- Financial management and reporting: develop financial strategies aligned with transformation objectives and improve reporting
structures to track impacts across business units.
In 2023, the individual performance targets reached a pay-out between 90% and 100% for the members of the Executive Committee.
Variable short-term remuneration payment in 2024
In 2024, a variable short-term remuneration has been paid to the CEO for a total amount of 58,611.97 EUR based on the achievement of the
collective objectives and the individual performance targets for the year 2023.
The members of the Executive Committee in Belgium (excluding the CEO) received a global variable short-term remuneration of 891,944.17
EUR in 2024 based on the achievement of the collective objectives and the individual performance targets for the year 2023.
The variable short-term remuneration for the achievement of the collective objectives and individual performance targets during the
financial year 2024, if any, will be determined and paid in May 2025, after the performance assessment of each member of the Executive
Committee and disclosed in the remuneration report to be published in 2026.
Variable long-term remuneration for the CEO and Executive Committee members not employed by a US entity
Purpose of the variable long-term remuneration
The long-term incentive for the CEO and the Executive Committee members in Belgium, introduced by the Remuneration Policy approved by
the Special General Shareholders’ Meeting of November 23, 2023, has been activated as from financial year 2024.
This plan is designed to keep the variable long-term remuneration of the executives balanced and attractive, as well as compliant with the
shareholders and stakeholders’ expectations. It aims to ensure that the actions and initiatives taken by the executives are guided by long-
term interests.
Allocation of the variable long-term remuneration
The long-term incentive consists of a variable remuneration to be paid in cash and amounts at target to (i) 50% for the CEO and (ii) 30% for the
other Executive Committee members, of the base remuneration for the vesting period (as defined below).
In the case of underperformance, the payment can drop to 0%. In case of overperformance, the payout can increase to (i) 100% for the CEO
and (ii) 60% for the Executive Committee members.
Under this long-term incentive, the vesting is contingent on the achievement of the targets over a 3-year period (“vesting period”). At the end
of the vesting period, the long-term incentive is paid in cash to the beneficiaries based on the final score resulting from the three performance
criteria mentioned below.
This final score – and therefore resulting pay-out – consists in the average of the three yearly cumulated or average scores (with a minimum of
0% in the case of underperformance and a maximum of 200% in the case of overperformance).

37
Performance criteria of the variable long-term remuneration
The variable long-term remuneration plan is based on 3 performance criteria:
• Market financial performance (50%) reflected by the Total Shareholder Return (TSR), measured as cumulated performance in percent over
the vesting period;
• Environment performance (30%) reflected by carbon emissions (CO
2
), measured as average yearly target achievements over the vesting
period;
• Governance performance (20%) reflected by implementation of a bpostgroup risk management framework (i.e. the definition of key
controls for specific definite key processes and implementation of an internal control program evaluating the effectiveness of these key
controls, both at bpost and subsidiaries’ levels), measured as average yearly target achievements over the vesting period.
The Board of Directors reviews each year the level of performance to be achieved for each criterion, except for TSR, which is set for 3 years
from the year of allocation.
Variable long-term remuneration payment
After the end of the vesting period, the Board of Directors will approve the audited financial results and the level of achievement of
the performance criteria. In the months following the end of the vesting period (e.g. in 2027 for the grant 2024), the variable long-term
remuneration will be paid in a gross amount to the beneficiary, after deduction of applicable tax and social security deductions. This gross
amount will be used to calculate the double vacation pay.
Grant 2024
EUR ACTUAL GRANT '24 (AT TARGET)
CEO 298,769.83
EXCO members 971,794.82
Variable long-term remuneration for the other Executive Committee member(s) employed by a US entity
The Landmark Global, Inc. Long Term Incentive Plan (“LTIP”) is designed to reward outstanding financial performance on a KPI of stretch
goals against Earnings Before Interest & Tax (“EBIT”). The LTIP is in line with general reward market practices and also serves as a retention
tool by incentivizing long term retention of high performing key talent by providing monetary bonuses paid over a 3 year period. Achievement
of the LTIP ensures rewards are only earned when EBIT is accelerated above agreed upon EBIT targets.
One member of the Executive Committee eligible for the LTIP received in 2024 variable long-term remuneration of 132,207.63 EUR for the
achievement of the performance targets over the financial years 2021, 2022 and 2023. As from the year 2024, in accordance with the amended
Remuneration Policy, this member of the Executive Committee has participated in the same variable long-term remuneration plan as the
other Executive Committee members.
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 2024 amounted to 101,249.82 EUR;
• the other Executive Committee’s global pension contribution for the financial year 2024 amounted to 504,644.01 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, unemployment insurance, medical insurance, meal vouchers, representation fees and a company car. These benefits are
benchmarked regularly and adapted according to standard practices. The amount of the other benefits is set out in the table below.
One member of the Executive Committee benefits from a share-based management incentive plan (see below).
Share-based management incentive plan of Thomas Mortier
Following the acquisition of Staci Group on August 1, 2024, Thomas Mortier, CEO of Staci, joined the Executive Committee of the Company. In
order to foster this acquisition, the Company entered into a share-based management incentive plan with certain managers of the Staci Group
(“Staci MIP”), including Thomas Mortier, for a maximum period of 3 years (i.e. until 2027).
Under the Staci MIP, certain managers of the Staci group were required to first subscribe and/or roll-over for ordinary shares in Augusta
Progress, the French subsidiary of the Company owning the Staci Group, at fair value. In addition, they were granted free preferred shares in
Augusta Progress, one for each ordinary share owned, subject to specific performance and service conditions.
EXCO MEMBERCEO
298,769.83
200,000
400,000
600,000
800,000
1,000,000
971,794.82

38
The objectives of the free preferred shares are twofold: (i) to further align interests between certain key managers and the Company on the
realization of the business plans of Staci Group, Radial Europe and Active Ants, as well as the synergies expected to arise from the transaction
via a combined EBITDA target to be reached by the end of 2027, which will determine the ultimate value of these shares and (ii) therefore to
contribute to the retention of the key managers.
The free preferred shares granted to Thomas Mortier under the Staci MIP are illustrated in the table below.
MAIN PROVISIONS 2024
OPENING
BALANCE
CURRENT YEAR CLOSING BALANCE
NAME PLAN GRANTING
DATE
VESTING
DATE
END OF
RETENTION
PERIOD
PERFORMANCE
CYCLE
EXERCISE
PRICE
NUMBER OF
SHARES AT
BEGINNING
OF THE YEAR
SHARES
OFFERED
AND
UNDERLYING
VALUE WHEN
OFFERED
VESTED
SHARES AND
UNDERLYING
VALUE OF
SHARES ON
VESTING
SHARES
OFFERED
BUT NOT
YET VESTED
SHARES
STILL TO BE
RETAINED
Thomas
Mortier
Staci
MIP
7 Aug.
2024
7 Aug.
2025
7 Aug.
2026
7 Aug. 2024 -
31 Dec. 2027
N/A 0 857,959
0.1m EUR
0
N/A
857,959 857,959
As shown in the table above, Thomas Mortier was granted, on August 7, 2024, 857.959 free preferred shares in Augusta Progress. The preferred
shares vest after one year, i.e. on August 7, 2025. After the vesting date follows a retention period of one year, i.e. until August 7, 2026, during
which the preferred shares cannot be transferred. Liquidity put/call options exercisable in 2028 allow the management to monetize their
preferred shares. Performance criteria have been set for Thomas Mortier as payout metrics depending on in particular (i) the realization of the
Staci, Radial Europe and Active Ants’ business plans (expressed in target EBITDA pre-IFRS16), (ii) the achievement of synergies within 3PL EU
BU entities as well as with other bpostgroup’s entities, (iii) the net financial debt of Staci, and (iv) the cumulative CapEx of Staci. Good leaver/
bad leaver rules apply as well in relation to the preferred shares.
Overall remuneration
The total remuneration paid to the CEO in 2024 amounts to 791,990.91 EUR (compared to 367,135.50 EUR in 2023) and can be broken down as
illustrated in the table below.
The total remuneration paid to the members of the Executive Committee (other than the CEO) in 2024 amounts to 5,627,141.64 EUR
(compared to 5,976,306.57 EUR in 2023) and can be broken down as illustrated in the table below:
TOTAL REMUNERATION OF THE CEO AND OTHER MEMBERS OF THE EXECUTIVE COMMITTEE IN 2024
NAME AND POSITION
FIXED REMUNERATION (EUR) VARIABLE
REMUNERATION
(EUR)
TOTAL
REMUNERATION
(EUR)
PROPORTION OF
FIXED AND VARIABLE
REMUNERATION
15
BASE
REMUNERATION
16
OTHER
BENEFITS
PENSION
CONTRIBUTION
Chris Peeters 571,610.52 60,518.60
17
101,249.82 58,611.97 791,990.91 Fixed: 92.60 %
Variable: 7.40 %
Other Executive
Committee
members
18
3,737,522.71 360,823.13
19
504,644.01 1,024,151.80 5,627,141.64 Fixed: 81.80 %
Variable: 18.20 %
15 Fixed remuneration comprises the base remuneration, the other benefits and the pension contributions. Variable remuneration comprises the
variable short-term and, if any, long-term remuneration.
16 The base remuneration of the CEO and the other Executive Committee members includes end-year bonuses and holiday pay, as well as
exceptional adjustments to tax allowances for one of the Executive Committee members paid in 2024 relating to the years 2022 and 2023.
17 Other benefits of the CEO include: (i) other insurances (29,103.74 EUR), (ii) leasing costs for company car (26,497.92 EUR), (iii) representation fees
and meal vouchers (4,916.94 EUR).
18 During his term of office as CEO ad interim, Philippe Dartienne continued to be remunerated as a member of the Executive Committee (first CFO
and subsequently CEO e-Logistics North America / Eurasia ad interim). His remuneration as member of the Executive Committee is included in
the global remuneration of the other members of the Executive Committee paid in 2024.
19 Other benefits of the other members of the Executive Committee include: (i) other insurances (145,089.32); (ii) leasing costs for company car
(99,235.82 EUR) and (iii) My Benefit My Choice (18,712.62 EUR), (iv) representation fees and meal vouchers (30,558.48 EUR), (v) the Staci MIP
(67,226.89 EUR).

39
C. Use of clawback provisions
There are no specific contractual clawback provisions in favor of the Company for the short-term variable remuneration paid out to the
members of the Executive Committee who were in office on November 23, 2023
20
(excluding the CEO). The CEO and the Executive Committee
members who joined the Company after November 23, 2023 are awarded their short-term variable remuneration subject to clawback
provisions.
The variable long-term remuneration, as introduced (for the Executive Members not employed by a US entity) or amended (for the
Executive Members employed by a US entity) by the Remuneration Policy revised in 2023, is subject to clawback provisions.
No use was made of such clawback provisions in 2024.
D. Changes to the composition of the Company’s Executive Committee
The following changes in the composition of the Executive Committee occurred in 2024:
• From February 1, 2024:
- Frank Croket was appointed as Chief Digital Officer (CDO) and member of the Executive Committee. This new function replaced the
Chief Technology Officer role, previously held by James Edge;
- James Edge continued to be CEO Crossborder Global a.i., with responsibility for both North America and Eurasia.
• Christel Dendas was appointed as Chief Commercial Officer (newly created function) and member of the Executive Committee with effect
from May 1, 2024.
• From August 1, 2024, following the acquisition of Staci and to reflect the new structure of bpostgroup into 3 Business Units (BeNe Last Mile,
3 PL and Global Crossborder):
- James Edge, previously CEO Crossborder Global a.i., has been appointed as CEO Global Crossborder with no change in remuneration;
- Jos Donvil’s previously CEO Belgium, has been appointed as CEO BeNe Last Mile with no change in remuneration; and
- Thomas Mortier has been appointed as CEO 3PL Europe and member of the Executive Committee;
3. Compliance with the Remuneration Policy, long-term objectives and sustainability
The total amount of remuneration paid out during the financial year 2024 is substantially in line with the principles of the Remuneration Policy
as approved by the General Shareholders’ Meeting.
As set out above, under the Staci MIP, Thomas Mortier (and other key managers of the Staci Group) was granted 857,959 free preferred shares
in Augusta Progress.
This temporary deviation was approved by the Board of Directors, upon recommendation of the Remuneration and Nomination Committee,
for a maximum period of 3 years (i.e. until 2027). This grant and the terms and conditions of the Staci MIP serve the (long-term) interests of
bpostgroup since it has enabled the Company to successfully conclude the acquisition of Staci and retain its management and promotes the
alignment of the interests of relevant key managers with the long-term performance of the bpostgroup.
The objective of the Remuneration Policy is to attract, motivate, and retain the best qualified talents needed to achieve the Company's
short-term and long-term goals within a coherent framework. The Remuneration Policy is structured in a way that aligns the interests of the
Company'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 bpostgroup could always rely on a professional and experienced management,
even in more difficult times;
• the payment of the variable short-term remuneration ensures the realization of both financial and non-financial performance criteria that
translate the strategy of the Company;
• the introduction of the variable long-term remuneration encourages sustainable and profitable performance and growth over the long
term.
4. Remuneration of employees
The Company 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 the Company. 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
employs over 36,527
21
experienced and talented employees, who are committed to serving clients and communities of bpostgroup. The
Company is dedicated to continuing to improve working conditions to promote a collaborative, inclusive and healthy workplace. The
Company is convinced that this will help the Company to attract, develop and retain the best talent and capabilities to drive the Company’s
strategy.
20 The date of the Special General Shareholders’ Meeting approving the revised Remuneration Policy.
21 The relevant scope represents bpostgroup including STACI group.

40
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 2024 was 41.58
22
.
For reasons of transparency and clarity, the Company has decided to introduce the disclosure of the following three additional ratios based
on the scope of bpost SA/NV and on a remuneration structure on target (100% results on objectives) on a full time equivalent basis, which
makes it possible to carry out measurements smoothing out any variations.
• The ratio “highest to lowest remuneration” is measured by comparing the highest and lowest remuneration
23
, taking into account the
total target remuneration package (including base remuneration, premiums, variable remuneration, group insurances and benefits),
excluding employer’s social contributions.
• The ratio “highest to median remuneration” is measured by comparing the highest and median remuneration
24
, taking into account
the total target remuneration package (including base remuneration, premiums, variable remuneration, group insurances and benefits),
excluding employer’s social contributions.
• The ratio “highest to average remuneration” is based on remuneration costs including all the employees (full time, part time, fixed term
and open-ended contract) even if an employee has less than one year of service.
FY 2022 % CHANGE VS. FY 2022 FY 2023 % CHANGE VS. FY 2023 FY 2024
Ratio of highest to
lowest remuneration
33.23 41% 35.61
31%
46.81
25
Ratio of highest to
median remuneration
25.51 37% 26.56
30%
34.63
Ratio of highest to
average remuneration
19.25 8% 20.72 30% 33.20
5. Information on shareholder vote
The General Shareholders’ Meeting of May 8, 2024 approved (advisory vote) the remuneration report of 2023 with a majority of 82.16%
(compared to 85.56% in 2023) (with 17.84% against compared to 14.18% in 2023).
The Company encourages an open and constructive dialogue with its shareholders to discuss its approach to governance, including
remuneration.
One concern raised about the 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 other
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 2024 and to be determined (and paid) in May 2025, 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 2026.
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 the Company’s employees (on a full time equivalent basis) and of the Company’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 and the members of the Executive Committee. The table further displays this evolution in the broader context of the
average remuneration of the Company’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.
22 The relevant scope represents bpost SA and the ratio of 41.58 is calculated based on the remuneration actually paid in 2024 in full time
equivalent and not based on the remuneration on target.
23 Fixed-term contracts have been excluded from the scope due to the difficulty in accurately calculating the annual remuneration package for
such contracts. It is however important to note that these contracts adhere to the same remuneration policy as the contracts of indefinite
duration and represent a minority among the Company’s workforce (2%) and are not in the lowest pay range. This ensures consistency and
integrity in the ratio calculation.
24 Fixed-term contracts have been excluded from the scope due to the difficulty in accurately calculating the annual remuneration package for
such contracts. It is however important to note that these contracts adhere to the same remuneration policy as the contracts of indefinite
duration and represent a minority among the Company’s workforce (2%) and are not in the lowest pay range. This ensures consistency and
integrity in the ratio calculation.
25 The ratio 46.81 is based on the target remuneration of the CEO on a full time equivalent basis taking into account that the variable long-term
incentive remuneration granted in 2024 is not yet vested (value is zero).

41
FY 2020
(EUR OR %)
% CHANGE
VS. FY 2020
FY 2021
(EUR OR %)
% CHANGE
VS. FY 2021
FY 2022
(EUR OR %)
% CHANGE
VS. FY 2022
FY 2023
(EUR OR %)
% CHANGE
VS. FY 2023
FY 2024
(EUR OR %)
BOARD OF DIRECTORS AND MANAGEMENT REMUNERATION
(1)
Board of
Directors’
members’ global
remuneration
319,138 53.59%
(4)
490,162 -7.05% 455,604 28.96%
(9)
587,533 10.29% 647,982
CEO’s global
remuneration
623,285 -0.42% 620,659 56.02% 968,374
(7)
-62.09%
(10)
367,136 115.72%
(11)
791,991
Other Executive
Committee
members’ global
remuneration
4,791,691 - 18.65%
(5)
3,898,219 48.69% 5,796,182
(8)
3.11% 5,976,307 -5.84% 5,627,142
COMPANY PERFORMANCE
Financial metric
(adjusted EBIT)
280,573,881 24.51% 349,346,005 -20% 278,498,241 -10.8% 248,478,479 -9.5% 224,859,296
Total operating
income
(adjusted)
4,154,600,000 4.31% 4,333,721,259 1.47% 4,397,525,431 -2.9% 4,272,179,837 1.6% 4,341,305,925
Customer
Loyalty Index
92% 34%
(6)
123% -3.36% 119% -19.24% 96% -0.83% 95.2%
Short-term
Absenteeism
Index
5%
(2)
2.41% 5% 11.02% 6% -14.83% 5.11% 1,76% 5.2%
Employee
Engagement
Index
(12)
7% -1.24% 72% - - - -
AVERAGE REMUNERATION ON A FULL-TIME EQUIVALENT BASIS OF EMPLOYEES
(3)
Employees of
the Company
48,118 0.1% 48,182 5.2% 50,704 3.35% 52,403.17 4.14% 54,571
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 and long-term (if any) remuneration. The total remuneration of the Executive Committee also includes severance pays, if any.
(2) 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%.
(3) The average remuneration of employees of the Company excludes directors, members of the Executive Committee and the CEO who would
have entered into an employment agreement with the Company.
(4) 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 and Nomination Committee meetings in 2021
as a result of the replacement of the CEO and other directors whose mandate terminated.
(5) 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.
(6) 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.
(7) 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.
(8) 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.
(9) The increase in the total remuneration of the Board of Directors’ members in 2023 is mainly explained by the fact that there were a
significant number of Advisory Committee meetings in 2023, especially Remuneration and Nomination Committee meetings as a result of the
replacement of the CEO and other directors whose mandate terminated.
(10) The decrease in the global remuneration of the CEO is explained by the fact that the mandate of the current CEO only started as of November
1, 2023.
(11) The increase in the total remuneration of the CEO in 2024 compared with 2023 is due to the fact that the CEO worked for only two months in
2023 as he was appointed with effect from November 1, 2023.
(12) The Employee Engagement Index was not measured as from 2023 (last survey carried out in September 2022). As a result, reporting on this
KPI will disappear from the 2025 annual report. The decision was made to replace it by an Employee Well-Being Index as from 2024 (via pulse
survey). As the base year is 2024, there are no measures to report.

42
Risk Management & Compliance
Risk Management
The Company’s Enterprise Risk Management (“ERM”) framework assists the Company in managing risks effectively and in implementing
the necessary controls to pursue its objectives. The ERM framework covers: (i) risk management, allowing the Company 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 the Company'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 the Company'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 companies within bpostgroup 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. The Company 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.

43
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. Regular digital touchpoints are organized at
different levels in the organization.
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 CEO, CFO, CTO conducts a thorough performance management
dialogue with the different Business Units.
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 bpostgroup 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 & Compliance Committee, and (iii) approval
by the Company’s Board of Directors.
Monitoring
Commitment to corporate governance fostering accountability
The Board of Directors supervises the Company’s operational management. The Audit, Risk & Compliance Committee advises the Board of
Directors on accounting, audit, risk management, compliance and internal control matters. Without prejudice to the monitoring role of the
Board of Directors, the Executive Committee establishes risk and compliance 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, HR, Finance, Enterprise Risk Management, ESG, Regulatory & Competition, Compliance & Data
Protection, Cyber and Information Security, Safety & Prevention, Physical Security, provide expert support to the first line operational
management. All second line functions report at least annually to the Executive Committee, the Audit, Risk & Compliance Committee and
the Board of Directors on the risk evolution in their respective domains. In addition, a dedicated reporting line has been created for the
Enterprise Risk Management and Compliance Directors to the Audit, Risk & Compliance Committee’s Chair;
• finally, Corporate Audit, responsible for the internal audits of bpostgroup, constitutes the third line of defense. The Director Audit reports
to the Audit, Risk & Compliance Committee’s Chair and CEO.
Corporate Audit (internal) and Joint Auditors (external)
The Company 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 & Compliance Committee and Board of Directors
The Audit, Risk & Compliance Committee advises the Board of Directors on accounting, audit, compliance, risk management and internal
control matters.
To do so, the Audit, Risk & Compliance Committee receives and reviews:
• all relevant financial information to enable the Audit, Risk & Compliance 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, Risk and Compliance’s quarterly status reports on the follow-up of audit, risk and compliance recommendations and
their annual activity report;
• the Executive Committee’s annual conclusion on the effective execution of the Company’s risk & compliance management and internal
control activities as well as periodic information on the main business and related risk evolutions.

44
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 & Compliance Committee’s review,
and takes the necessary measures to ensure the integrity of the financial statements. A procedure is in place to convene the Company’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 & Compliance 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 & Compliance 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,
business 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,
values 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 and the Audit, Risk & Compliance
Committee oversees bpostgroup’s commitment 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 the Chief Legal Officer as well as to the Audit, Risk & Compliance Committee’s Chair.
Commitment to integrity and ethical values
Code of Conduct
The Board of Directors and Executive Committee have approved bpostgroup’s Code of Conduct, which was first issued in 2007, updated in
2022 and last updated in March 2023 mainly to update the dedicated part about Speak Up.
The Code – publicly available on bpostgroup’s website - has general principles that describe the values and ethical 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.
In 2024, over 98% of the bpostgroup employees have followed a dedicated e-learning, created by the HR and the Compliance departments,
about the Code of Conduct. Designed to be an annual exercise, this training was built to be practical, insisting on best practices and processes
to follow in case of doubt.
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.
Dealing & Disclosure Code
To comply with insider trading and market manipulation regulations, bpostgroup has adopted a Dealing and Disclosure Code which is
available on the bpostgroup website. This Code, amended from time to time to be in line with the most recent market 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 closely associated persons.
The Dealing and Disclosure Code contains strict rules on confidentiality, non-use of “price sensitive” information, and dealing restrictions.
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 the Company have been informed of their obligations in relation to insider trading under the Market Abuse
Regulation.

45
Commitment to employee development and competence
Good leadership is invaluable and generates better results for the Company. To develop skills, the Company 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 the Company’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
The Company 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, the Company has designed a Diversity Policy aimed at creating diversity and inclusion awareness within the group. The
purpose of this Diversity Policy is to support the Company’s 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
The Company 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.
The Company 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 and Nomination
Committee takes into account balanced scorecards of such diversity criteria.
Diversity aspects that are taken into account in relation to the 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, the Company 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, the
Company 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, the Company must attract and retain talent with diverse
professional backgrounds. Diversity of professional backgrounds provides the Company with a range of expertise and experience
necessary to respond to the complex challenges it faces. To achieve professional background diversity within its management, the
Company 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, the Company takes into account foreign elements in the profile and
the path of its candidates.
The Board of Directors assesses annually whether diversity within the Company's management has improved.

46
Diversity aspects – Implementation & outcome
On December 31, 2024, the outcome of diversity aspects in relation to the Company’s Board of Directors and Executive Committee members
is the following:
Board Executive
Committee
50% – 50%
women men
60 years
and more
7 members
60 years
and more
2 members
40-49 years
1 member
50-59 years
3 members
50-59 years
7 members
30-39 years
1 member
Gender
diversity
Age
diversity
Geographical
diversity
Professional
background
Belgian Belgian
Irish German FrenchAmerican
British/
American
women
22% – 78%
men
Finance & Accounting, Risk Management, Audit
Transport & Logistics, Fullfilment, Warehousing, E-commerce
Postal & parcels services
Digital, Technology & Innovation
Human Resources Management & Talent Development
ESG
67%
33%
17%
33%
75%
33%
29%
45%
38%
54%
62%
23%

47
5.2 Risk Management
1.1 Approach and methodology
In today’s complex, highly regulated and rapidly evolving business landscape, bpostgroup’s entities face uncertainties that may be the source
of desirable events (opportunities) and may also lead to unwanted events (risks). Both fall within the scope of Enterprise Risk Management
(“ERM”). Risk is inherent in all organizational endeavors. To proactively address risks and promote a culture of risk awareness and resilience,
an effective ERM policy is paramount and provides the overarching framework on risk management to all entities. The bpostgroup ERM
policy has been approved by the Audit, Risk and Compliance Committee in February 2024 and is reviewed annually.
Excessive risk aversion is incompatible with the creation of long-term value, as decision making will be severely delayed or paralyzed.
Insufficient risk aversion will in turn lead to potential damage to business performance or continuity. bpostgroup recognizes the importance
of correctly identifying and reporting the key risks associated with our activities and business objectives, as well as, having the appropriate
risk conversations, at the right level of our organization, to ensure an informed decision on risk taking that matches the risk appetite of
bpostgroup that is calibrated by the Board of Directors from time to time.
In mid 2023, a revision of the existing ERM framework was performed and the Board of Directors decided to position a bpostgroup ERM
function in the Corporate Legal and Compliance department with, also, functional reporting line to the Chair of the Audit, Risk and
Compliance Committee. During 2024, resources have been engaged and an ERM network has been cultivated to further embed company-
wide risk management processes within key activities of bpostgroup. The ERM network consists of ~ 10 ERM coordinators - senior executives
named by members of the Executive Committee and ~ 50 ERM SPOCs - risk advisors/experts/ambassadors, trained on the ERM concepts,
across all bpostgroup entities. Within the renewed operating model, we distinguish between two different levels to define the risk appetite of
bpostgroup with dedicated mitigation, monitoring and governance rules.
For Process Risk Management purposes, we aim to implicitly define the risk appetite of bpostgroup through the definition of minimum
control requirements while analyzing the risks attached to our key domains of activities. Workshops are organized with the business line
managers and experts to discuss the main risks and controls that we want to have in place to ensure operational excellence and an end-to-
end quality management for the customer. The necessary checks and controls are then designed in our processes, turned into formalized
Minimum Process Controls, communicated and implemented within bpostgroup, notably through the organisation of Self-Assessment
confirmation processes in the relevant entities. Domains with heightened inherent level of risk such as compliance with laws and regulations,
business continuity and recovery, IT security and data protection, ESG consequences, health, safety or security are specifically discussed and
considered during these analysis.
Additionally, the 17 principles of the Committee of Sponsoring Organizations ("COSO") framework lead to the definition of a set a Group Key
Controls that are reviewed and approved by the Audit, Risk and Compliance Committee. Those Group Key Controls solidify the foundations of
the Internal Control Framework for bpostgroup and their implementation is verified by the bpostgroup ERM department and/or second line
functions (for example, Compliance, Enterprise Risk Management, Legal, Cyber and Information Security, Data Protection, ESG, Regulatory
and Competition Law, Finance and HR).
The Corporate Internal Audit Department independently tests the control effectiveness in function of their independent assessment of the
risk areas. All internal audit reports are communicated to the bpostgroup CEO and the Chair of the Audit, Risk and Compliance Committee as
well as the Executive Committee member responsible for the matter under review.
For Strategic Risk Management purposes, the risk appetite of bpostgroup is based on dimensions which capture financial, reputational,
legal, regulatory, compliance, operational and strategic impacts of identified risks as well as the estimated likelihood of each such risk. With
a one year horizon in mind and based on risk evaluation criteria that is calibrated by the Board of Directors from time to time, bpostgroup
prioritizes risks into a bpostgroup Risk Heat Map that determines the communication and dialogue around risks throughout the company
(top-down and bottom-up). The bpostgroup ERM department is responsible for maintaining a bpostgroup register of identified strategic risks
(bpostgroup Register) with the support of second line functions and the ERM network. Three risks categories are used as taxonomy :
• Strategic risks: uncertainties that may affect or endanger a successful deployment of bpostgroup’s strategy;
• Operational risks: mostly internally oriented risks or unforeseen disasters that may result in a significant financial impact or damage
bpostgroup’s reputation. These also includes financial risks;
• Regulatory, Compliance and Legal risks: regulatory evolutions, and legal compliance issues that could substantially impact the realization of
bpostgroup’s strategy, have significant financial impact or damage bpostgroup’s reputation.

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The bpostgroup Risk Register is reviewed for completeness and accuracy, at least, twice a year and embedded within our bpostgroup
strategic management, business planning and controlling processes. During these reviews, the bpostgroup Risk Register is updated (i) to
reflect a re-evaluation of each identified risk's current likelihood and impact and (ii) consider the addition of emerging and new risks to
the bpostgroup Risk Register. For the heightened risks in each category, a dedicated mitigation and monitoring approach is defined by an
identified responsible party for that risk. When a risk exceeds the pre-defined risk appetite level set by the Board of Directors, additional
documentation and details are provided, including immediate remediation actions to address the risk. All assessments are consolidated by
the bpostgroup ERM function and undergo reviews by the Executive Committee, who ensures its accuracy and alignment with bpostgroup’s
objectives and strategies. The bpostgroup ERM function reviews and validates the final results of the assessments with the Audit, Risk &
Compliance Committee.
While the Group Risk Register tracks risks that may arise over the next 12 months, ERM also develops an Emerging Risk Report to anticipate
potential risks and opportunities over the next 10 years. This approach aims to provide a broader perspective by analyzing emerging trends,
risks, and opportunities over an extended time horizon. By identifying and monitoring these factors early, the group strives to enhance
resilience and maintain a competitive advantage. The report is created based on a scan of key analyses and market sources, both internal and
external, as well as discussions with our Group Transformation Office and internal subject matter experts.
As explained in other sections of this report, the outcomes of the strategic risk assessment are also linked and aligned with the outcomes
of the ESG Double Materiality Assessment which identifies and manages risks related to ESG factors. Below we provide a summary of
the main risks captured in the bpostgroup Risk Register. 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 and
monitoring mechanism described here is no guarantee that risks will not materialize. It is meant to provide an overview of (i) potential risks
and (ii) initiated action points in response to such risks - accordingly, the following should not be interpreted as a comprehensive list of risk
responses. In addition, it should be noted that no risk management or internal control system can provide absolute safeguards against failure
to achieve corporate objectives, fraud or breach of rules and regulations.
1.2 Strategic Risks
The risks mentioned in this section are considered in light of the long term strategy of bpostgroup that has been re-
actualized in 2024 under the leadership of the CEO and Executive Committee. A responsible person for each of the risks is
identified at the level of the Executive Committee. He or she monitors the risk evolution and initiates mitigating actions if
and when needed. The Audit, Risk and Compliance Committee oversees the application of this process on a regular basis
with the support of the bpostgroup ERM function.
Related to the electronic substitution, market evolution, competition and innovation
As for several years now, the use of mail continued to decline in 2024. bpostgroup expects that the national and international mail volumes
will continue to decrease. Faster than anticipated volumes decrease could not be excluded due to, among others, consumers behaviour
changes, accelerated digitalization in society, E-government initiatives or other measures introduced by the Belgian State or other public
authorities or private enterprises that encourage electronic substitution, etc. bpostgroup operates in a highly competitive and evolving
market landscape, where industry trends such as commoditization and market consolidation are shaping the dynamics of competition.
The new “digital” era also disrupts the e-commerce logistics and parcels industries in many ways. Some larger players capitalize on
economies of scale, driving innovation and efficiency, which, also, can creates opportunities to adapt and differentiate. In key regions such
as North America (Canada), Europe and Belgium, a diverse competitive environment—including traditional rivals, digital platforms, new
entrants or overcapacity-driven players—presents challenges that bpostgroup is proactively addressing by leveraging its strengths and
refining strategies but challenge the growth path in general and put pressure on the margins and overall profitability in the industries. The
bpostgroup transformation plan answers the potential adverse market evolutions and innovates to develop new initiatives minimizing
potential operational or financial impacts to an acceptable level for the Board of Directors.
More fundamentally, bpostgroup is taking the next steps in transforming into a regional and digital expert in the parcelized logistics market,
in Belgium leading X2C and developing new B2B business, and internationally as a specialized 3PL player, focused on defendable high
value market segments. In Belgium, bpost NV/SA transformed the mail distribution network into a sustainable integrated mail and parcels
network and is taking the necessary measures to ensure that its organisation and resources can react with flexibility to the changing market
conditions and client needs. In Europe and in the US, notably with the recent acquisition of Staci group, bpostgroup continues to increase its
size and build a regional leadership position in specialized 3PL services and Global Cross-border networks. bpostgroup focuses on customer
centricity, innovation to introduce new products and/or services lines, digitalization and continuously improve its efficiency to manage costs
and quality.

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Related to the complexity and ambitions of the transformation and culture shift
The execution of an array of interconnected strategic initiatives, particularly those that necessitate profound and extensive cultural
transformations of an organization, inherently involves a range of significant risks. These risks are multifaceted, encompassing the potential
for inadequate staffing levels, insufficient or ineffective communication strategies, a lack of deep organizational understanding, and
challenges in achieving widespread organizational adoption of the changes. Moreover, there is an elevated risk of misalignment, either in the
initial design phase or during the actual deployment of these initiatives, which could result in a discordance between the intended objectives
and the outcomes. In recognition of these complexities, and to ensure the smooth and successful integration of all strategic initiatives, a
centralized transformation office has been established in 2024. This office is tasked with the responsibility of providing directions, steering
or supporting actions where and when needed, overseeing the governance structure and monitoring mechanisms put in place to drive the
expected success. The challenges posed by the specific and broader political and social context in Belgium are acknowledged, particularly
in light of its ambitious transformation agenda. Maintaining a constructive and unified social dialogue remains a priority. Efforts are focused
on addressing key topics, such as past commitments, organizational adjustments, and ongoing operational priorities. We are mindful
of potential risks related to industrial relation dynamics and are taking proactive measures to ensure open communication, minimize
disruptions, and safeguard stability through robust contingency planning.
Related to the revenues generation, cost management, agility and flexibility in operations
Relatively fixed nature of bpostgroup’s cost base, increased unforeseen volatility in the market, accelerated mail volumes decline or the
inability to find new revenues engines may translate into significant impacts in profit and could affect our competitive position, unless
bpostgroup can introduce the required flexibility and reduce its costs. Specifically in Belgium, bpost SA/NV continue to introduce multiple
levers for the transformation 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. There can be,
however, no assurance that all of the benefits expected from such initiatives will be realized in time, since it depends from many exogenous
factors. Some of the critical elements for success of our ambitious transformation are change management, project prioritization,
resources availability and stakeholder alignment. While the most advanced program management approaches are applied, none of these
critical success factors could be entirely secured and implementing such amount of organizational changes inherently induces a higher
likelihood of temporary ineffective internal controls. Additionally, bpostgroup’s activities and the transformation objectives may also be
materially affected by other external factors, such as the current uncertainty regarding the impacts of the international geopolitical and
macroeconomic market conditions, labour market constraints (including salary indexations), high transport or energy costs. bpostgroup is
putting mechanisms in place as to monitor these evolutions and to continuously assess their potential impacts, notably on the speed of the
transformation.
Related to addressing proactively the climate change and ESG related topics
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 clearly increased these past years. Climate risks, including extreme weather events and
evolving regulatory frameworks, present both challenges and opportunities for sustainable growth. In 2025, bpostgroup continued to
proactively address climate risks and advanced its sustainability ambitions. A comprehensive group-wide climate risk assessment has been
started in Q3 2024, with results expected by mid-2025. This initiative aims to ensure that potential financial impacts are thoroughly evaluated
while aligning with CSRD compliance and advancing bpostgroup’s climate resilience strategy in the meantime. bpostgroup remains on track
to meet its waste-related ESG targets by 2030.
1.3 Operational Risks
bpostgroup faces many operational challenges that require an appropriate level of management attention, quality
management approaches and internal controls definition. bpostgroup initiates mitigating action plans if and when needed.
More details on the internal control and risk management system, inspired by the COSO framework, can be found in the
Corporate Governance Statement.
Related to potential gaps in Business Continuity Management and Delays in Recovery
Insufficient business continuity management poses risks of operational disruptions, delayed crisis recovery, insurance resistance,
and challenges in securing strategic tenders. bpostgroup may be unable to serve its customers or respect service levels for a period of
time that could have a negative impact on reputation, customer satisfaction and financial performance. To monitor and mitigate these
risks, a bpostgroup Business Continuity Management ("BCM") function defines guidelines, policies and procedures and oversees their
implementation with the bpostgroup’s entities. The bpostgroup BCM Policy is being implemented with support from dedicated coordinators
across entities. Actions include addressing audit recommendations, providing expert team support, and defining and testing local continuity
and recovery plans.

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Related to Cyber Security, Data privacy, Information Security and 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 errors. This may result in cybersecurity incidents which might cause
(personal) data breaches or significant disruption of bpostgroup’s operations and of its customers.
Increased global cyber security intimidations, threats and more complex and targeted cyber-related attacks threatens the security
of bpostgroup, 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.
The Data Protection Officer and the Privacy Office in the bpostgroup Compliance department and the bpostgroup CISO function in the
bpostgroup Technology department oversee these risks with the support of the bpostgroup ERM function.
Cyberattacks could cause financial losses, damages to reputation and disruptions if current protections are insufficient. In 2024, mitigation
measures included hiring a new bpostgroup CISO, implementing DORA requirements for bpostgroup’s business as insurance sub-agent,
conducting a gap analysis using the NIS-2 framework, and identifying vulnerabilities through ongoing assessments. The definition of
comprehensive policies, guidelines and their implementation, will translate into a higher maturity.
bpostgroup further prioritizes data privacy and security to protect customers and maintain trust. Following a detailed maturity assessment
across most of bpostgroup entities, mitigation plans have been drafted and implementation is ongoing, complemented by the rollout of
a new bpostgroup GenAI policy to strengthen data governance and enhance security while using GenAI tools. These measures reflect our
ongoing commitment to safeguarding information and upholding regulatory standards.
Related to the challenges in attracting, developing and retaining talent
With a challenging transformation plan to implement, more than ever, bpostgroup recognizes the critical importance of attracting,
developing, and retaining top talent to drive its strategic ambitions. To address this, enhanced HR strategies have been implemented to
strengthen succession planning, foster leadership development, and ensure a balanced approach to talent acquisition through internal
promotions and targeted external recruitment. These initiatives are designed to build a resilient and agile workforce, ensuring bpostgroup
remains well-equipped to achieve its long-term objectives.
Related to rising operational costs and the integration of recent acquisitions
Due to an increased complexity of the operations and volatility of market conditions, bpostgroup entities might encounter unforeseen costs
increases (such as salary costs, energy costs, IT maintenance spends to run legacy systems, adverse evolution of the real estate market
conditions, etc.) with an impact on margin and profitability and requiring further value chain management improvements. Several initiatives
are taken as to mitigate these risks, notably the simplification of the IT landscape, stable relations and constructive dialogues with the
company’s social partners or proactive management of all supporting costs (such as energy or real estate).
To pursue its growth ambitions, bpostgroup has acquired several companies over the last few years. In 2024, the acquisition of Staci Group
was finalized. As for all acquisitions and integration paths, there is the risk of not being able to successfully integrate the acquired businesses
and it is uncertain whether bpostgroup’s subsidiaries will realise the related business plans, in particular in countries and regions where
bpostgroup is not yet active prior to the relevant acquisition. Furthermore, there can be no assurance that bpostgroup will realise any or all
the anticipated benefits of any acquisition or that the acquired companies can perform as anticipated, which could also lead to impairments
of goodwill. Finally, bpostgroup may be or become involved in legal proceedings related to, or resulting from, acquisitions, the outcomes of
which are difficult to predict. The aforementioned factors could have a material adverse effect on bpostgroup’s business, financial condition,
operating results and prospects. To mitigate these risks as much as possible, regular performance management dialogues are performed
and post-acquisition integration activities have been strengthened. It is, however, uncertain that any actions undertaken by bpostgroup will
achieve their required result.
Related to the press and periodical concession in Belgium
Despite the fact that the risks and financial impacts around the press and periodical concessions have largely materialized in 2024,
uncertainties, notably regarding the future organisation in the south of Belgium, remains and could lead to social unrest and additional
impacts.

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Related to financial risks
bpostgroup faces different types of financial risks such as market risks from movements in foreign exchange rates, interest rates and other
market prices or liquidity risk. Among the financial risks, the credit/counterparty risk is monitored with attention given the emerging adverse
evolutions on the e-commerce markets that could lead to an increased risk of bankruptcy of our clients and ultimately to financial loss.
bpostgroup is also exposed to concentration risks given his client portfolio mix. Concentration risks in the client portfolio are mitigated
through a focus on diversification and robust contractual relationships, including with the Belgian State and key private clients (notably
at Radial North America). At the end of 2024, and given the acquisition of Staci, refinancing measures have been successfully implemented
ensuring bpostgroup’s financial stability and operational resilience remains protected.
1.4 Regulatory, Compliance and Legal Risks
Appropriate policies, processes and internal control procedures are implemented in order to limit the exposure to
complex regulatory, compliance and legal requirements. 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. In addition to existing measures,
bpostgroup has conducted an evaluation of compliance levels across 11 critical domains within its various entities through
a compliance maturity assessment. Based on the results, the bpostgroup Compliance department is developing plans to
implement measures aimed at addressing areas for improvement.
Related to our mail and parcel business in Belgium
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 NV/SA under the terms of the 5th management contract covering the period 2013
to 2015 (“5
th
management contract”). On December 3, 2015, bpost and the Belgian State signed a management contract (“6
th
management
contract”) with respect to a variety of services of public economic interest (“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 NV/SA signed the
7th management 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 NV/SA compared to the 6th management contract.
Although the European Commission’s decisions on state aid provide bpost NV/SA with a degree of certainty regarding the compatibility of the
compensation it receives for the provision of SGEIs” with state aid rules, it cannot be excluded that bpost NV/SA could be subject to further
state aid allegations and investigations 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, 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. 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 (2016-2020), which was extended until end 2023. In
December 2023, following its decision not to award any new press concession and to replace it by a tax measure for the press publishers, the
Belgian government decided to extend the current concession for an additional six months period, until mid-2024. These two extensions were
notified to the European Commission. On May 24, 2024, the European Commission approved the compensation granted to bpost relating to
both extensions. Reference is made to the Contingent liabilities section of this annual report concerning the possible impact thereof.

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bpost NV/SA 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
not favourable for bpost NV/SA. In the event bpost NV/SA were to fail to comply with these requirements, it may also be subject to fines (under
the competition law rules and postal regulation) and/or other postal operators may initiate proceedings seeking damages in national courts.
bpost NV/SA 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 certain 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
aforementioned 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.
In addition, in relation to activities for which bpost NV/SA 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 dependence). Failure to observe this requirement may result in fines and could result in an order by national courts to discontinue
certain commercial practices or to pay damages to third parties.
bpost NV/SA 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 NV/SA 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 NV/SA was designated by the Belgian State
as the USO provider for an eight-year term commencing in 2011. In the Postal Law, bpost NV/SA is designated as a 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
new USO Management Contract between bpost and the Belgian State has been signed on 9 November 2023. Under the terms of this contract,
bpost has been appointed as a USO provider until December 31, 2028. 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 assurance that the entire net cost of the USO will be covered.
bpostgroup is also subject to the Parcel Delivery Act of 17 December 2023 which aims at improving working conditions for parcel delivery
workers, especially in the context of sub-contracting. A set of new obligations is progressively coming into force and apply to all parcel
deliverers active in Belgium: mandatory notification to the BIPT, designation of a coordinator (to look after the rights of the deliverers),
semestrial reporting on parcels delivery activities and usage of subcontractors (volume and paid amounts), daily recording of delivery time
for each deliverer, minimum hourly remuneration paid to subcontractors, maximum permitted delivery time for parcel deliverers (as of 2026).
bpost SA, Euro-Sprinters and Dyna (all 3 in scope) are working on the implementation of the law. Failure to observe or implement timely these
new requirements may result in fines from relevant authorities.
Related to the final outcomes and financial consequences of the recent crisis
As a consequence of the crisis weathered by bpostgroup, various potential litigations and compliance cases have arisen and remain pending
today. Despite a financial provision of 87Mio EUR that has been recorded, various factors and circumstances should be considered beyond
bpost’s control and remaining uncertainties could lead to additional financial impacts. More detailed information on these compliance
matters can be found in the Contingent liabilities section of this annual report.
Related to the third party management
In the context of the upcoming Supply Chain Due Diligence Regulation and given the rising importance of third party management in light
of bpostgroup’s strategic ESG ambitions, potential gaps, notably compliance related, within bpostgroup’s current third-party management
systems are possible and are currently being reviewed in greater details. In the case of material gaps being identified, appropriate mitigation
plans will be defined and deployed on due time.
Related to bpost as agent to of BNP Paribas Fortis NV/SA ("BNPPF")
Following the sale by bpost NV/SA of its 50% stake in bpost bank NV/SA ("bpost bank") to BNPPF in 2021 (effective 2022), bpost bank has
merged into BNPPF on January 19, 2024 and, as of January 22, 2024, bpost welcomes -as an agent of BNPPF- the clients of BNPPF (including
former clients of bpost bank) in its network of postal offices for banking and insurance matters. The regulatory landscape for financial

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institutions has changed considerably (e.g., increased focus on customer protection, cyber-resilience, 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 BNPPF’s business, financial condition, results of operations and prospects which could have an impact on bpost as agent of
BNPPF.
Related to other regulatory & legal requirements
bpostgroup is subject to extensive legislation. Many Group entities are subject to specific transport regulations inducing the potential for
heightened compliance risks and liabilities. In Belgium, bpost SA/NV is subject to certain specific risks in relation to employment matters
deriving from the application of certain public law provisions and principles, uncertain interpretation of tax exemption’s right and is also
subject to a correct application of public procurement law. In addition, the interaction between the laws applicable to listed limited liability
companies and the specific public law provisions, especially in Belgium, may present difficulties in interpretation and cause legal uncertainty,
notably regarding competition law and the Market Abuse Regulation (Regulation (EU) No 596/2014). It is possible that bpostgroup will face
challenges complying with the existing regulatory landscape, including regarding certain employment matters on state aid grounds. Any non-
compliance could have a material adverse effect on bpostgroup’s business, financial condition, operating results and prospects.
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. In addition, bpost SA/NV ’s contractual employees could also challenge their employment status
for being deprived of statutory employment protection and benefits.
The implementation of Council Directive (EU) 2017/2455 amending Directive 2006/112/EC and Directive 2009/132/EC as regards certain
value added tax obligations for supplies of services and distance sales of goods may for example have an impact on bpostgroup. The recent
introduction of the CSRD (Directive (EU) 2022/2464) and the CSDDD (Directive (EU) 2024/1760) will also impact the reporting obligations
of bpostgroup and the requirement to act upon potential issues in the context of ESG. Stakeholders could also use this information to act
against Group entities with potential reputational damages. Finally, the adoption of the Pillar II legislation (Directive 2022/2523), aiming to
ensure a global minimum level of taxation for multinational enterprises, is expected to increase and complexify the reporting obligations of
bpostgroup.
The recent challenges have underscored the critical importance of fostering a culture rooted in integrity and ethical behavior across
the organization. In response, bpostgroup has taken decisive steps to reinforce its commitment to high standards of business conduct.
A comprehensive Group Code of Conduct e-learning program has been developed and implemented across the organization, ensuring
alignment with core values and expectations. These measures aim to prevent the recurrence of unacceptable behaviors and management
practices while strengthening trust, accountability, and resilience at every level of the organization.
1.5 Emerging Trends and Challenges for 2025 and Beyond
Postal companies face rapid and accelerating change. Proactively managing these shifts allows us to seize opportunities and mitigate risks.
To support this, bpostgroup ERM conducts regular strategic risk assessments and maintains a one-year horizon bpostgroup Risk Register.
Complementing this is a broader review of emerging trends, risks, and opportunities with a 10-year outlook. This approach enhances
resilience and sustains our competitive edge. Emerging risks stem from trends that may evolve into threats or opportunities, often uncertain
and challenging to quantify. With greater insight, some trends may eventually transform into opportunities, underscoring the importance of
early identification and monitoring.
The postal and logistics sector is rapidly evolving toward customer-centric models, driven by technological advancements and changing
client behaviors. The rise of e-commerce and demand for faster deliveries require innovations like IoT, AI, and real-time tracking to optimize
operations and improve customer experiences. Generative AI, robotics, and big data offer new possibilities for automation and data-driven
decision-making.
Geopolitical shifts significantly impact logistics by altering trade routes, tariffs, and regulations, disrupting supply chains and increasing
costs. Companies must remain agile, diversify supply chains, and closely monitor political developments. These challenges also create
opportunities for consolidation, enhancing efficiency amid uncertainty.
Environmental sustainability remains paramount, with a commitment to net-zero emissions by 2040 through initiatives like zero-emission
deliveries and recyclable packaging. Legal and regulatory compliance is critical as evolving laws influence transportation, trade, and
workforce management. Embracing mobility innovations ensures competitiveness and customer satisfaction.
Demographic shifts, such as aging populations and longer life expectancy, shape market demands and consumer behavior, requiring tailored
solutions. Concurrently, geopolitical tensions, volatile financial markets, recessions, and climate change add layers of complexity.
As we look ahead, the industry faces interconnected challenges, including climate change, cyber threats, geopolitical instability, and
economic volatility. However, these crises also present opportunities to foster a sustainable, secure, and innovative future for the sector.
Adaptability and strategic foresight will be critical to navigating this transformative era.

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6. Sustainable Value
Overall Introduction & Strategic Perspective
“Sustainability is an integral part of bpostgroup
redefined strategic vision and framework.”
bpostgroup's aim to be a reference in Environmental Sustainability and an Employer of Choice
reflects our continued full commitment to our societal promises which are core to our market
operations and differentiation. In 2024, we updated our Double Materiality Exercise and identified
eight material topics which are the focus of our ESG strategy and have been taken into account
when building our corporate strategy.
bpostgroup double materiality assessment
defines our strategic priorities
Graph legend
bpostgroup impact on the planet & society
HIGH
LOW
MEDIUM
HIGH
LOW
MEDIUM
Environment
Climate change
Air pollution
Waste & packaging
Health, safety & wellbeing
Diversity, equity & inclusion (DEI)
Due diligence in the value chain
Business conduct and ethics
Data privacy and security
Social
Governance
1
1
4
3
8
2
7
6
5
2
3
4
5
6
7
8
Double materiality 2024
Many initiatives supporting the implementation of our strategy include various elements of sustainability by design. For instance, in Belgium,
our locker, B2B and C2C innovation strategies all support lower emissions for ourselves and/or our customers.
Furthermore, we have developed a tool enabling us to analyze current and future initiatives in light of their expected impact on those material
topics.

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ENVIRONMENT
A. Our Ambition
As a global mail and parcel-sized logistics service provider, bpostgroup has an impact
on the environment 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 and generating a significant carbon footprint. Which is why we are determined
to fight climate change and be a force for good in the countries we operate in.
This shared ambition encourages us to accelerate our efforts to decarbonize and
reduce air pollution in the e-commerce and third party logistics supply chain and to
reuse and recycle packaging as part of a circular economy.
In 2024, bpostgroup advanced further on our path towards Net Zero and achieved
a deeper integration of sustainability within our operating model to pave the way
for further progress. We developed a group level environmental policy, refined our
climate transition plan, strengthened ESG criteria in our Supplier code of conduct,
and improved our measurement of environmental KPIs for Green House Gases, for
pollution emissions and for packaging & waste.
3 principles underpin our environmental policy:
1. Decarbonize the e-commerce and third party logistics supply chain
2. Take action on any identified adverse impact on air quality,
3. Offer sustainable solutions for the e-commerce value chain through recyclable and reusable packaging
9.3%
Scope 1 & 2 emission
reductions vs. 2023
21%
Emission-Free Last-Mile
Delivery in Belgium
100%
of the electricity
consumed in Europe
is renewable
Over 98%
of our sorted plastic
or cardboard waste is
recycled
“ Being a reference
in environmental
sustainability in
all markets we
operate in.”

56
B. Decarbonizing the e-commerce and Third-Party
Logistics Value Chain
Our Net Zero Ambition
bpostgroup’s Net Zero Roadmap
2019 2020 2021 2022 2023
By 2030 we will also
reduce our Scope 3
emissions by 14%
Net Zero
Our path to net zero
At bpostgroup, we are committed to being a
reference in sustainability in all countries we
operate in.
Further down bpostgroupʼs net
zero decarbonization trajectory,
we will invest further in new
technologies in our businesses
across the globe.
We are accelerating our efforts and investing heavily in the electrification of our fleet,
renewable energy solutions and innovative circular business models
Our key levers:
Emission-free last-mile
deliveries
Green electricity
New company cars
zero-emission
Recyclable or reusable
packaging
Phasing out natural gas &
heating oil buildings
Truck fleet running on
alternative fuels
Any remaining emissions will be
balanced through high-quality
natural climate solutions that
benefit people and the planet.
By 2030, we will reduce Scope 1 and 2 emissions by 55%
This shared ambition encourages us to accelerate
our efforts to decarbonize the e-commerce and
third-party logistics supply chain and reuse and
recycle packaging as part of a circular economy.
Total GHG emissions of bpostgroup
were 441,825 tCO₂e tonnes in 2019.
Path to net zero
Business as usual
Scaling up through carbon insetting
Delivering
our commitments
2024 2025
2030
Our Climate Transition Plan
bpostgroup Climate Transition Plan through 2030, approved by SBTi, aims to reduce scope 1&2 emissions by 55% and scope 3 emissions by
14%. It includes 6 decarbonization levers:
• Emission Free Last mile Deliveries
• Truck fleet running on alternative fuel and double deck trailers
• Electrification of company cars : New company cars zero emission
• Green Electricity
• Phasing out natural gas & heating oil from our buildings
• Starting to reduce scope 3 emissions

57
bpostgroup’s Climate Transition plan
Baseline 2019
323 k
Scope 3
Scope 1 & 2
119 k
277 k
-55%
-14%
54 k
Electrification
of last mile
Alternative fuel
trucks & double-deck
trailers
Electrification of
company cars
Phasing out natural
gas & heating oil
buildings
Green electricity Scope 3 - in progress Target 2030
In 2024, bpostgroup invested over 22 million Euros to progress on this plan and we have foreseen to continue with similar level of investment
in 2025 and beyond.
Progress towards our targets
AMBITION 2024 PROGRESS 2024 ACHIEVEMENTS LOOKING FORWARD
Reduce Scope 1&2 Emissions
by 55% by 2030
21% zero-emission Last Mile Delivery Expanded Ecozones to 4 new cities
resulting in 18 Ecozones 2024 in total
across Belgium
+ 600 e-vans (total of 2200 or 22%
of fleet) + 86 e-bike trailers (total of
544) and +1000 charging points (total
of 2400)
Developed parcel level Carbon
Calculator for customers to
help them manage their scope 3
emissions (won Amazon “Excellence
in Carbon Reporting” 2024 award)
Dyna and Apple Express expanding
use of electric vehicles in their
subcontracted fleet
+ 7 ecozones to a total of 25 in 2025
+1000 e-vans and + 54 e-bike trailers
in Belgium
Plan to install a total of 4500
charging points by end 2029 to
power electric van fleet.
100% Green Electricity in Europe +6’000 m
2
of Solar Panels installed
on our Warehouses ( bpost, Dyna) for
a total of over 73’000 m
2
of installed
capacity
100% Green Electricity for our
Operations in Europe
Install Solar Panel on an additional
54 mail centers in Belgium over
2025-2029 to power our growing
electric fleet
88 Trucks On Alternative Fuel or
Double deck trailers
2 Electric Trucks joined our fleet late
2024 early 2025
100% new Company Cars in Belgium
Zero Emission
Fully implement policy beyond
Belgium
99.4% Recyclable or Reusable
Packaging
Gradually phasing out non sortable
double components packaging in
Belgium

58
Carbon Footprint Table
1
:
In 2024, bpostgroup total Scope 1 emissions decreased by 3% mostly as a result of the electrification of our fleet in Belgium. Scope 2
decreased by 26% reflecting increased use of green electricity (expansion of Solar Panel Park and purchase of Green electricity for our entire
operations in Europe).
We updated our Scope 3 calculation with several methodological improvements: (1) Switch to Well-to-Wheel emission factors, (2) Improved
methodology for Purchased Goods and Services, (3) new category Capital Goods and (4) Extension of the scope of Fuel & Energy Related
Activities. To allow for like for like comparisons , we applied this improved methodology to both 2023 and 2024 data.
On this base, bpostgroup scope 3 emissions in 2024 decreased by 3% vs 2023. While we see an increase in emissions from Purchased Goods
and services, we notice a decrease in emissions from outsourced road and air transport and from waste.
In total our 2024 GHG emission went down by 5% in 2024 vs 2023.
GHG CATEGORY TOTAL 2019
TOTAL 2023
REPORTED
TOTAL 2023
UPDATED TOTAL 2024 VARIATION
Scope 1 88.997 79.363 78.861 76.513 -3%
Scope 1 - Building 21.014 18.039 18.046 18.511 3%
Scope 1 - Refrigerant Not available 472 472 646 37%
Scope 1 - Fleet 67.983 60.852 60.343 57.356 -5%
Scope 2 - Market-based 30.266 29.892 29.893 22.129 -26%
Total Scope 1 & 2 - Market-based 119.263 109.255 108.754 98.642 -9%
Scope 3 322.561 285.801 344.723 332.835 -3%
Scope 3 - Purchased goods and services 76.260 96.569 102.210 108.016 6%
Scope 3 - Capital goods Not available Not available 15.638 18.714 20%
Scope 3 - Fuel & Energy related activities 22.248 20.556 28.293 25.625 -9%
Scope 3 - Outsourced air transport 72.330 57.427 60.798 52.017 -14%
Scope 3 - Outsourced road transport 113.440 78.710 96.812 89.072 -8%
Scope 3 - Waste 3.932 4.768 4.768 2.373 -50%
Scope 3 - Business travel 1.374 1.157 1.763 1.952 11%
Scope 3 - Employee commuting 32.977 26.614 34.440 35.066 2%
Total - Market-based 441.824 395.056 453.477 431.477 -5%
Decarbonization Lever 1 : Emission Free Last Mile Delivery
Continuing to expand our emission free last mile delivery fleet and infrastructure
In 2024 , we made further progress with the electrification of our fleet and the extension of the infrastructure supporting it . We expanded our
fleet of e-vans by 607 to reach a total of 2197 E-vans . At the same time we added another 1000 loading stations to reach a total of 2400 by year
end . Our goal is to install 4500 charging stations by 2029 to support a full electric last mile fleet.
In 2025, we plan to acquire another 1000 e-vans in replacement of end of life diesel vehicles, we have ordered 168 e-bike trailers for soft
mobility parcel delivery and we will continue the installation of additional charging points.
1 Excluding Staci

59
Green fleet and delivery performance summary for bpost NV/SA in Belgium
METRIC UNIT 2023 2024
Share of emission-free last-mile delivery (bpost NV/SA) % 15
(*)
21
(*)
Total number of emission-free ecozones Number 14 18
Total number of EV Charging points Number 1400 2400
Share of last mile alternative fuel vehicles % 36 41
(*)
New methodology vs 2023 report
Initiatives towards emission-free last mile delivery are also taken by other bpostgroup entities for their subcontracted fleet with initiatives at
Apple Express and Dynagroup to integrate electric vehicles within their subcontracted fleet.
bpost orders 168 new e-bike trailers
Parcel and letter deliveries using e-bike trailers have major
advantages, not just for bpost’s customers but for everyone
who lives in Belgium’s towns and cities. Delivery on foot or by
bike reduces road congestion and frees up parking spaces,
while also lowering traffic noise when delivery density makes it
possible. It also reduces loads on road surfaces.
The use of e-bike trailers also leads to a substantial reduction
in carbon emissions. A single e-bike trailer emits 1.7 tonnes
less carbon dioxide per year than a regular diesel van. All bpost
e-bike trailers combined emit 588 tonnes less carbon dioxide
per year. This new order of 168 e-bike trailers will cut carbon
emissions by a further 239.5 tonnes. That’s good for the planet,
good for consumers and good for city dwellers.
The 168 new e-bike trailers, which are scheduled for delivery
in the course of 2025, can be easily clicked onto an e-bike to
carry up to 50 parcels, plus letters, up to a total load of 150
kilograms. They will be added to the existing fleet, bringing the
total number of e-bike trailers to 600.
bpost started using e-bike trailers on its rounds four years ago
and has scaled the fleet up every year since. That is essential,
as bpost launches Ecozones in more and more towns and cities
in partnership with local authorities. Letters and parcels are
delivered emission-free in these Ecozones, by electric van, by
bike or on foot. bpost’s ambition is to take a leading role in
sustainability by rolling out this delivery method across the
biggest Belgian cities by 2030.
100% Green Energy Vehicles by 2030 at
Apple Express in Canada
Apple Express has committed to transitioning its network of
last-mile delivery vehicles to being exclusively green powered
by 2030, marking a significant step towards sustainability and
environmental responsibility. This ambitious plan will make
us the first nationwide carrier in Canada to replace traditional
fuel-powered vehicles with electric and hybrid alternatives,
significantly reducing carbon emissions and reliance on fossil
fuels. By 2030, the company aims to not only minimize its
environmental footprint but also set a benchmark for the
industry, demonstrating that the large-scale adoption of green
vehicles is both feasible and beneficial for the planet.

60
Extending our network of Ecozones
Ecozone is a model that reduces the impact of our operations in Belgian cities. The Ecozones are based on 3 pillars: a dense network
of collection points within city centers (PUDO points e.g. post offices, post points and parcel lockers), delivery by soft mobility devices
(e-trailers, e-bikes) and replacement of the remaining diesel vans by e-vans. With the help of a fleet of green vans and bikes, the aim is to
drastically reduce the number of car journeys made for pick-up and drop-off of deliveries.
The benefit for city-dwellers is twofold: first, it improves the air they breathe; and second, it relieves pressure in their busy lives. In 2020, bpost
launched the concept in Mechelen and since then 18 cities have been transformed into a bpost Ecozone: Brussels, Mechelen, Louvain-La-
Neuve, Leuven, Hasselt, Eupen, Namur, Liège, Mons
1
, Brugge, Sint-Niklaas, Kortrijk
1
, Oostende, Seraing, Verviers, Roeselare, Andenne and
Diest. A total of 18 Ecozones and 109 zipcodes have emission free last mile delivery.
According to Mobilise, the research department at the Vrije Universiteit Brussels, bpost not only reduces its carbon emissions by 97% in
Ecozones, but also achieves a significant reduction in noise and traffic for more liveable cities. The project won in the past already several
prices from Becom and Parcel & Postal Technology International, in 2024 we won the World Post & Parcel Award 2024 in the category of
“Commitment to sustainability”.
In 2025 the ambition is to deliver 25 Ecozones covering large areas and cities in Belgium. This will result in one on three Belgians with
emission-free mail and parcel deliveries. bpost also has an ambitious plan to double the amount of lockers in Belgium, which brings out-of-
home delivery closer to the end consumer.
A walkable pick-up network
Transforming delivery habits
Soft Mobility
Reducing traffic in the city
Electrification of the last mile
Avoidance of CO
2
emissions
Delivering in PUDO (Pick Up Drop Off) points: bpost installs record number of parcel lockers in 2024 and plans doubling
in 2025
Parcel lockers play an increasingly important role in bpost’s distribution network. They are very convenient. That’s because parcels lockers
can be accessed 24/7. It’s something that Belgians appreciate: the number of people having a parcel delivered to a parcel locker rose by 44%
this past year. And the statistics show that delivery to a parcel locker gets the highest customer satisfaction score of all delivery options
offered by bpost.
This past year, bpost installed a record number of parcel lockers to ensure everyone has one nearby: 365 new parcel locker installations drove
the active installed parcel locker base up to 1260. That is the equivalent of one new parcel locker installation every single day, on average.
And the network will continue to grow in 2025, based on bpost’s ambitious plan for more than 1200 new parcel locker installations, doubling
the number of installations in Belgium to 2500. The newer parcel lockers are typically larger and more efficiently designed, so the number of
doors will triple from the current 50,000 to 150,000 by the end of 2025.
1 inner city or part of the city

61
Decarbonization
goes beyond
a green fleet.
Consolidation and less failed deliveries
with a dense network of Pick-up points & lockers,
results in less kmʼs driven and livable cities.
Delivery to Pick-up points
reduce therefore CO₂
with an average of
Reduce kmʼs driven results
in less fuel consumed.
-30%
3.500
Pick-up points
LOCKER NETWORK
EVOLUTION
2020 2022 2024 2025 2029
365#
700#
1.250#
X2
X4
Double locations,
triple capacity!
(>170.000 doors)
1.250
Lockers
Biggest Pudo/locker
network in Belgium
3,8 Mio delivery
preferences avoid
unnecessary kmʼs
by the postman.
Give a parcel with
the postman if he
delivers another.
Supporting our Customers on their Scope 3 decarbonization journey: bpost Carbon Calculator
All investment bpostgroup makes towards low carbon deliveries also respond to the needs of many of our customers who are looking for a
reliable partner to help reduce their own scope 3 emissions.
The carbon calculator, developed by bpost, estimates the carbon emissions associated with every parcel businesses use our services for. The
tool calculates the carbon footprint taking into account various parameters, such as weight, number of parcels, distances covered, number of
stops and the type of vehicle used. Until further notice bpost employees share the information provided by the tool with customers. We aim to
open up the tool to customers at a later stage so that they can use the carbon calculator themselves.
It provides customers with carbon transparency validated by Vinçotte - the largest Belgian company in the field of control, inspection, and
certification. From a technical point of view, it complies with ISO 14083 and the GLEC Framework.
Decarbonization Lever 2: Truck fleet running on alternative fuels & double-deck trailers
Investing further in Double Deck Trailers and acquiring our first 2 electric Trucks
For the First Mile (Truck transport), we welcomed 24 new Double Deck Trailers who allow us to transport more parcels without driving more
km’s as 2 Double Deck Trailers replace 3 Simple Deck Trailers. In Q3 we also received our first e-truck mainly to execute Truck-transport in
Brussels and we acquired a second e-truck at the start of 2025.
In 2025, we will continue exploring what are the best alternative fuel options for our fleet.

62
bpost acquires its first 2 electric trucks
Decarbonization Lever 3: Electrification of Company Car Fleet
Deploying New Zero Emission Company Cars
As of September 2023, all new company cars at bpost NV/SA are fully electric, representing a significant step forward. To encourage adoption,
we launched an awareness campaign emphasizing the environmental benefits of selecting electric vehicles. We have also engaged with
parking providers to secure battery charging facilities at our Brussels headquarters.
In 2024 , All new company cars acquired by the group entities in Belgium (>85% of our company cars fleet) were “full electric”. Other countries
are also in the process to shift to 100% new company cars.
Adopting the Federal Mobility Budget
In 2024, bpost adopted the Federal Mobility Budget in Belgium with the purpose to promote sustainable mobility for employees. The Federal
mobility budget is a flexible system allowing employees to exchange their (right to a) company car for a budget. This budget can be spent on a
more environmentally friendly car, other sustainable transport options (bike leasing, train/metro passes), and housing costs.
Decarbonization Lever 4 & 5 : Green Electricity and buildings Decarbonization
Our efforts to improve the energy efficiency of bpostgroup buildings have made significant progress. We managed to noticeably reduce our
reliance on natural gas and fuel oil, demonstrating our commitment to adopting greener energy solutions.
Green Electricity and Energy Performance for bpostgroup
METRIC UNIT 2023 2024
% Green Electricity % 40% 58%
Solar Panel installed on bpost Facilities M2 67'000 73'000
Energy Consumption from Buildings
(bpost NV/SA)
Mwh Electricity
Mwh Fossil Fuel
60'991
50'485
64'519
46'902

63
Exclusively using renewable electricity in Belgium and Europe
For the bpostgroup entities located in Belgium we have green electricity contracts for our buildings. As a result, a majority of our electricity
consumption is green, and for the remainder, we purchase “Guarantee of Origin” certificates. In 2024 we expanded this strategy to our entire
European operations (excluding recent Staci acquisition) meaning we are using 100% green electricity for our operations in Europe. In the
future, we have the vision to proceed in steps to achieve 100% green electricity by 2030.
Building a Solar panel strategy at bpost
At the end of 2024, bpost NV/SA launched a new solar panel strategy
for 2025-2029, with a vision to deploy solar panels on all our mail
centres that are going to be equipped with electrical vehicles (EVs).
The goal is to compensate EV-consumption, and the roll out is
expected to begin in 2025.
Targeting (even) more green electricity with 1640 solar panels
Mail processing and delivery is an energy-intensive business. That’s
why rolling out further improvements to make logistics processes
more sustainable is so important to bpost. The installation of 1100
solar panels at two bpost sites in Brussels in 2023 (Neder-Over-
Heembeek and Evere) by green-energy solutions specialist Earth,
is one way bpost is working towards its ambition to slash carbon
emissions by 55% by 2030. Over the course of 2024, Earth installed
another 600 or so panels at the international mail centre in Zaventem
(Brucargo), where the international mail is processed. Sixty-seven
percent of the solar energy produced by these solar panels will be
consumed on site, which is equivalent to 36% of its annual electricity
demand.
Opening first carbon-neutral bpost distribution centre in Evere, Belgium
bpost’s new distribution centre in Evere was fully operational after the relocation of almost all teams in 2024. This carbon-neutral building
is fully equipped with state-of-the-art technologies and has been designed with special concern for sustainability and climate neutrality,
including solar energy, heat pumps for heating and ventilation with energy recuperation, modular LED lighting, loading facilities and
rainwater harvesting.
The distribution center is not only energy-efficient, it also produces (some of) the energy it needs. Solar panels cover an area of 1236m² on
the roof. The energy they produce is used to charge electric vehicles and cover the consumption needs of the activities. More than enough
(100+) charging stations have been installed to keep the fleet of e-vans, e-bikes and e-bike trailers running.
Clearly, energy is consumed in a smart way. The LED lighting in the main hall is automatically dimmed (from 500 lux to 300 lux) as soon as
employees leave on their rounds. All loading bays are equipped with two sets of doors to minimize heat loss.
The state-of-the-art heating and cooling systems ensure that no fossil fuels are consumed. Heat pumps draw in ambient energy to heat the
building in winter and cool it in summer, as needed. This creates comfortable working conditions for employees as well as contributing to the
reduction of carbon emissions.
Water management is another important aspect as we learn to live with the prospect of periods of great drought and excessive precipitation.
State-of-the-art water management and rainwater harvesting systems in Evere ensure that the environmental impact remains limited.
Rainwater from the roof is captured and harvested for showers and toilets, among other things. There is also an ingenious system that
allows precipitation to slowly infiltrate into the ground. The parking spaces are surfaced with porous material, but all water on the roads is
drained off to this infiltration system. It is very important to ensure that the water is not simply immediately directed to the drainage system.
Furthermore, this can be easily monitored, including remotely.
Decarbonization Lever 6: Scope 3 Decarbonization program at bpostgroup
Closely collaborating with our suppliers
bpostgroup scope 3 reduction strategies is proceeding in 2 steps:
Step 1 : Getting the data and policy infrastructure to a more actionable level (Main focus in 2024)
Step 2: Engaging actively with suppliers to drive emission reductions (Main focus for 2025 and beyond)
Improving the data quality of our scope 3 emissions is the backbone of our scope 3 decarbonization program that was launched in 2024.
Moving to a more advanced data collection model will be crucial to develop a fact-based roadmap for a realistic long-term decarbonization
target in scope 3. This brings more accuracy to our emissions in the category Purchased Goods and Services and Capital Goods.. The hybrid
data model unlocks ~40% of the generic sectorial data to be replaced by supplier specific emissions.

64
In the next steps, as of 2025, we will leverage our updated Supplier Code of Conduct,
focusing on supplier engagement and fostering collaboration with suppliers to drive
change and to set clear decarbonization expectations
We intend to use multiple levers in order to help drive GHG emission reduction among
our supplier base in line with the framework from the World Business Council for
Sustainable Development.
Leveraging Community of Practice on Outsourced Transport
A new internal community of practice on Outsourced Transport was launched in 2024 with the purpose to exchange best practices, improve
our scope 3 performance, and discuss solutions to optimize engagement with bpostgroup suppliers. Through monthly meetings, the
community brought together colleagues across different entities and geographies, specifically those responsible for managing transport
suppliers.
BACA Supply Chain Leaders program
bpost extended its membership in the Belgian Alliance for Climate Action (BACA) as to exchange insights and best practices with the BACA
community.
As a member of BACA, we commit:
• To work towards integrating climate into our business strategy and recognize the importance of emissions in the supply chain.
• To formally commit to setting science-based targets to reduce emissions across our supply chain.
• To actively work with our supply chain partners, upstream and downstream, large and small, to support and incentivize them on their
journey to decarbonization.
• To share our journey and knowledge with other members, partners, policymakers and the general public.
C. Reducing Air Pollution
Bpostgroup identified Air Pollution as a material topic we should act upon specifically
reflecting input from Environmental NGO’s during the stakeholder consultation conducted
for the Materiality Analysis.
Still, our Air Pollution reduction targets and actions are strongly linked to the actions we
take to reduce CO2e emissions, namely the electrification of our last mile fleet and of our
company cars.
In 2024 bpost NV/SA fleet (> 85% of our own fleet) emitted 74 T of NOx. About 60% of those
emissions come from 20% of vehicles (vans and trucks).
Moving forward, we intend to phase out all Diesel Vehicles with a lower than Euro 6 engine by
end 2026 latest and to ensure that any new leased diesel vehicle has at minimum a Euro 6d
engine.
D. Reducing Reducing Waste
bpostgroup is equally focused on improving the recycling and reuse of waste generated by its operations. Its waste primarily consists of
paper, cardboard and plastics, and it is committed to the following:
• Increasing sorted waste: Our aim is to increase the proportion of sorted waste in the total waste produced by the Group, with the purpose
of significantly improving the recycling of this waste.
• Keeping best in class performance in Waste Recycling: More than 95% of the waste that is sorted is recycled. Our goal is to keep this level of
performance in every of our entities, while increasing the percentage of sorted waste.
• Reduce our waste intensity (kg waste/revenue): in the coming years, we will work with our customers and suppliers to reduce the waste
everywhere it is possible.

65
Waste Management Performance
In 2024 bpostgroup sorted 78.3% of the waste weight generated by its operations. Of the sorted waste, 98.1% of the plastic waste and 98,6%
of the paper/cardboard waste was recycled or reused.
METRIC 2030 TARGET 2023 2024
Waste not sorted and not recycled 15% max (to be refined in 2025) N/A 21.7%
Waste that is recycled or re-used - plastic > 95% N/A 98.1%
Waste that is recycled or re-used - paper/cardboard > 98% N/A 98.6%
Improving waste sorting will be an area of focus for 2025 and beyond. To this end bpost NV/SA just launched a project to improve waste
management in our mail centers to reduce unsorted waste from 34% to 15% within the next 2-3 years.
Active Ants and Staci are at the forefront of waste management practices within bpost group. Active Ants automatically cuts or folds
packaging to size of content to minimize volume and hence carbon footprint of delivery. Staci employs people with disability onsite to
transform their cardboard waste into protective cardboard based filler material.
E. Offering Sustainable Solutions for the E-Commerce Value
Chain through Recyclable and Reusable Packaging
We recognize that packaging plays a key role in our environmental footprint. Therefore, our objectives are focused on:
• Encouraging the use of reusable containers for internal flows: bpostgroup undertakes to limit the use of packaging during internal flows
within its own logistics areas, by exclusively using reusable containers for all our internal flows (ie. between our sorting centers and our
distribution offices, in our fulfilment facilities as well as in our exchanges with some recurring customers)
• Encouraging Reusability: We are working to explore ways to make more of our packaging reusable. This includes piloting reusable
packaging solutions for certain shipping products, and encouraging customers to reuse packaging when feasible.
Packaging KPI's
METRIC 2030 TARGET 2023 2024
Recyclable or re-usable packaging put in the market 100% N/A 99.4%
Recycled materials sourced in packaging put in
the market (bpost NV/SA)
80%
(group target)
85%
(bpost NV/SA)
93.7%
(bpost NV/SA)
Double-components packaging (unsortable) 0% of Retail Sales N/A 8.2%
In 2024, 99,4 % of the packaging used by bpostgroup was re-usable or recyclable . Within bpost NV/SA in Belgium, 93,7% of the material we
used was made of recycled material, up from 85% in 2023. Also 8.2% of bpost SA packaging ( envelopes and parcel boxes) revenue was coming
from unsortable double component packaging (envelopes with protective plastic "bubbles") . We are working with our packaging suppliers to
find alternative solutions to those envelopes while still addressing consumer need for content protection.

66
Facilitating re-usable packaging
Following 2023 pilot with Hipli, we expanded use of Hipli reusable package to additional customers and added Re-zip of Raja as another
reusable option.
Facilitating no pack - no label goods shipping
For consumers, we are currently piloting a "no packaging, no label" service, enabling locker-to-locker shipping to simplify and encourage
more sustainable C2C (consumer-to-consumer) transactions.
Partnering with the Climathon of Charleroi Métropole to design circular business models
During the 50-hour challenge, bpost invited participants to design a business model for a circular start-up that integrates our lockers into
their logistics. Two teams have taken up this challenge brilliantly, imagining innovative and sustainable solutions.
We actively help moving to
a more circular economy
Hipli and Re-zip of Raja
Certified Ecovadis & ISO 14 0001
79% recycled fibers for
standard boxes and 100% for
gift packs and the Fashion Bag
without altering the solidity
Packaging Innovation Award
2022 (PPTI) with Hipli pilot
bpost supports setting up circular waste streams
for electronics*, fashion, consumer goods etc...
This saves 302 tons of paper, 60.000 liters of ink, 52 tons
of glue per year = 394 tons of carbon emissions per year
By default, customers now get a notification in the
My bpost app or by email
Dynafix helps to extend product life cycles by repairing
consumer goods like cell phones, coffee machines,
medical devices, drones, laptops, printers etc...
Not longer used laptop go to “Digital for Youth”
Resell of EOL usable (e-)bikes to external companies
Facilitating re-usable packages
Existing packaging range C2C Digital ʻmissed delivery notificationsʼ instead of paper
Repair
Circular waste streams
CIRCULAR WASTE STREAMSPACKAGING
Recupel and Nespresso serve as examples, these projects have since been discontinued.

67
SOCIAL
At bpostgroup, our employees are at the heart of our mission: making our customers’
daily lives easier. Their expertise, dedication, and diversity are what drive our success.
Today, bpostgroup brings together more than 36.000 talented individuals across the
globe, each with unique backgrounds and skills.
Ensuring a healthy, inclusive, and respectful work environment remains a top priority.
We are committed to providing optimal working conditions, fostering ethical behavior,
and prioritizing the safety and well-being of our teams
A. Our Ambition
bpostgroup’s ambition is to be a reference in social sustainability in all markets we operate in, with a focus on two areas where bpostgroup
can have a significant impact:
• Health and safety of our people first: we aim to become an employer of choice by creating an environment promoting physical safety and
mental well-being.
• Championing diversity, equity and inclusion (DE&I) across the group: we aim to be an inclusive employer offering equal opportunities,
where all people – whatever their ethnic or social background, religion, gender, age, ability or disability (whether visible or invisible) – feel
welcomed and valued.
“ Being a reference in
social sustainability
in all markets we
operate in.”
36,527
employees incl. Staci
38.01%
women in management
120
nationalities present
within the group
OUR PEOPLE:
THE DRIVING FORCE
BEHIND OUR SUCCESS

68
B. Health and Safety Above All
“To become an employer of choice by creating an
environment promoting physical safety and mental
well-being”
1. Health and Safety
BPOST NV/SA BPOSTGROUP
METRIC UNIT 2023 2024 2023 2024
Absenteeism of employees due to illness % 9.09% 9.13% 8.02% N/A
Frequency rate (total number of recordable
work-related accidents of employees/ Total number of
hours worked)
% 23.76% 21.86% 15.22% 17.07%
Accident severity rate of employees (total calendar
days related to work-related accidents/total number of
hours worked)
Lost days
per 1000 hours
worked
0.71 0.76 0.31 0.59
Lost days of employees Days 23,608 25,487 24,435 27,625
Occupational accidents of employees
1
Number 788 1,045 946 1,261
Total number of fatalities among employees Number 0 1 0 1
In 2024, the definitions and calculations of key metrics were reviewed to comply with the CSRD, leading to changes that make comparisons
with previous years not entirely relevant. As a result, 2024 will serve as the new baseline, and new targets will be defined during 2025.
bpostgroup maintained a strong focus on enhancing health and safety measures for both employees and temporary staff. Building on the
initiatives of previous years, we continued investing in training, prevention, and risk assessment to strengthen our safety culture. Our key
initiatives are described below. Our 2024 results reinforce our commitment to making bpostgroup a safer and healthier workplace for all
employees.
Points, a mobile reporting tool
To improve workplace safety and efficiency, we introduced Points, a mobile reporting tool that allows bpost postal carriers to share critical
route information. By reporting potential risks and key details, colleagues can stay informed about dangerous dogs, hard-to-find mailboxes,
accessible restrooms, parking difficulties, … By leveraging shared knowledge, employees benefit from more safety (awareness of risks), more
quality (better service) and more motivation (increased confidence). Points also supports smooth transitions during holiday time and other
period of absence, ensuring continuity and efficiency in delivery services.
1 As of the closing of this report, 127 accidents remain in "pending" status. The final number of accidents and the overall rate may fluctuate
slightly by March 2025, allowing time for the insurance company to assess and qualify each case.

69
Safety Register
In 2024, we have expanded our unified safety register for all
entities of bpost NV/SA. This comprehensive software tool
inventories machines, installations, and transport means on the
one hand and keeps track of the qualifications and competencies
of certified personnel. It generates timely actions to follow up
on internal inspections, external controls and monitors the
expiration dates of training programs. Additionally, it guides the
process of working with third parties through the introduction
of work permits. This expansion ensures a streamlined and
efficient approach to maintaining high safety standards across the
organization.
Safety Performance Barometer
The Safety Performance Barometer is an advanced tool designed
to measure and enhance safety performance by focusing on key
safety indicators. It consolidates existing safety performance
metrics, providing a comprehensive overview of regional safety
performance. This allows for the identification and prioritization of areas requiring the most attention. Fully integrated with bpost’s Safety
Register, the Barometer is a strategic instrument embedded in management’s performance monitoring processes. By proactively addressing
key leading process indicators, it supports a sustainable and continuously improving safety culture, ensuring a robust and resilient approach
to safety management.
Safety Games
The Safety Games are revolutionizing the way safety rules. Best practices, and safe behavior are reinforced within all operational units of
bpost NV/SA, which count more than 10.000 people. These games successfully engage and inspire a large portion of a traditionally hard-to-
reach audience, and make safety a topic of daily conversation during daily activities. By incorporating fun and interactive elements, Safety
Games ensure that safety remains a key focus in the workplace.
Virtual Walking Challenge
The Virtual Walking Challenge encourages employees to track their steps and collectively “walk” as a team to each
of Landmark Global's facilities across the U.S. and Canada, making their way from West to East. In 2024, the virtual
format of the challenge allowed employees to participate flexibly, whether during their lunch break, evening walks,
or weekend adventures. By sharing their progress and celebrating milestones together, participants fostered a sense
of community. Overall, participants collectively walked more than 6.000 miles.
Ergonomics
In 2024, bpost NV/SA reinforced its commitment to employee health by focusing on workplace ergonomics. Key initiatives included:
• Ergonomic Workstation Optimization: Assessments, awareness programs, and adjustments were implemented to reduce
musculoskeletal risks.
• Safe Lifting Training: A ‘train-the-trainer’ program trained 549 internal trainers and conducted 142 sessions to improve lifting techniques.
• Ergonomic Aids Inventory: A review ensured ergonomic tools were accessible and properly used across distribution offices.
2. Employee Well-being
BPOST NV/SA BPOSTGROUP
METRIC UNIT 2023 2024 2023 2024
Women in Top Management % N/A N/A N/A 31.17%
Women in Management % 40.85% 41.51% 38.32% 38.01%
Well-being Measurement through survey 5-point scale N/A N/A N/A 3.7
In 2024, the percentage of women in management remained steady at 38%, highlighting the need to reassess our 2025 target. A new action
plan is underway, with revised objectives set for validation by March 2025. To strengthen our commitment to diversity and well-being, we
are exploring additional KPIs to better capture progress in these areas. With updated methodologies in place, 2024 now serves as our new
baseline, setting the foundation for future improvements and more accurate goal-setting.
At bpostgroup, employee well-being is a top priority. To keep a pulse on employee sentiment, the “My Voice” survey was carried out across
bpostgroup, providing critical insights to enhance workplace well-being and engagement.

70
Heartworkers
During the busiest time of the year, between the Black Friday and the Holiday season, nearly 500
colleagues from the support services team in Belgium rolled up their sleeves with great enthusiasm to
help manage the incredible volumes and give support in operations. They put their hearts and souls into
tasks such as collecting, encoding, sorting, and distributing letters and parcels, demonstrating their
unwavering commitment and teamwork.
"The magic, it's us" campaign: the sock challenge
To recognize our “heartworkers”’ dedication, we launched a multi-week campaign, engaging participations by employees from 6 companies
of bpostgroup through three challenges. Through one of them, the sock challenge, socks and a flyer were delivered at employees’ home,
setting the stage for participation. Instruction kits ensured smooth communication, and the website served as a hub for challenge entries and
winner announcements. With 81 winners receiving personal vouchers, the campaign reinforced our culture of appreciation
Associate Development Team
This year, Radial created a new team dedicated to Service Delivery Associate Development. Service Delivery Associates make up more than
half of Radial’s population and have unique learning needs as they are not regularly connected to company devices (laptops, phones, etc).
This new team is focused solely on the career development and learning needs of this group of employees and their journey with Radial.
Mental Health and Wellness Enterprise Resource Group (ERG)
In 2024, the Mental Health and Wellness ERG of Radial US successfully organized two impactful
wellness challenges. In January, the “Little Things Campaign” was launched in honor of Mental
Wellness Month, to raise awareness about simple, yet effective actions individuals can take to
enhance their mental well-being. The campaign saw a strong participation, with a total of 460 daily
wellness activities logged by participants. In May, the ERG launched the “Miles for Mental Health”
campaign, encouraging members to cover 100 miles throughout the month—whether by walking,
running, or biking. The challenge resulted in a total distance of nearly 5.000 miles covered, with 39
participants contributing to the overall effort.
Mental Health First Aid Certification
Radial NA launched a Mental Health First Aid Certification program through the National Council for
Mental Wellness. Team members learned how to recognize and respond to other adults who may
be experiencing a mental health or substance use challenge in the workplace and how to provide
immediate support and a safe space for conversations around these challenges.
Movember: raising awareness around men’s mental health
Last Movember, Landmark Global UK raised awareness about men’s mental health through a special collaboration. Pete Christopherson, an
employee who recently became a mental health first aider, teamed up with rapper and mental health advocate Shocka (Kenneth Erhahon),
widely known for his impactful work in music and advocacy, promoting self-love as a foundation for mental well-being.

71
3. Training and Development
BPOST NV/SA BPOSTGROUP
METRIC UNIT 2023 2024 2023 2024
Average number of training hours per employee hours 32.90 32.36 31.30 27.16
Number of executed performance reviews /
agreed performance reviews
% N/A 97.04% N/A 91.39%
In 2024, we continued our commitment to employee development, with an average of 32.36 training hours per employee at bpost NV/SA and
27.16 at bpostgroup. Additionally, performance management remains a priority, with 97.04% of performance reviews completed at bpost NV/
SA and 91.39% at bpostgroup. These efforts will serve as a foundation for setting future goals that will support our transformation journey.
Training on Diversity, Equity and Inclusion (DE&I)
In 2024, bpostgroup expanded its Diversity & Inclusion Training. At bpost NV/SA, it was developed with UNIA (the interfederal centre for equal
opportunities in Belgium) and included HR Business Partners. HR managers and recruiters continue to receive this training, ensuring fair and
inclusive hiring. Additionally, new hires receive a DE&I introduction during their Welcome Day, reinforcing our commitment to an inclusive
workplace. At Radial, the DE&I training was conducted for all managers at all sites.
The Talent Wheel Development Program
DynaGroup has its own training and talent development program: the Talent Wheel. Each and every employee has their own individual talent
and Dyna is keen to help them develop it.
FutureMe
FutureMe is a 2-3 year program that allows participants to
earn a secondary school diploma in Belgium. It combines
distance learning with 12 in-person courses per year at
the school. The courses are part of the general education
curriculum, providing broad foundations such as languages,
IT, mathematics, and science. In addition to personal success,
this program can also open doors to new job opportunities
or further studies. Since 2012, there have been 327 graduates
(including 11 in June 2024), and in 2024, 40 new enrollments
across Belgium.
C. Advocating Diversity, Equity, and Inclusion
Diversity is a fact. Inclusion is our choice. At bpostgroup,
we strive to be an employer promoting equal
opportunities within a participative culture, where all
people – whatever their ethnic or social background,
religion, gender, age, ability or disability (whether visible
or invisible) – feel welcomed and valued.
Our Enterprise Resource Groups (ERG)
Pride Employee Resource Groups (Pride2Be, PRIDE)
In 2024, bpostgroup continued to address LGBTQIA+ inclusion through its Employee Resource Groups (ERGs), which are integral to our
commitment to diversity, equality, and belonging.
FutureMe

72
• Pride2B at bpost formalized its board, mission, and objectives,
hosting its first event, “Let’s Drag It Up – Trivia Edition,” which
saw nearly 70 colleagues participate in a fun evening of drag
performances and an LGBTQIA+ culture quiz. The group
also took part in Brussels and Antwerp Pride as part of the
Open@Work network, further strengthening our visibility and
commitment to inclusivity.
• PRIDE at Radial was launched, offering a supportive space for
LGBTQ+ employees and allies to connect, share experiences,
and foster a culture of inclusivity. The group created a new
logo symbolizing the vibrancy and diversity of the LGBTQ+
community.
• In recognition of Pride Month, bpostgroup organized a panel
discussion across multiple entities, focusing on the experiences
of the LGBTQIA+ community and reinforcing the importance of
fostering an inclusive and supportive workplace for all.
The purpose of these ERGs is to provide a platform for LGBTQIA+
employees and allies, empowering them to bring their full selves
to work while promoting a culture of respect, acceptance, and
understanding. Through these initiatives, bpostgroup continues
to advance its diversity and inclusion agenda, ensuring everyone
has the opportunity to thrive.
Women’s Enterprise Resource Groups (WIN, XandY)
XandY is bpostgroup's community dedicated to empowering and
advancing women in management, contributing significantly to
gender balance and equity within the organization.
In 2024, XandY hosted an impactful interactive session focused
on managing mental load, where participants gained insights into
the effects of mental burden and stress. They were equipped with
practical strategies and exercises to address stress, including a
pragmatic approach to #StressManagement. This initiative was
part of a broader learning journey centered around three key
themes:
• Understanding how to manage stress and negative thoughts effectively
• Using meditation and breathing techniques to enhance self-control
• Cultivating positive thinking and mental resilience through new habits
Another online session was dedicated to raising awareness about menopause.
Just like the Women’s Initiative Network at Radial, the XandY ERG is key to support women’s advancement while promoting overall well-
being, fostering a culture of empowerment, mental health awareness, and work-life balance across bpostgroup.
Young bpostgroup
Young is a community open to young employees in management
(aged 40 and below) and currently has approximately 450
members. In 2024, Young organized several high-impact events
aimed at fostering a deeper understanding of bpostgroup. One
of the key initiatives was a meet-and-greet with the ExCo, which
provided an opportunity for young talent within the company to
connect directly with top management. Another highlight was
a visit to the Belgian facility of Staci, giving members valuable
insights into their operational processes.
Veterans and Allies Network
Radial’s Veterans and Allies Network proudly created a special
edition Radial Challenge Coin to honor the bravery and dedication
of our veterans and active service members. In celebration of
Veterans Day, 175 of these unique coins were distributed, each
symbolizing unity, pride, and a deep respect for those who have
served.
Pride2Be
XandY
Young at Staci

73
Women@sorting – 100 % respect
As part of our commitment to fostering inclusion and respect in the workplace, we launched in 2022
"All Unique, All bpostgroup," focusing on combating sexism through awareness and training. To further
develop the “100% Respect” campaign, we rolled it out across the group and introduced in 2024 a 100%
Respect manual for managers, designed to facilitate team discussions on respect and inclusion. This
resource includes guided sessions using question cards on general and specific themes, encouraging
open dialogue and proactive engagement. By equipping leaders with the tools to address inappropriate
behavior, we are reinforcing a culture of respect and strengthening workplace inclusion for all.
America’s Best Employers for Women
In 2024, Radial proudly earned a spot
on Forbes’ prestigious “America’s
Best Employers for Women” list. This
recognition highlights our ongoing
commitment to fostering an inclusive
and supportive work environment where
women are empowered to thrive. We
are dedicated to advancing diversity
and equity across all levels of our
organization, and this acknowledgment
reflects the progress we have made.
Brave conversations
“Brave conversations” is our digital panel discussions that address important and
sensitive topics. This year, James Edge (CEO of Global Cross Border) opened the discussion
on "Well-being with a Diverse Workforce," setting the stage for an insightful conversation
on how well-being initiatives can be adapted to meet the needs of a diverse workforce.
At bpostgroup, we believe that being an employer with a positive impact on society is
not just important—it’s fundamental to our purpose. The initiatives we have highlighted
here represent just a small portion of the many efforts underway globally to benefit our
employees and the communities we serve. While some of these changes will take time to
fully manifest, many are already making a meaningful difference. What remains constant
is our deep, unwavering commitment to creating social value—both now and in the future.
One thing is certain: our people are at the heart of everything we achieve. Without their
dedication and hard work, there can be no true success. Their contributions are not only
key to our business but also to the positive impact we make in the world.
D. Due Diligence for Workers in Our Value Chain
At bpostgroup, we don’t just connect people and businesses—we strive to set the standard for excellence in responsible and sustainable
operations. As a trusted industry leader, we are committed to ethical labor practices and excellent customer service that drives social and
environmental progress.
Our people and partners are the backbone of our success. From our employees to subcontractors, transporters, and suppliers, we go the
extra mile to ensure fair treatment, safety, and respect across our value chain. With our policies as our guiding principles (including the
Subcontractor Policy) and EcoVadis as our key risk management tool, we proactively assess and mitigate potential challenges—ensuring that
we uphold the highest standards of Health and Safety, Labor Rights, and Diversity.
Our commitment is backed by a solid foundation of policies:
• Human Rights Policy – We uphold global best practices to protect workers' rights.
• Supplier Code of Conduct – We demand excellence in ethical labor practices and sustainability.
• Speak Up Policy – We empower every worker with a confidential platform to voice concerns.
• Subcontractor Policy – We ensure that every transport subcontractor aligns with our high standards.
Missisauga

74
Key Risks
bpostgroup remains committed to addressing potential material risks that could pose a threat to our own workforce and the workers of our
business partners. We constantly strive to address issues that have been identified or raised to be a concern to us.
We are working to and have made progress to address the following topics:
• Health and Safety Hazards
• Labor Rights Violations
• Gender Inequality
• Workers Rights (including Collective bargaining, freedom of association and the existence of work councils)
• Diversity
• Measures against violence and harassment in the workplace
While no widespread systemic issues have been identified, we remain committed to continuously monitoring and mitigating these risks
through policy enforcement and active engagement.
In 2025, we will launch a Third-Party Risk Management Framework and an enhanced Supplier Code of Conduct to reinforce our commitment
to integrity and accountability. With zero major compliance violations reported in 2024, we proudly demonstrate our unwavering
commitment to governance and responsible business practices.
E. Consistent Customer-Centricity
bpostgroup is more than a service provider—we are a trusted partner to individuals, SMEs, and enterprises. Our relentless focus on customer
centricity, security, and inclusivity ensures that every customer experience is seamless, reliable, and rewarding.
World-Class Data Privacy and Security
With digital transformation at the core of our strategy, we prioritize cybersecurity. Our GDPR-compliant approach, Data Protection Office,
security initiatives—including our Data Leakage Prevention Program—safeguard customer data at every touchpoint.
Unmatched Accessibility and Inclusivity
We believe in a world where postal and logistics services are accessible to all. Our Universal Service Obligation (USO) guarantees fair and
standardized service nationwide. In 2024, we expanded our parcel locker network by 40%, enhancing convenience and accessibility. Our AUB
Postbode/SVP Facteur initiative further ensures that individuals with mobility challenges receive personalized service at their doorstep. With
over 2,500 service points, we are leading the way in bridging social, economic, and digital divides.
Commitment to Non-Discrimination
Beyond compliance, we continuously seek to foster an inclusive environment. While our internal policies promote workplace diversity, we
recognize the need to extend these efforts externally, ensuring that every customer experiences fairness and respect in their interactions with
bpostgroup.
Customer-Centric Innovation
We listen, we adapt, and we deliver. Every year, we analyze extensive consumer insights through satisfaction surveys, online feedback, and
reputation tracking to refine our offerings. Our customer-first approach fuels continuous service enhancements, reinforcing bpostgroup’s
position as a brand that people trust and rely on.
Shaping the Future
At bpostgroup, we are not just responding to change—we are driving it. Our forward-thinking strategy is setting new industry benchmarks in
privacy protection, service accessibility, and consumer engagement.
Looking ahead, we are committed to customer-centricity, transparency, and sustainability, ensuring that bpostgroup continues to lead the
way in delivering value, trust, and impact. Our journey is just beginning, and we invite our stakeholders to be part of a future where excellence
is the standard and progress never stops.

75
GOVERNANCE &
BUSINESS INTEGRITY
At bpostgroup, robust governance is the cornerstone of our success. We uphold the highest ethical standards, ensuring transparency,
accountability, and compliance across all operations. By fostering a culture of integrity, we build trust among employees, customers,
partners, and stakeholders. Our governance framework aligns with best practices, integrating ethical leadership and corporate responsibility
into our decision-making processes. Through comprehensive policies, dedicated oversight, and proactive risk management, we safeguard
our reputation for responsible business practices.
We understand that good governance extends beyond compliance—it involves cultivating an environment where ethical behavior is the
norm, and every employee and business partner understands their role in upholding our values. By embedding governance principles into
our corporate DNA, we ensure long-term sustainability, operational excellence, and positive societal impact.
Upholding Responsible and Ethical Business Conduct
Our corporate culture is founded on respect, responsibility, and ethical leadership. Every employee is expected to embody our core values
and adhere to our Code of Conduct, which outlines the principles guiding our business decisions and interactions. Regular training,
leadership engagement, and performance assessments ensure that integrity remains at the heart of our operations. We actively promote
ethical awareness through leadership initiatives and communication campaigns, encouraging employees to apply ethical considerations in
their daily work.
Celebrating Integrity: bpostgroup's Inaugural
Global Ethics Day
On October 16, 2024, bpostgroup celebrated Global
Ethics Day for the first time, marking our commitment to
promoting a culture of ethics and compliance. This event
encouraged all employees to reflect on the significance of
ethical decision-making in their everyday lives. A message
was shared with the Group Leadership Team to spread the
word throughout the company, and a post on the bpost4me
platform featured employee quotes on the meaning of
ethics.
Our commitment to ethics goes beyond a single day—we
continuously integrate ethical leadership principles into
training programs and corporate policies to reinforce our
dedication to responsible business conduct.
Partnering for Good: Ensuring Ethical Practices in bpostgroup's Supply Chain
bpostgroup values its partnerships and collaborates with suppliers who share our commitment to ethical business practices. Our Supplier
Code of Conduct establishes clear expectations regarding labor rights, environmental sustainability, and fair business practices. Through
regular audits, compliance checks, and engagement programs, we ensure that our suppliers align with our high standards and contribute to a
responsible supply chain.

76
Our Third-Party Risk Management Framework proactively addresses potential risks related to human rights, environmental impact, and
business integrity within our supply chain. We believe in fostering long-term partnerships built on transparency, accountability, and mutual
respect, ensuring an ethical and resilient supply chain.
Combatting Corruption and Bribery
bpostgroup continues to strengthen its compliance framework through the FACE Initiative (Fraud, Anti-Corruption, and Ethics), reinforcing
our zero-tolerance policy for misconduct. In 2024, we expanded our Compliance Department to enhance oversight, implement proactive risk
mitigation strategies, and drive adherence to global regulatory standards. With increased resources dedicated to internal controls and audits,
we are setting new benchmarks for corporate governance excellence.
We take a proactive approach to combating corruption and bribery by implementing mandatory compliance training, internal whistleblower
protection measures, and fraud detection systems. Our risk-based monitoring framework ensures that potential corruption risks are
identified and mitigated before they impact our operations.
Empowering Voices: How bpostgroup's
Speak Up Platform Promotes Transparency
We believe in empowering employees and partners
to voice concerns without fear of retaliation. Our
Speak Up Platform provides a confidential and secure
channel for reporting unethical behavior, ensuring
prompt and fair resolution of issues. By fostering
open dialogue, we strengthen our organizational
culture and uphold our commitment to transparency
and accountability.
Regular awareness campaigns and training sessions
help employees understand their rights and
responsibilities when it comes to reporting concerns.
Ensuring a speak-up culture where employees feel
safe to report misconduct is a critical pillar of our
governance strategy.
Future-Ready: bpostgroup's Roadmap for Governance Excellence in 2025
As we advance our governance initiatives, bpostgroup remains dedicated to continuous improvement, regulatory excellence, and ethical
leadership. We will further refine our compliance structures, enhance supplier collaboration, and strengthen our whistleblowing mechanisms
to maintain our reputation as a trusted and responsible corporate leader.
Our 2025 roadmap includes enhanced data-driven governance monitoring, increased stakeholder engagement, and the expansion of
our sustainability-focused governance policies. By integrating ESG principles into our corporate governance framework, we ensure that
bpostgroup remains a resilient and forward-thinking organization that is well-prepared for future challenges.
bpos tgroup — Spe ak up Policy 1/18
Speak up
Policy
1.
What is this policy about?
bpostgroup considers integrity and compliance with laws
and regulations as well as the code of conduct and other
company policies to be extremely important. Integrity
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at bpostgroup (bpost and its subsidiaries, except in the
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the term “concern” to refer to such misconduct or potential
misconduct that you become aware of and wish and are
encouraged to report.
It is not easy to raise such concerns. But it is important,
and we encourage you to come forward and speak up. This
policy will guide you in using the reporting channels. As an
international group, bpostgroup must comply with various
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Who can report a concern?
You may be an employee, a former employee, an external
collaborator, or a person working for a subcontractor or
supplier of bpostgroup.
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3.
What concerns can you
report?
You can report violations or potential violations of laws
and regulations which fall under the scope of the national
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conduct and other company policies.

77
6.0 Non-financial statements
(CSRD report)
6.1. ESRS 2 - General Information 79
6.1.1. Basis for Preparation 79
6.1.1.1. BP-1 – General Basis for Preparation of the Sustainability Statement 79
6.1.1.2. BP-2 – Disclosures in Relation to Specific Circumstances 82
6.1.2. Governance 85
6.1.2.1. GOV-1 – The role of the Administrative, Management and Supervisory Bodies 85
6.1.2.2. GOV-2 – Information Provided to and Sustainability Matters Addressed by 91
the Undertaking’s Administrative, Management and Supervisory Bodies
6.1.2.3. GOV-3 – Integration of Sustainability-Related performance in Incentive Schemes 92
6.1.2.4. GOV-4 – Statement on Due Diligence 93
6.1.2.5. GOV-5 – Risk management and Internal Controls over Sustainability Reporting 97
6.1.3. Strategy and Business Model 99
6.1.3.1. ESRS 2 SBM-1 – Strategy, Business Model and Value Chain 99
6.1.3.2. ESRS 2 SBM-2 – Interests and Views of Stakeholders 104
6.1.3.3. ESRS 2 SBM-3 – Material Impacts, Risks and Opportunities and Their Interaction 108
with Strategy and Business Model
6.1.4. Impact, Risk and Opportunity Management 117
6.1.4.1. IRO-1 – Description of the Process to Identify and Assess Material Impacts, 117
Risks and Opportunities
6.1.4.2. IRO-2 – Disclosure Requirements in ESRS covered by the Undertaking’s 121
Sustainability Statement
6.2. Environmental Information 122
6.2.1. ESRS E1 – Climate Change 122
6.2.1.1. Disclosure Requirement Related to ESRS 2 GOV-3 Integration of Sustainability-Related 122
Performance in Incentive Schemes
6.2.1.2. E1-1 – Transition Plan for Climate Change Mitigation 123
6.2.1.3. ESRS 2 SBM 3 – Material Impacts, Risks and Opportunities and Their Interaction 125
with Strategy and Business Model
6.2.1.4. ESRS 2 IRO-1 – Description of the Processes to Identify and Assess Material 127
Climate-Related Impacts, Risks and Opportunities
6.2.1.5. E1-2 – Policies Related to Climate Change Mitigation and Adaptation 128
6.2.1.6. E1-3 – Actions and Resources in Relation to Climate Change Policies 129
6.2.1.7. E1-4 – Targets Related to Climate Change Mitigation and Adaptation 136
6.2.1.8. E1-5 – Energy Consumption and Mix 136
6.2.1.9. E1-6 – Gross Scope 1,2,3 and Total GHG Emissions 138
6.2.1.10. E1-7 – GHG Removals and GHG Mitigation Projects Financed through Carbon Credits 142
6.2.1.11. E1-8 – Internal carbon pricing 142
6.2.1.12. E1-9 – Anticipated Financial Effects from Material Physical and Transition Risks 142
and Potential Climate-Related Opportunities
6.2.2. ESRS E2 – Pollution 143
6.2.2.1. ESRS 2 IRO-1 – Description of the Processes to Identify and Assess Material 143
Pollution-Related Impacts, Risks and Opportunities
6.2.2.2. E2-1 – Policies Related to Pollution 143
6.2.2.3. E2-2 – Actions and Resources Related to Pollution 144
6.2.2.4. E2-3 – Targets Related to Pollution 144
6.2.2.5. E2-4 – Pollution of Air 145
6.2.2.6. E2-5 – Substances of Concern and Substances of Very High Concern 146
6.2.2.7. E2-6 – Anticipated Financial Effects from Pollution-Related Impacts, 146
Risks and Opportunities
6.2.3. ESRS E5 – Resource Use and Circular Economy 146
6.2.3.1. ESRS 2 IRO-1 – Description of the Processes to Identify and Assess Material Resource 146
Use and Circular Economy-Related Impacts, Risks and Opportunities
6.2.3.2. E5-1 – Policies Related to Resource Use and Circular Economy 147
6.2.3.3. E5-2 – Actions and Resources Related to Resource Use and Economy 148
6.2.3.4. E5-3 – Targets Related to Resource Use and Circular Economy 150
6.2.3.5. E5-4 – Resource Inflows 152
6.2.3.6. E5-5 – Resource Outflows 153

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6.2.4. EU Taxonomy 156
6.2.4.1. Introduction 156
6.2.4.2. bpostgroup EU Taxonomy eligibility assessment process 156
6.2.4.3. bpostgroup EU Taxonomy alignment assessment process 157
6.2.4.4. EU Taxonomy KPIs 160
6.2.4.5. Mandatory disclosure on Nuclear and Gas 164
6.3. Social Information 165
6.3.1. ESRS S1 – Own Workforce 165
6.3.1.1. S1 ESRS 2 SBM-2 – Interests and Views of Stakeholders 165
6.3.1.2 S1 SBM-3 Material Impacts, Risks and Opportunities and Their Interaction with 165
Strategy and Business Model
6.3.1.3. S1-1 – Policies Related to Our Own Workers 166
6.3.1.4. S1-2 – Processes for Engaging with Own Workers’ Representatives about Impacts 170
6.3.1.5. S1-3 – Processes to Remediate Negative Impacts and Channels for Own Workers 172
to Raise Concerns
6.3.1.6. S1-4 – Taking Action on Material Impacts on Own Workforce and Approaches 174
to Mitigating Material Risks and Pursuing Material Opportunities Related
to Own Workforce and the Effectiveness of those Actions
6.3.1.7. S1-5 – Targets Related to Managing Material Negative Impacts, Advancing Positive 179
Impacts and Managing Material Risks and Opportunities
6.3.1.8. S1-6 – Characteristics of Employees 180
6.3.1.9. S1-7 – Characteristics of Non-Employee Workers in the Own Workforce 181
6.3.1.10. S1-8 – Collective Bargaining Coverage and Social Dialogue 181
6.3.1.11. S1-9 – Diversity Metrics 182
6.3.1.12. S1-13 – Training and Skills Development Metrics 183
6.3.1.13. S1-14 – Health and Safety Metrics 184
6.3.1.14. S1-16 – Compensation Metrics 185
6.3.1.15. S1-17 – Incidents, Complaints and Severe Human Rights Impacts 185
6.3.2. ESRS S2 – Workers in the Value Chain 190
6.3.2.1. S2 SBM-2 – Interests and Views of Stakeholders 190
6.3.2.2. S2 SBM-3 Material Impacts, Risks and Opportunities and Their Interaction with 191
Strategy and Business Model
6.3.2.3. S2-1 – Policies Related to Value Chain Workers 192
6.3.2.4. S2-2 – Processes for Engaging with Value Chain Workers about Impacts 198
6.3.2.5. S2-3 – Processes to Remediate Negative Impacts and Channels for Value Chain 199
Workers to Raise Concerns
6.3.2.6. S2-4 – Taking Action on Material Impacts on Value Chain Workers, and Approaches 199
to Managing Material Risks and Pursuing Material Opportunities Related to
Value Chain Workers, and Effectiveness of those Actions
6.3.2.7. S2-5 – Targets Related to Managing Material Negative Impacts, Advancing Positive 200
Impacts, and Managing Material Risks and Opportunities
6.3.3. ESRS S4 – Consumers and End-Users 201
6.3.3.1. SBM-2 – Interest and Views of Stakeholders 201
6.3.3.2. SBM-3 – Material Impacts, Risks and Opportunities and Their Interaction 201
with Strategy and Business Model
6.3.3.3. S4-1 – Policies and the Rights of Our Consumers and End-Users 202
6.3.3.4. S4-2 – Processes for Engaging with Our Customers and End-Users 203
6.3.3.5. S4-3 – Processes to Remediate Negative Impacts and Channels for Consumers and 206
End-Users to Raise Concerns
6.3.3.6. S4-4 – Taking Action on Material Impacts on Consumers and End-Users, and 208
Approaches to Managing Material Risks and Pursuing Material Opportunities
Related to Consumers and End-Users and Effectiveness of those Actions
6.3.3.7. S4-5 – Targets Related to Managing Material Negative Impact 208
6.4. Governance Information 209
6.4.1. ESRS G1 – Business Conduct 209
6.4.1.1. G1-1 – Business Conduct, Policies and Corporate Culture 209
6.4.1.2. G1-2 – Management of Relationships with Suppliers 213
6.4.1.3. G1-3 – Prevention and Detection of Corruption and Bribery 217
6.4.1.4. G1-4 – Confirmed Incidents of Corruption or Bribery 218
6.4.1.5. G1-5 – Political Influence and Lobbying Activities 219
6.4.1.6. G1-6 – Payment Practices 221
6.5. Assurance report of the independent auditor 224

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6.1 ESRS 2 - GENERAL INFORMATION
6.1.1 Basis for Preparation
6.1.1.1 BP-1 General Basis for Preparation of the Sustainability Statement
Transparency and Integration
This report provides transparency on bpostgroup’s sustainability performance in 2024 and describes the integration of sustainable practices
into our business model and corporate strategy. The sustainability statements are prepared with reference to the European Sustainability
Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG). Through our Double Materiality
Assessment, we have identified our material topics. The data points related to these material topics (both quantitative and qualitative) are
included in the Environmental (E), Social (S), and Governance (G) sections of this report. For information on the limitations of our DMA's scope
and our methodology, please see Section IRO-1 Description of the Process to Identify and Assess Material Impacts, Risks and Opportunities.
Reporting Period and Scope
This sustainability report covers the period 1 January 2024 to 31 December 2024.
Basis for Preparation
Scope of Consolidation
In accordance with the ESRS guidelines the data is consolidated according to the same principles as the financial statements. Thus, the
consolidated quantitative ESG-data comprises the parent company bpost NV/SA and subsidiaries controlled by bpost NV/SA.
Indication of Subsidiary Undertakings Included in Consolidation
The information disclosed in the non-financial consolidated statements was collected from our global business units and is based on information
available through internal reporting which include regular updates. For the complete list of bpostgroup's subsidiaries please refer to Section
7.3 Financial Consolidated Statements 2024. 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. The correspondence with financial consolidation and the exceptions can be found in the table
below.
Subsidiary Undertakings Included in Consolidation
BPOST ENTITIES SUSTAINABILITY CONSOLIDATION FINANCIAL CONSOLIDATION
bpost SA/NV Yes Yes
Radial, Inc Yes Yes
Landmark Global Inc Yes Yes
AMP NV-SA Yes Yes
Dynalogic Benelux BV Yes Yes
Active Ants BV Yes Yes
Speos Belgium NV-SA Yes Yes
Landmark Global (UK) Ltd Yes Yes
IMX France Yes Yes
Apple Express Courier, Ltd Yes Yes
Radial Poland Sp z o.o. Yes Yes
Radial GmbH Yes Yes
bpost Hong Kong Ltd Yes Yes
FDM Warehousing PTY, Ltd Yes Yes
Aldipress BV Yes Yes

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Leen Menken Foodservice Logistics BV Yes Yes
Radial Netherlands B.V. Yes Yes
Dynafix Repair BV Yes Yes
Dynafix Care BV Yes Yes
Radial Commerce Ltd Yes Yes
Dynafix OnSite BV Yes Yes
Dynasure BV Yes Yes
Radial Italy s.r.l. Yes Yes
Freight Distribution Management Systems PTY, Ltd Yes Yes
Euro-Sprinters NV-SA Yes Yes
Active Ants Belgium BV Yes Yes
Active Ants Germany GmbH Yes Yes
bpost Singapore Pte. Ltd Yes Yes
IMX GmbH Yes Yes
Active Ants UK Ltd Yes Yes
Apple Express Courier, Inc Yes Yes
Landmark Trade Services, Ltd Yes Yes
Freight 4U Logistics BV Yes Yes
Radial Belgium NV-SA Yes Yes
Certipost NV-SA Yes Yes
DynaLinq BV Yes Yes
Landmark Trade Services (Netherlands) BV Yes Yes
Radial Omnichannel Technologies India, Private Ltd Yes Yes
Radial E-commerce (Shanghai) Corp. Ltd Yes Yes
bpost International Logistics (Beijing) CO Ltd Yes Yes
Landmark Trade Services (UK) Ltd Yes Yes
Dynalogic Belgium NV-SA Yes Yes
DynaGroup BV Yes Yes
Anthill BV Yes Yes
B2boost NV-SA Yes Yes
bpost North America Holdings, Inc Yes Yes
bpost US Holdings, Inc Yes Yes
Dynafix Computer Repair BV Yes Yes
Dynalogic Courier BV Yes Yes
Jofico CV Yes Yes
Marceau 1 SAS Yes Yes
Radial Commerce, Inc Yes Yes
Radial Holdings, LP Yes Yes
Radial III GP, LLC Yes Yes
Radial Luxembourg S.à.R.l. Yes Yes
Radial Omnichannel International, SL Yes No
Radial South GP, LLC Yes Yes
Radial South, LP Yes Yes
Augusta Progress No Yes
Staci No Yes
BLG Manco No Yes
BLG Holding No Yes
Base Logistics No Yes

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Special Logistic Services No Yes
Healthlink Europe No Yes
Healthlink Europe Services No Yes
Healthlink International No Yes
Staci Belgium No Yes
Sepia No Yes
Sepia Digital No Yes
Pixel Inspiration Holdings No Yes
Pixel Inspiration France No Yes
MDA No Yes
Staci Americas No Yes
Staci Deutschland No Yes
Staci Logistics Spain No Yes
Staci Asia Pacific No Yes
Eurodislog No Yes
Publicsdispatch No Yes
Logigones No Yes
LM2S No Yes
Staci Italia No Yes
Staci Netherlands No Yes
Exemptions of Subsidiary Undertakings Included in Consolidation
Staci, a part of bpostgroup, is headquartered in France and operates over 80 logistics hubs across Europe, the USA, and Asia. Their core activity
is order fulfilment logistics, offering multichannel logistics and distribution solutions. Staci specializes in managing complex logistics flows,
including multi-supplier, multi-client, and multi-product streams. They serve various sectors such as FMCG, retail, pharmaceuticals, health,
cosmetics, industrial, energy, financial services, catering, and public services. Staci, as its acquisition was completed as of August 2024 by
bpostgroup, is out of scope for the 2024 ESRS data collection. Prior to its acquisition, Staci was eligible for CSRD from 2026, reporting year 2025.
As a consequence, Staci was not yet ready with reasonable effort to collect CSRD data for 2024 in due time. For example, Staci 2023 sustainability
report including GHG emission calculation -not under GHG protocol as bpostgroup- was issued in November 2024. This confirmed bpostgroup
assessment that the required Staci 2024 data could not be collected in due time. A limited set of the ESRS required data for Staci in 2024 are
collected such as number of employees. To simplify readability and for consistency, it was decided to have a clear scope common to the entire
sustainability statement, so excluding Staci for this year sustainability report.
Nevertheless, bpostgroup and Staci ESG team have worked closely together to integrate Staci into bpostgroup DMA. For more detail on this
acquisition and its implications for the DMA, please refer to Section IRO-1 Description of the process to identify and assess material impacts, risks
and opportunities.
Staci is out of scope in Policies, Targets, Actions and Metrics disclosed in this report. From next year onward, Staci will be integrated in the ESRS
report.
Furthermore, based on below key figures, bpostgroup estimates that the pro-rata temporis inclusion of Staci Metrics within bpostgroup Metrics
would, have a limited impact on those - expected to be in a 5-10% range except for waste where the Staci’s impact is higher.
As a matter of fact, for four KPI, below is the share of Staci out of bpostgroup:
• 8% of the revenue in 2024, considering Staci’s inclusion in bpostgroup financial result since 1-August-2024
• 9% employees in 2024, meaning that pro-rata measurement such as accident rate is expected to be well below 5%.
• 8% of GHG emission on pro-rata temporis of 2023 full year emission. Even considering 3% organic growth in Staci’s revenue between 2023
and 2024, we still expect Staci’s GHG emission to be less than 10% of total bpostgroup 2024 GHG emission. Technical note, bpostgroup uses
GHG Protocol while Staci uses Bilan Carbone calculation method.
• 17% of waste on pro-rata temporis of 2023 full year emission. That high percentage being an exception among the many ESG data points
due to the nature of Staci’s business model described in IRO. However, the waste topic was already material for bpostgroup and remains
material but to a greater degree for the combined bpostgroup and Staci operations.
Disclosure of Extent to Which Sustainability Statement Covers Upstream and Downstream Value Chain
The sustainability statement in Section GOV–4 Statement on Due Diligence underscores the commitment to fostering a sustainable and
responsible value chain that benefits all stakeholders, emphasizing continuous improvement and adherence to international standards. Our
sustainability efforts comprehensively cover both the upstream and downstream value chains, detailing all relevant activities, resources, and
relationships that impact sustainability.

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Upstream activities focus on the initial stages of the value chain, including the sourcing and procurement of raw materials and services, with an
emphasis on sustainable procurement practices to minimize environmental and social impacts.
Downstream, the statement includes the impacts on consumers and end-users, focusing on critical areas such as privacy, non-discrimination,
and access to products and services. The protection of consumer rights and data is emphasized, facilitated through regular feedback mechanisms
and channels for raising concerns. As a service company, we don’t sell or produce physical products.
Our extensive due diligence in the value chain is detailed in Section GOV-4 - Statement on Due Diligence, where we outline our methodologies,
data sources, and frameworks used to ensure compliance and continuous improvement.
Option to Omit Specific Piece of Information Corresponding to Intellectual Property, Know-How, or Results of
Innovation Has Been Used
This disclosure is applicable but has not been utilized. The option to omit specific pieces of information pertaining to intellectual property,
proprietary knowledge, or innovative results has not been exercised.
Option Allowed by Member State to Omit Disclosure of Impending Developments or Matters in Course of
Negotiation Has Been Used
The option allowed by the Member State to omit disclosure of impending developments or matters currently under negotiation has not been
exercised
External Assurance
All quantitative data points and qualitative written sections in the Environmental (E), Social (S), and Governance (G) sections are covered by
the ESG review (limited assurance) performed by our auditor, EY, unless otherwise stated and marked by an asterisk (*) and footnote. Please
refer to Section 6.5. Assurance report of the independent auditor. for the limited assurance declaration by EY.
For an overview of the Disclosure Requirements (DR) prepared in accordance with the ESR, see the correspondence table in Appendix B.
6.1.1.2 BP-2 Disclosures in Relation to Specific Circumstances
Time Horizons Definitions
All the analyses and data gathering carried out as part of the European Sustainability Reporting Standards (ESRS) are based on a temporal
definition set in ESRS 1, 6.4 Definition of short-, medium- and long-term for reporting purposes.
The following time definitions have been defined:
• Short-term: Current year
• Medium-term: Year N+1 to year N+5
• Long-term: > year N+5
Upstream and/or Downstream Value Chain Data Estimation Using Indirect Sources
The usage of indirect sources to estimate value chain data is limited to E1-Climate Change, on specific topics.
For E1-Climate Change, the hypotheses are focused on scope 3 calculations. The calculation methods used for the Scope 3 categories
reported are as follows (cf. E1 - Climate Change):
• Purchased goods and services and Capital goods: The emission factors are first defined and calculated based on the latest available data
from 2023. These factors are then multiplied by bpostgroup 2024's expenses for each supplier to estimate emissions. The calculations are
performed at the supplier level, using four prioritized data sources: (1) Supplier-specific carbon emissions (2) Third-party database (3)
Category-specific average (4) Generic emission factors.
• Fuel- and energy-related activities (not included in Scope 1 or 2): Average-data method, based on energy consumption and average
emission factors from DEFRA, IEA, and IPCC AR5.
• Upstream transportation and distribution: Distance-based method, based on the mass, distance and mode of shipment and average
emission factors from DEFRA.
• Waste generated in operations: Waste-type-specific method, based on the waste type and treatment methods and average emission
factors from DEFRA.
• Business travel: Distance-based method, based on the distance and mode of business trips and average emission factors from DEFRA.
• Employee commuting: Distance-based method, based on the distance traveled, which considers the home-work distance, the number
of effective working days and teleworking days, and the mode of transportation used for commuting and average emission factors from
DEFRA.

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Metrics Included in Value Chain Data Estimated Using Indirect Sources, Such as Sector-Average Data or Other Proxies
DISCLOSURE REQUIREMENTS METRIC HYPOTHESIS & SOURCE
DR E1-5 – Energy
consumption and mix
DR E1-6 – Gross Scopes 1, 2,
3 and Total GHG emissions
E1.38(b) Fuel consumption
E1.48(a) Stationary
Combustion
E1.48(a) Mobile Combustion
E1.51 Fuel and energy-
related activities (not
included in Scope1 or
Scope 2)
1. Buildings: If natural gas consumption data is missing for specific months, we estimate it based
on the consumption trends from 2023 and 2024.
2. Buildings: If no natural gas consumption data is available for a building, we estimate based on
its floor area and the energy intensity of similar buildings within the group.
3. Vehicles: If no information is available on fuel consumption, we base the estimate on the distance
traveled by the vehicle and its average consumption (sourced from the manufacturer's website).
4. Vehicles: If no information is available on the vehicle (neither distance nor fuel consumption),
we use the average annual consumption and distance data for the corresponding vehicle type
(sourced from the US Department of Energy for example).
DR E1-5 – Energy
consumption and mix
DR E1-6 – Gross Scopes 1, 2,
3 and Total GHG emissions
E1.37(c) and 38(e)
Consumption of purchased
or acquired electricity,
heat, steam, and cooling
E1.48(a) Mobile Combustion
E1.49 Purchased Electricity
E1.49 Purchased Heat,
Steam, and Cooling
E1.51 Fuel and energy-
related activities (not
included in Scope1 or
Scope 2)
1. Buildings: If electricity consumption data is missing for specific months, we estimate it based
on the consumption trends from 2023 and 2024.
2. Buildings: If no electricity consumption data is available for a building, we estimate based on
its floor area and the energy intensity of similar buildings within the group.
3. Vehicles: If no information is available on electricity consumption for certain vehicles, we base
the estimate on the distance traveled by the vehicle and its average consumption (sourced
from the manufacturer's website).
4. Vehicles: If no information is available on the vehicle (neither distance nor fuel consumption),
we use the average annual consumption and distance data for the corresponding vehicle type
(sourced from the US Department of Energy for example).
5. If no direct information is available about the energy source (e.g., nuclear, gas), we use the same
databases employed for Scope 2 market-based emission factors to determine the energy source
breakdown. These sources include IEA and AIB for electricity and DEFRA for district heating.
DR E1-6 – Gross Scopes 1, 2,
3 and Total GHG emissions
E1.51 Purchased goods and
services
We calculate our scope 3 procurement carbon emission footprint by using a mix of sources. We
then blend our carbon data with our spend data to get to the most accurate picture of our carbon
footprint. We multiply the latest validated data (2023 for emission factors and 2024 expenses).
We prioritize the data from 1-4 where 1 is the first choice if available.
1. We ask our suppliers to report their carbon emissions.
2. We use a third-party data base to get carbon emissions. (Standard & Poor’s, verified
data, company annual reports).
3. We calculate a category specific emission factor based on a sample of at least 6 companies
from the same category.
4. We use a generic emission factor for the category from the DEFRA database.
DR E1-6 – Gross Scopes 1, 2,
3 and Total GHG emissions
E1.51 Capital goods We calculate our scope 3 procurement carbon emission footprint by using a mix of sources. We
then blend our carbon data with our spend data to get to the most accurate picture of our carbon
footprint. We multiply the latest validated data (2023 for emission factors and 2024 expenses).
We prioritize the data from 1-4 where 1 is the first choice if available.
1. We ask our suppliers to report their carbon emissions.
2. We use a third-party data base to get carbon emissions. (Standard & Poor’s, verified
data, company annual reports).
3. We calculate a category specific emission factor based on a sample of at least 6 companies
from the same category.
4. We use a generic emission factor for the category from the DEFRA database.
DR E1-6 – Gross Scopes 1, 2,
3 and Total GHG emissions
E1.51 Upstream
transportation and
distribution
1. Road transportation: The determination of vehicle type and size is primarily guided by the
company's expertise, considering factors such as the specific route and parcel delivery
requirements.
2. Road transportation: Fuel type is generally deduced from standard industry practice, with
diesel being the prevalent choice for vans and trucks due to its widespread use in the sector.
3. Road transportation: Google API is used to calculate the distance traveled between departure
and arrival points.
4. Air transport: The great-circle distance method is used to calculate the distance traveled
between departure and arrival airports.
DR E1-6 – Gross Scopes 1, 2,
3 and Total GHG emissions
E1.51 Waste generated in
operations
In general, bpostgroup entities provided waste volumes in kg or tonnes. In some cases, data
was provided in cubic yards. In this specific case, a conversion factor from cubic yards to kg was
applied. (to complete with the final conversion factor used)
DR E1-6 – Gross Scopes 1, 2,
3 and Total GHG emissions
E1.51 Employee commuting 1. If the mode of transport is unknown, we use an average mode of transport associated with the
employee’s country of work, based on national statistical studies on commuting.
2. If the commuting distance is unknown, it is calculated using the workplace address and the
employee’s postal code via the Google API.
3. When the workplace address or the employee’s postal code is unknown, we apply the average
commuting distance of the entity. This average is calculated using the commuting distances
of other employees within the same entity

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Overall, level of accuracy is in line with ESRS requirements, as main hypotheses were identified through official public authorities (DEFRA,
IEA, IPCC) or companies' documentation. bpostgroup is committed to improve the accuracy of its data by improving data collection processes
throughout the year. Key measures include:
• Installation of smart meters to monitor energy consumption in our buildings.
• Continue to support our entities to simplify and streamline the process of data collection.
• Develop and implement tools and platform for year-round reporting
• Organize training sessions on accurate data collection and reporting.
• Set up collaborative platforms where entities can share best practices, tools and resources.
In addition, bpostgroup engages with its suppliers to facilitate the reporting process and collect data directly from them. This collaboration aims
to identify and fill data gaps, particularly for subcontracted transport.
Sources of Estimation and Outcome Uncertainty
As stated above, no high-level uncertainty on data at bpostgroup level has been identified. Some hypotheses were used, not leading to strong
uncertainties. For Scope 3 – Purchased goods and services and Scope 3 – Capital Goods, an extrapolation is necessary. After calculating the
emissions for the spend we have in our model, we have to extrapolate the remaining portion that is not covered. For 2024 the extrapolation factor
is 29,5% based on the income statement operating expenses for the entities that are not covered in the model.
For Social metrics, bpostgroup is using extrapolations for 0.3% of employees where applicable.
Changes in Preparation or Presentation of Sustainability Information and Reporting Errors in Prior Period
As this is bpostgroup's first time complying with the Corporate Sustainability Reporting Directive (CSRD), there are no metrics available for
comparing changes in the preparation or presentation of sustainability information to previous reports.
Changes in Preparation or Presentation of Sustainability Information and Reporting Errors in Prior Period
In this sustainability statement, bpostgroup references specific legislation and/or sustainability reporting pronouncements:
• E1: bpostgroup refers to the GHG (Greenhouse Gas) protocol regarding the scope 3 carbon footprint calculation (cf. E1-6)
• E5: bpostgroup refers to PPWR (Packaging and Packaging Waste Regulation) for the KPIs definition and targets setting (cf. E5-3)
Furthermore, bpost NV/SA has obtained ISO 14001 certification for its strategic sites in Belgium from AIB Vincotte.
Incorporation by Reference
We confirm that no information has been incorporated by reference as per ESRS 1 Section 9.1.
Use of Phase-In Provisions in Accordance with Appendix C of ESRS 1
These metrics are not applicable to bpostgroup as the company exceeds an average of 750 employees on its balance sheet date during the
financial year.

85
6.1.2 Governance
6.1.2.1 GOV-1 The Role of the Administrative, Management and Supervisory Bodies
Composition and Diversity of the members of the Administrative, Management, and
Supervisory Bodies
bpostgroup values diversity and independence within its
administrative, management, and supervisory bodies, recognizing
that diverse perspectives strengthen governance and enhance
decision-making. For more information on the appointment
procedure, term and expiry of directorships, please refer to
Section 5.1 - Corporate Governance Statement.
Number of Executive and Non-Executive Members
The composition of our Board of Directors and Executive
Committee is detailed as follows:
• Board of Directors: The Board is composed of 12 members,
including 1 executive director (the CEO), 5 non-executive
directors, and 6 independent directors.
• Executive Committee: The Exco consists of a maximum of 9
executive members; therefore, the concept of independence is
not applicable in this case.
bpostgroup Board of Directors list 2024
NAME POSITION TYPE GENDER
Audrey Hanard Chairperson – Non-Executive Director Female
Chris Peeters Executive Director Male
Véronique Thirion Non-Executive Director Female
Denis Van Eeckhout Non-Executive Director Male
Ann Caluwaerts Non-Executive Director Female
Ann Vereecke Non-Executive Director Female
Sonja Rottiers Independent Director Female
Michael Stone Independent Director Male
Jules Noten Independent Director Male
Lionel Desclée Independent Director Male
Sonja Willems Independent Director Female
David Cunningham Independent Director Male
bpostgroup Executive Committee list 2024
NAME FUNCTION GENDER
Chris Peeters CEO bpostgroup Male
Philippe Dartienne Chief Financial Officer Male
Anette Böhm Chief Human Resources Officer Female
Christel Dendas Chief Commercial Officer Female
Nicolas Baise Chief Transformation Officer Male
Frank Croket Chief Digital Officer Male
Jos Donvil CEO bpost Belgium Male
Thomas Mortier CEO 3PL Europe Male
James Edge CEO Global Cross Border Male

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Professional Background of Members
Understanding the professional background of our members, particularly their experience in relevant sectors, products, and geographic
locations, is crucial for aligning their expertise with our strategic goals. This information provides valuable insights into how their skills and
knowledge can contribute to our operations and growth in specific industries and regions. Below is a summary of the relevant experience of
our key members:
Member Experience by Sector, Product, and Location
MEMBER NAME RELEVANT SECTORS RELEVANT PRODUCTS GEOGRAPHIC EXPERIENCE
Audrey Hanard Strategic advisory, Government,
philanthropy
Philanthropic projects, Strategic
consulting
Belgium, International
Chris Peeters Energy, Engineering, Consulting,
Grid Operations
Grid infrastructure, Business
consulting, Engineering products
Europe, Africa, Middle East, Russia
Véronique Thirion Law, Finance, Regulatory Authority Law, Finance, Regulations Belgium
Denis Van Eeckhout Public Sector, Regulatory Authority,
Environmental Regulation, Non-
Profit Organizations
Environmental Regulations,
Governmental Administration
Belgium, Europe
Ann Caluwaerts Telecommunications, Media,
Marketing, Strategy, Transformation
Telecommunications, Media,
Marketing, Strategy, Transformation
Belgium
Ann Vereecke Supply Chain Management,
Education, Manufacturing, Digital
Technologies
Supply Chain Management, Digital
Technologies
Belgium
Sonja Rottiers Finance, Insurance, Commerical
Planning
Finance, Insurance, Commercial
Planning
Belgium, UK, Europe
Michael Stone Logistics, E-commerce, Digital
Communications
Logistics, E-commerce, Digital
Communications
Belgium, UK, Europe
Jules Noten Consumer products, Logistics Consumer Products, Logistics Belgium
Lionel Desclée Consumer Products, Retail
Networks,
Consumer Products, Retail Networks Belgium, Japan, International
Sonja Willems Pharmaceutical, Medical Implants International Management Belgium, Germany, Canada
David Cunningham Logistics, Finance Logistics Management, Finance United States, Asia, International
Independence of Board Members
Independent Board Members (%)
The bpostgroup Board of Directors is structured to uphold the highest standards of governance. Notably 50% of the board members are
independent, ensuring impartial decision-making and adherence to best governance practices.
Representation of Workers and Employees
Worker Representation in Governance Bodies
bpostgroup does not have a designated worker representative within its Executive Committee or Board of Directors. However, employee-
related matters are represented at the Executive Committee level through the Chief Human Resources Officer (CHRO), who is responsible for
overseeing workforce-related policies and engagement.
Gender and Diversity Representation
Gender Representation
In terms of gender representation the gender composition of the board is evenly balanced, with 6 male (50%) and 6 female members (50%),
demonstrating our commitment to gender equality at the governance level. The Exco which consists of up to 9 members includes 2 females,
reflecting our continued efforts to improve gender diversity in senior management.
Age and Nationality
Beyond gender, we recognize the importance of other diversity factors, such as nationality and professional background. Further details on
the diverse backgrounds of our board members can be found in their CVs on our leadership webpage and in last year’s Annual Report. The
Exco composition has changed with three new members in 2024, while the composition of the board remains unchanged from 2023.

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Executive Committee Members by Age and Nationality
MEMBER NAME AGE NATIONALITY
Chris Peeters 50-59 Belgian
Philippe Dartienne 50-59 Belgian
Anette Böhm 50-59 German
Christel Dendas 50-59 Belgian
Nicolas Baise 40-49 Belgian
Frank Croket 50-59 Belgian
Jos Donvil 60+ Belgian
Thomas Mortier 50-59 French
James Edge 50-59 British/US
Board of Director Members by Age and Nationality
NAME AGE NATIONALITY
Audrey Hanard 30-39 Belgian
Chris Peeters 50-59 Belgian
Véronique Thirion 60+ Belgian
Denis Van Eeckhout 50-59 Belgian
Ann Caluwaerts 50-59 Belgian
Ann Vereecke 60+ Belgian
Sonja Rottiers 60+ Belgian
Michael Stone 60+ UK
Jules Noten 60+ Belgian
Lionel Desclée 40-49 Belgian
Sonja Willems 60+ Belgian
David Cunningham 60+ US
Commitment to Diversity and Inclusion at bpostgroup
bpostgroup 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.
Our Diversity Policy fosters an inclusive environment that embraces different perspectives, contributing to a positive and collaborative
workplace culture. The purpose of our Diversity Policy is to support the company’s employees and management in building a culture where
diversity and inclusion are a daily practice. While bpostgroup does not have a unified Diversity & Inclusion policy at the group level due
to significant differences in local legislation, individual entities have developed their own local policies. For more information on these
individual policies, please refer to Section S1-1: Policies Related to Own Workforce.
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.
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 and Nomination
Committee considers balanced scorecards of such diversity criteria.
Diversity aspects that are taken into account in relation to the Board of Directors and Executive Committee members are the following:
• Gender: gender diversity promotes a better understanding of the marketplace, increases creativity, produces more effective leadership
and promotes effective global relationships. To achieve greater gender diversity within its management, bpostgroup 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.

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• 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, bpostgroup
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, bpostgroup must attract and retain talent with diverse
professional backgrounds. Diversity of professional backgrounds provides bpostgroup with a range of expertise and experience necessary
to respond to the complex challenges it faces. To achieve professional background diversity within its management, bpostgroup aims to
identify people who (i) have distinct professional backgrounds, and (ii) come from various sectors at different points in their career.
Professional Background of our Leadership Team
PROFESSIONAL BACKGROUND
(BEFORE JOINING BPOSTGROUP)
BOARD MEMBERS EXECUTIVE COMMITTEE MEMBERS
Finance & Accounting, Risk Management, Audit 67% 33%
Transport & Logistics, Fulfillment, Warehousing,
E-commerce
33% 33%
Postal & Parcels Services 17% 33%
Digital, Technology & Innovation 33% 50%
Human Resources Management & Talent
Development
75% 67%
ESG 33% 17%
• Geographic diversity: geographic diversity is significant and positively correlated with firm performance, especially in increasing business
and strategy internationalization. To stimulate geographic diversity, bpostgroup takes into account foreign elements in the profile and the
path of its candidates.
Governance, Risk Management and Compliance Framework at bpostgroup
The Audit, Risk & Compliance Committee (ARCC) advises the Board of Directors on accounting, audit, risk management, compliance and
internal control matters. The Executive Committee, while respecting the Board's monitoring role, establishes guidelines and procedures for
risk and compliance management and internal control, ensuring their effective implementation.
Three Lines of Defence Model
To systematically manage risks and ensure comprehensive oversight, bpostgroup employs the Three Lines of Defense model:
1. First Line: Operational management designs and maintains risk management and internal controls.
2. Second Line: Functions such as Legal, HR, Finance, Enterprise Risk Management (ERM), ESG, Regulatory & Competition, Compliance & Data
Protection, Cyber and Information Security, Safety & Prevention, Physical Security, and Integrity provide expert support to operational
management. These functions report annually to the Executive Committee, ARCC, and the Board of Directors. Additionally, the Enterprise
Risk Management and Compliance Directors have a dedicated reporting line to the Chair of the ARCC.
3. Third Line: Corporate Audit, responsible for internal audits, reports to the Chair of the ARCC and the CEO.
The Enterprise Risk Management (ERM) framework assists the company in managing risks effectively and in implementing the necessary
controls to pursue its objectives. The ERM framework covers: (i) risk management, allowing the company 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.
Our Corporate Governance Charter clearly outlines the responsibilities of various bodies and individuals for managing impacts, risks, and
opportunities, ensuring these duties are integrated into our terms of reference, board mandates, and related policies.
The Roles and Responsibilities of the Administrative, Management and Supervisory
Bodies in Exercising Oversight of the Process to Manage Material Impacts, Risk and
Opportunities
Management's Role in Governance and Risk Oversight
The Compliance Department is responsible for coordinating compliance activities within bpostgroup. It aims to promote ethical conduct,
respect for values, and adherence to laws and internal and external rules and policies at all levels. Managed by the Director of Compliance,
who reports directly to the Executive Committee, Audit, Risk & Compliance Committee, and the Board of Directors on compliance risks,
including ethics and fraud. Furthermore, a dedicated reporting line exists for the Compliance Director to communicate directly with the Chair
of the Audit, Risk & Compliance Committee, ensuring transparency and effective oversight.

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The Remuneration and Nomination Committee advises the Board on performance targets and reviews for the CEO and other Executive
Committee members. The Board has oversight responsibility, with the CEO providing reports on business conduct, performance, and risks at
each board meeting.
A new Delegation Policy, effective January 1, 2025, aims to strengthen decision-making processes. It outlines safeguards for power delegation
and decision-making, with major strategic, financial, and operational matters requiring Board approval. This policy ensures compliance with
stated safeguards across all decision-makers within bpostgroup.
Reporting Lines to Administrative, Management, and Supervisory Bodies
bpostgroup ensures robust governance and oversight of compliance, ethics, and risk management through well-defined reporting lines and
structured interactions with its administrative, management, and supervisory bodies. Key governance bodies include:
• The Audit, Risk & Compliance Committee (ARCC), which meets quarterly to review and advise on risk management, compliance, and
internal control matters.
• The ESG Committee which meets three times per year to address sustainability-related compliance matters.
• The Strategic Committee, Remuneration and Nomination Committee, and ESG Committee: Operate under the authority of the Board of
Directors, as outlined in bpostgroup’s Corporate Governance Charter.
The Compliance Director reports directly to the Audit, Risk & Compliance Committee (ARCC), providing updates on compliance, ethics,
and fraud risk evolution. These structured reporting lines ensure that compliance risks and strategies are effectively communicated and
evaluated by the supervisory bodies.
According to the bpost Corporate Governance Charter, the ESG Committee is responsible for the coordination and advisory on the ESG
sustainability initiatives and commitments across the group.
The ESG Committee of bpostgroup is a dedicated body responsible for coordinating and advising on ESG (Environmental, Social, and
Governance) sustainability initiatives and commitments across the group. As outlined in the bpost Corporate Governance Charter, the
ESG Committee plays a pivotal role in ensuring that ESG risks and opportunities are integrated into the group's long-term strategy and
development. Key responsibilities include reviewing and approving the Double Materiality Assessment (DMA)
1
, monitoring sustainability-
related initiatives, and advising the Board of Directors on ESG matters. The Committee works closely with the Chief Transformation Officer,
the Director of Group Sustainability, and the Group Sustainability Team to implement and oversee ESG-related actions and projects.
The administrative, management, and supervisory bodies ensure appropriate skills and expertise for overseeing sustainability matters by
appointing committee members based on their specific competences and experience, in addition to the general competence requirements
for Board members. Each committee is required to have the necessary competencies and experience to perform its tasks effectively.
The duration of a committee member's appointment is aligned with their directorship, ensuring continuity and stability in sustainability
oversight. This structured approach guarantees that the bodies can provide informed guidance and address emerging sustainability
challenges.
The ESG Committee is composed of five highly experienced members, each bringing a unique set of skills and expertise to address the group's
sustainability challenges and opportunities. Below is a detailed overview of the Committee's composition.
The ESG Committee was, per December 31, 2024, composed of the following 5 members:
ESG Committee Composition
NAME POSITION
Sonja Willems (Chair) Independent Director
Ann Vereecke Non-Executive Director
Audrey Hanard Chair of the Board and Non-Executive Director
Denis Van Eeckhout Non-Executive Director
Jules Noten Independent Director
The Executive Committee (ExCo), convened regularly under the leadership of the CEO, reviews compliance and risk management topics as
they pertain to broader strategic initiatives or board-related matters. Specific compliance updates are also discussed in the Compliance
Steering Committee, which meets quarterly and incorporates insights from Enterprise Risk Management (ERM) functions, ensuring alignment
with bpostgroup’s governance framework and three lines of defense model.
This structured reporting process enables bpostgroup to maintain a strong focus on transparency, accountability, and adherence to ethical
business practices across all levels of the organization.
1 The Double Materiality Assessment (including the identified Impacts, Risks and Opportunities) has been validated by the Board of Directors,
after recommendation by the ESG Committee in September 2024.

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Oversight of Targets
Our Corporate Governance Charter outlines how the administrative, management, and supervisory bodies, along with senior executive
management, oversee the setting of targets related to material impacts, risks, and opportunities. The Board of Directors, supported
by various committees such as the Audit, Risk & Compliance Committee (ARCC) and the ESG Committee, is responsible for defining and
regularly reviewing the strategic objectives and policies. The Executive Committee, led by the CEO, ensures the effective implementation and
monitoring of these targets, with structured reporting lines and regular evaluations to ensure alignment with the company's strategic goals
and compliance with regulatory requirements.
To further reinforce this oversight, bpostgroup has established a Long-Term Incentive Plan (LTIP) for our Executive Committee and Senior
Executive Management, which includes approximately 80 senior managers. Under this plan, 20% of the targeted bonus is dependent on
previously laid out governance targets. These targets focus on the proper monitoring of strategic risks and the effective functioning of Group
Key controls, which have been validated by the ARCC and the Board. This integration of governance targets into the LTIP ensures that senior
management is incentivized to prioritize and achieve the three performance criteria:
1. Market financial performance (50%) reflected by the Total Shareholder Return (TSR), measured as cumulated performance in percent over
the vesting period;
2. Environment performance (30%) reflected by carbon emissions (CO2), measured as average yearly target achievements over the vesting
period;
3. Governance performance (20%) reflected by implementation of a bpostgroup risk management framework (i.e. the definition of key
controls for specific definite key processes and implementation of an internal control program evaluating the effectiveness of these key
controls, both at bpost NV/SA and subsidiaries’ levels), measured as average yearly target achievements over the vesting period.
Further details can be found in bpostgroup’s Remuneration policy.
The Expertise and Skills of Administrative, Management and Supervisory Bodies on
Sustainability Matters or Access to Such Expertise and Skills
Sustainability-Related Expertise and Training
The Board of Directors, supported by the ESG Committee, regularly reviews the competencies and expertise of its members to ensure they
align with the strategic goals related to sustainability. The ESG Committee advises the Board on ESG strategy and activities, ensuring that
sustainability is fully integrated into the company's operations. Additionally, the Remuneration and Nomination Committee is responsible
for reviewing the skills and characteristics of individual directors and making recommendations to the Board to ensure a balanced
representation of expertise, including sustainability-related skills.
In 2024, 96% of the bpostgroup employees have received a training, created by the HR and the Compliance departments, about the Code
of Conduct through in-class sessions for employees who do not have a professional email address or through a dedicated e-learning for the
employees that received a professional email address. This training was built to be practical, insisting on best practices and processes to
follow in case of doubt (first line of defense).
Good leadership is invaluable and generates better results for bpostgroup. To develop skills, the company 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 the bpostgroup’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.
This comprehensive approach ensures that bpostgroup's workforce is well-equipped to address sustainability-related impacts, risks, and
opportunities effectively.
ESG Committee Members, Their Sustainability-Related Expertise and Relation to Relevant IROs
1. Sonja Willems (Chair) – Independent Director
• Sustainability Expertise:
- Extensive experience in international management, particularly in the pharmaceutical and medical implants sectors, where
sustainability and ethical practices are critical.
- Proven track record in governance and risk management, ensuring compliance with global sustainability standards.
• Contribution to IROs:
- Provides strategic oversight on integrating ESG risks into the group’s governance framework.
- Leverages her international management experience to align bpostgroup’s sustainability goals with global best practices.
2. Ann Vereecke – Non-Executive Director
• Sustainability Expertise:
- Expertise in supply chain management, digital technologies, and education, with a focus on sustainable operations and innovation.
- Strong background in driving digital transformation to enhance operational efficiency and reduce environmental impact.
• Contribution to IROs:
- Advises on sustainable supply chain practices and digital solutions to minimize the group’s carbon footprint.
- Supports the integration of ESG considerations into the group’s digital transformation initiatives.

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3. Audrey Hanard – Chair of the Board and Non-Executive Director
• Sustainability Expertise:
- Associate Partner at Dalberg Global Advisors, specializing in social impact and sustainability projects for NGOs, UN agencies,
governments, and foundations.
- President of Be Education and Friday Group, focusing on improving education quality and promoting diversity in policy-making.
• Contribution to IROs:
- Brings a strong social impact perspective to the Committee, ensuring that bpostgroup’s sustainability initiatives address societal
challenges.
- Advises on diversity and inclusion strategies, aligning them with the group’s ESG commitments.
4. Denis Van Eeckhout – Non-Executive Director
• Sustainability Expertise:
- Coordinator of the Permanent Representation of Belgium to the European Union, with a focus on climate and environmental policies.
- Extensive experience in environmental regulation and non-profit leadership, including roles as Secretary General of Inter-
Environnement Wallonie and President of Coordination Environnement.
• Contribution to IROs:
- Provides critical insights into climate-related risks and opportunities, ensuring alignment with EU environmental regulations.
- Advises on strategies to enhance bpostgroup’s environmental performance and achieve its carbon reduction targets.
5. Jules Noten – Independent Director
• Sustainability Expertise:
- Background in consumer products and logistics, with a focus on sustainable business practices and operational efficiency.
- Experience in aligning business strategies with sustainability goals in competitive markets.
• Contribution to IROs:
- Advises on sustainable logistics and consumer-focused initiatives to reduce environmental impact.
- Supports the integration of ESG considerations into the group’s operational and strategic planning.
The members of our ESG Committee bring extensive sustainability experience across various sectors, including agriculture, manufacturing,
and others. Their diverse backgrounds enable a comprehensive approach to ESG strategy and governance. To ensure they remain at the
forefront of evolving sustainability standards and best practices, committee members regularly participate in training sessions on key topics
such as new regulations, including the CSRD and CSDDD.
6.1.2.2 GOV-2 Information Provided to and Sustainability Matters Addressed by the
Undertaking’s Administrative, Management and Supervisory Bodies
Integration of Sustainability Matters into Governance
The administrative, management and supervisory bodies, including their relevant committees are informed about material IROs and the
implementation of Due Diligence, as well as results & effectiveness of policies, actions, metrics and targets.
Specifically:
• The ARCC meets 4 times per year, and the ESG committee meets 3 times per year.
• The Board of Directors has established 4 Board Committees to assist and make recommendations in specific fields: (i) the Strategic
Committee, (ii) the Audit, Risk & Compliance Committee (in accordance with Article 7:99 of the BCCA), (iii) the Remuneration and
Nomination Committee (in accordance with Article 7:100 of the BCCA), and (iv) the ESG Committee. More information can be found on the
bpostgroup website
This approach ensures that bpostgroup remains at the forefront of the best governance practices fostering a robust leadership team.
Monitoring and Evaluation of Sustainability Performance
The company has a professional internal audit department that adheres to the Institute of Internal Auditors’ standards and undergoes an
external quality review every five years. Corporate Audit performs an annual risk assessment with a semi-annual update to determine the
audit program. Through its audit assignments, Corporate Audit provides reasonable assurance on the effectiveness of internal controls in
various processes, products, or projects.
Compliance with bpostgroup codes, policies, and procedures is regularly monitored. The Board of Directors and the ARCC oversee
bpostgroup’s commitment to strong corporate values and ethical business practices, making decisions and taking actions for improvements
as needed. All core policies must be approved by the Board and reviewed according to the Policy Framework, which is pending approval.

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6.1.2.3 GOV-3 Integration of Sustainability-Related Performance in Incentive Schemes
Overview of Sustainability Integration in Remuneration Policy
bpostgroup's Remuneration Policy, which was last reviewed and updated by the board in 2023, incorporates sustainability metrics to align
with our broader Environmental, Social, and Governance (ESG) objectives. It includes a Short-Term Incentive Plan (STIP), which rewards
employees based on annual performance targets, and a Long-Term Incentive Plan (LTIP), designed to incentivize the achievement of
strategic goals over multiple years. While the STIP focuses on short-term accomplishments, the LTIP promotes long-term achievements,
fostering sustained commitment and accountability. Both plans are carefully structured to advance our sustainability and climate-related
commitments. Ownership of the Remuneration Policy, including its ESG components, ultimately rests with the Board, based on the
recommendations of the Remuneration and Nomination Committee. This ensures proper oversight and alignment with corporate governance
practices.
Incentive Schemes and Remuneration Policies Linked to Sustainability Matters for
Members of the Undertaking's Administrative, Management and Supervisory Bodies
Eligible Employee Group
Around 1,600 employees, ranging from the Executive Committee (Exco) to Band 1 (Non-management employees), are eligible for the STIP.
Approximately 100 employees, including Exco and Senior Executives (SENEX), are eligible for the LTIP. Specifically, there are around 60
employees in BE/EU, 30 in Radial US, and 10 in Landmark Global. The compensation for board members is based on fixed fees and meeting
tokens, with no variable component tied to ESG performance.
Incentive Plan Metrics and Weighting
INCENTIVE PLAN METRIC CATEGORY METRIC WEIGHTING (2024) WEIGHTING (2025)
Short-Term Incentive Plan
(STIP)
Social (S) Net Promoter Score (NPS) 20% 10%
Social (S) Employee Wellbeing N/A 10%
TOTAL STIP ESG WEIGHTING 20% 20%
Long-Term Incentive Plan
(LTIP)
Environmental (E) CO
2
Emissions Reduction 30% 30%
Governance (G) Governance Framework
Improvements
20% 20%
TOTAL LTIP ESG WEIGHTING 50% 50%
Short-Term Incentive (STI)
The CEO and Executive Committee members are eligible for a performance-based variable remuneration in cash or pension contributions.
At target, the STI amounts to up to 30% (Belgium) and 50% (US) of annual base salary, with a maximum of 60% (Belgium) and 100% (US) for
overperformance. No STI is paid if individual performance is zero or if financial results prevent dividend distribution.
The STI is structured as follows:
• Collective objectives (70%) – Based on financial (50%, EBIT) and non-financial (20%, e.g., customer loyalty) KPIs set by the Board.
• Individual targets (30%) – Assessed annually on both performance outcomes and leadership behaviors.
Long-Term Incentive (LTI)
To drive sustainable growth, the CEO and Executive Committee members are eligible for a long-term variable remuneration in cash,
contingent on a three-year vesting period. At target, it amounts to 30% of gross base salary over the vesting period (10% annually).
Performance is assessed based on:
1. Market performance (50%) – Based on Total Shareholder Return (TSR).
2. Environmental performance (30%) – Measured by CO
2
reduction targets.
3. Governance performance (20%) – Evaluated through the implementation of a risk management framework.
For Belgium-based executives, participation is optional but limits salary indexation for three cycles. U.S.-based executives receive their LTI in
stepped payments over three years (15%, 25%, 60%).

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ESG Weighting in Remuneration and Methodology
Contribution of ESG to Total Remuneration
The total percentage of remuneration tied to ESG factors is significant, with 20% of the STIP and 50% of the LTIP linked to sustainability
performance for both 2024 and 2025. These percentages underscore bpostgroup’s commitment to driving tangible improvements in key ESG
areas.
Methodology for ESG Performance Measurement
The ESG metrics within the STIP and LTIP are based on clear and measurable performance indicators:
• CO
2
emissions: Progress is tracked against specific benchmarks that align with bpostgroup’s climate goals.
• NPS (Net Promoter Score): Assesses customer satisfaction and loyalty through ongoing surveys.
• Employee well-being: This metric will be evaluated using internal health and satisfaction surveys that started in 2024.
• Governance framework: Assessed through advancements in regulatory compliance and the enhancement of governance structures.
6.1.2.4 GOV-4 Statement on Due Diligence
Introduction to Due Diligence at bpostgroup
We are enhancing our due diligence processes by integrating human rights and environmental considerations throughout our operations,
value chain, and corporate governance.
At bpostgroup, we understand the importance of thorough due diligence in identifying and mitigating potential negative impacts associated
with our operations and value chain. Our commitment to sustainability and responsible business practices is reflected in our comprehensive
due diligence process.
Understanding Our Impact
Aligned with the Corporate Sustainability Reporting Directive (CSRD), we analyze our business through the lens of impacts, risks, and
opportunities linked to specific activities. Consequently, we have defined distinct value chains for each type of business, taking into account
geographical specificities. Together, these five value chains encompass the entirety of bpostgroup’s revenues.
bpostgroup has five distinct value chains across three geographical business units:
1. BeNe Last Mile, 3PL (Third Party Logistics), and Global Cross-border
a. BeNe Last-Mile Distribution includes the core mail service delivered by bpost NV/SA in Belgium, as well as specialized last mile
activities performed by Leen Menken (chilled/frozen deliveries) in the Netherlands, Dynagroup (white goods delivery/collection) in
Belgium and the Netherlands
b. 3PL offers a range of services, including:
• Fulfillment and warehouse solutions
• Transportation and delivery solutions, including specialized last mile delivery Apple Express in Canada
• Returns handling
• Customer care
• Omnichannel solutions, such as intelligent payment solutions, fraud protection, tailored supply chain services
• B2B, D2C and e-commerce through our fulfilment and logistics services specialist Staci
c. Global Cross-border activities relate to shipping parcels across national borders, thereby dealing with transportation, customs, taxes
and other formalities.
Landmark Global and IMX offer integrated cross-border
management and transportation, handling parcel shipping,
mail distribution, order processing, and returns. With global
expertise swift customs processing through extensive
partnerships is ensured. We operate a vast network of road
and air connections across North America, Europe, and Asia,
complemented by our own last-mile networks.
2. Distribution and Media
These activities occur exclusively in Belgium and the
Netherlands through three entities: bpost NV/SA, Aldipress,
and AMP. They encompass press distribution, retail network,
and customer care.

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3. Retail Services
Offered solely by bpost NV/SA in Belgium, these services include:
• Distribution of banking services from BNP Paribas Fortis offered in bpost offices
• Retail network for the sale of postal products (stamps, packs, etc.) and services, as well as customer care
4. Government Services
Provided exclusively by bpost NV/SA in Belgium, these services cover activities performed on behalf of the government, including the
collection of traffic fines, distribution/collection of license plates, and management of cash accounts for Belgian authorities.
5. Document Flow Management
This activity is performed by bpost NV/SA and speos exclusively in Belgium, covering direct mailing activities.
Main Aspects and Steps of Due Diligence
Identification and Assessment of Impacts
Our due diligence process involves identifying and assessing impacts across our value chain, from sourcing materials to delivering products
and services. We work closely with suppliers to ensure sustainable procurement practices and minimize environmental and social impacts.
Upstream Activities
Our upstream activities involve the initial stages of our value chain, focusing on the sourcing and procurement of (raw) materials
1
and
services. This includes sustainable procurement practices, where we source materials and services responsibly to minimize environmental
and social impacts. Key upstream activities for bpostgroup include for example sourcing packaging and filler materials. We work closely with
our suppliers to ensure that they adhere to our high standards of sustainability and ethical conduct.
Downstream Activities
Our downstream activities involve the later stages of our value chain, focusing on the distribution, sale, and use of our products and services.
This includes the handling and delivery of mail, parcels, and other goods to our customers, as well as providing value-added services such as
e-commerce logistics and cross-border shipping. We are committed to minimizing the environmental impact of our downstream activities by
implementing efficient logistics solutions and promoting sustainable practices among our customers and partners.
By understanding and addressing the impacts of our upstream and downstream activities, we aim to create a positive and lasting impact on
the environment and society. The following sections provide a detailed mapping of our due diligence process, highlighting the key aspects
and steps we take to ensure responsible practices throughout our value chain.
Mapping of Material ESG Topics and Due Diligence Impacts
RELEVANT ESRS DISCLOSURE
REQUIREMENT
TOPIC DESCRIPTION OF IMPACT LOCATION IN SUSTAINABILITY
STATEMENT
ESRS E1 – Climate Change Climate Change
Upstream: Scope 3 emissions from outsourced transport
related to e-commerce fulfilment and cross-border services.
See Section E1-6 - Gross
Scopes 1, 2, 3 and Total GHG
emissions
Downstream: Waste from packaging and delivery of our
products.
ESRS E1 – Climate Change Energy
Upstream: Fleet production, buildings, materials
production, and fuel from outsourced transport.
See Sections E1-5 – Energy
consumption and mix
See Section E1-6 - Gross
Scopes 1, 2, 3 and Total GHG
emissions
Downstream: Fuel consumption for deliveries and customer
pick-ups
ESRS E2 – Pollution Pollution
Upstream: Transportation of materials, fleet production,
and emissions from outsourced transport (land and air).
See Section E2 – Air
Pollution
Downstream: NA (not material)
ESRS E5 – Circular Economy Circular Economy
Upstream: Resources and raw materials like textiles, paper,
plastic, vehicles, and machines used for transport and
packaging.
See Section E5 – Circular
Economy
Downstream: waste destruction and sorting operations.
ESRS S2 – Workers in the Value Chain Health and Safety
Upstream: physical strain from handling heavy loads,
challenging working conditions, tight delivery deadlines,
night shifts, repetitive tasks, and insufficient safety
measures.
See Section S2 - Workers in
the Value Chain
Downstream: NA
1 Raw materials include textile, paper, plastic, vehicles, machines/ICT

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RELEVANT ESRS DISCLOSURE
REQUIREMENT
TOPIC DESCRIPTION OF IMPACT LOCATION IN SUSTAINABILITY
STATEMENT
ESRS S2 – Workers in the Value Chain
Collective Bargaining
and Freedom of
Association
Upstream: discussions and negotiations with workers'
representatives, typically through unions, to establish the
terms and conditions of employment.
See Section S2 - Workers in
the Value Chain
Downstream: NA
ESRS S2 – Workers in the Value Chain Social Dialogue
Upstream: Right to open communication with management,
participation in decision-making processes that affect
workers’ working conditions.
See Section S2 - Workers in
the Value Chain
Downstream: NA
ESRS S4 – Consumers and End-Users Privacy
Upstream: NA
See Section S4 – Consumers
and End-Users
Downstream: Data sensitivity management (names,
addresses, financial details), Data securing, data protection
measures implementation including encryption, access
controls, and regular security audits
ESRS S4 – Consumers and End-Users Non-discrimination
Upstream: NA
See Section S4 – Consumers
and End-Users
Downstream: Social and proximity role within the
population, personal services that may need supervision or
a physical link, such as delivery of meals and medication, or
health check-ups.
ESRS S4 – Consumers and End-Users Equal Access
Upstream: NA
See Section S4 – Consumers
and End-Users
Downstream: equal and available access to essential
products and services for all types of clients (including
our USO – universal service obligations for mail and parcel
delivery in Belgium)
ESRS G1 – Business Conduct
Protection of whistle-
blowers
Upstream: upstream whistle-blowers protection when
reporting unethical behaviour
See Section G1-3/4
Prevention, detection and
incidents of corruption and
bribery
Downstream: downstream whistle-blowers protection when
reporting unethical behaviour
ESRS G1 – Business Conduct Corporate culture
Upstream: Alignments of all suppliers on bpostgroup’s
values and ethical standards.
See Section G1-1 Business
conduct policies and
corporate culture
Downstream: Alignments of all downstream stakeholders
(suppliers, consumers, and end-users) on bpostgroup’s
values and ethical standards.
ESRS G1 – Business Conduct
Prevention and
detection including
training and incidents
Upstream: suppliers corruption and bribery, unethical
conduct
See Section G1-3/4
Prevention, detection and
incidents of corruption and
bribery
Downstream: B2B customers corruption and bribery,
unethical conduct
ESRS G1 – Business Conduct
Political engagement
and lobbying activities
Upstream: NA (linked to bpostgroup’s own activities) See Section G1-5 Political
influence and lobbying
activities
Downstream: NA (linked to bpostgroup’s own activities)
ESRS G1 – Business Conduct
Management of
relationships with
suppliers including
payment practices
Upstream: fair and ethical treatment of all suppliers,
transparency and timely payment.
See Section G1-2
Management of
relationships with suppliers
Downstream: NA
Detailed Explanations
ESRS E1 – Climate Change: Our upstream impacts include Scope 3 emissions from outsourced transport related to e-commerce fulfilment and
cross-border services, which account for nearly 73% of Scope 3 emissions, half of which is outsourced transport. Downstream, the impacts
include waste elimination. This involves managing the waste generated from the packaging and delivery of our products. We are committed
to reducing the environmental impact of our downstream activities by promoting recycling and the use of biodegradable materials.
Additionally, we are working on optimizing our logistics to minimize waste, such as reducing the use of excess packaging and improving the
efficiency of our delivery routes. By doing so, we aim to lower the carbon footprint associated with the final stages of our value chain and
contribute to a more sustainable environment.
ESRS E1 – Energy: Our upstream energy impacts include the production of our vehicle fleet, construction and maintenance of buildings, and
materials production. We are addressing these by sourcing energy-efficient vehicles, implementing energy-saving technologies in buildings,
and prioritizing recycled materials. Additionally, fuel used by outsourced transport partners is a major contributor, and we are collaborating
with them to adopt fuel-efficient vehicles and alternative fuels. Downstream, our energy impacts involve fuel consumption for deliveries and
customer pick-ups. We are optimizing delivery routes, investing in electric and hybrid vehicles, and promoting sustainable transportation
options for customers. By addressing these impacts, we aim to reduce our overall energy consumption and contribute to a more sustainable
future.

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ESRS E2 – Pollution: Our upstream impacts include the transportation of materials, fleet production, and emissions from outsourced
transport (land and air). Downstream, our pollution impacts are more limited and primarily involve waste linked to packaging and waste.
The packaging used for our products can contribute to pollution if not managed properly, including plastic, cardboard, and other materials
that can end up in landfills or as litter. To address this, we are focusing on reducing packaging waste by using recyclable and biodegradable
materials, optimizing packaging designs to use less material, and encouraging customers to recycle. Furthermore, on waste, we are focusing
on improving our waste sorting to increase our performance on recycling (cf. E5-2).
ESRS E5 – Circular Economy: Our upstream impacts in the circular economy involve the extensive use of resources and raw materials such as
textiles, paper, plastic, vehicles, and machines used for transport and packaging. These materials are essential for our operations but also
pose significant environmental challenges. To address these impacts, we are focusing on sourcing sustainable and recyclable materials,
reducing material waste during production, and promoting the reuse and recycling of resources. Downstream, our impacts include waste
destruction and sorting operations. The disposal and management of waste generated from our products and packaging are critical
components of our circular economy strategy. We are implementing efficient waste sorting systems to separate recyclable materials from
non-recyclable ones, promoting the recycling of packaging materials, and exploring waste-to-energy solutions to reduce landfill use.
ESRS S2 – Health and Safety: Our upstream impacts on health and safety are significant, particularly for workers in our value chain, including
suppliers and subcontractors. These workers face risks such as physical strain from handling heavy loads, challenging working conditions,
and tight delivery deadlines. Those working in warehouses, manufacturing, or logistics for bpostgroup’s suppliers may face additional
hazards, including night shifts, repetitive tasks, and insufficient safety measures. Downstream, bpostgroup currently does not monitor the
impacts, risks, and opportunities (IROs) for its B2B and B2B2C customers given service centric activity of bpostgroup without discrimination.
ESRS S2 – Collective Bargaining and Freedom of Association: Our upstream impacts involve discussions and negotiations with worker
representatives, typically through unions, to establish the terms and conditions of employment. These negotiations are crucial for ensuring
fair labor practices and protecting workers' rights. bpostgroup’s value chain is virtually fully located in countries with robust and applied
working legislation, which supports collective bargaining and freedom of association. This legal framework ensures that workers can freely
organize and engage in dialogue with management to address their concerns and improve working conditions. Downstream, bpostgroup
currently does not monitor the impacts, risks, and opportunities (IROs) for its B2B and B2B2C customers.
ESRS S2 – Social Dialogue: Our upstream impacts are significantly influenced by the fact that bpostgroup’s value chain is virtually fully located
in countries with robust and applied working legislation. This strong legal framework supports social dialogue, ensuring that workers have
the right to communicate openly with management and participate in decision-making processes that affect their working conditions. This
environment fosters a culture of mutual respect and collaboration, which is essential for maintaining a healthy and productive workforce.
Downstream, bpostgroup currently does not monitor the impacts, risks, and opportunities (IROs) for its B2B and B2B2C customers.
ESRS S4 – Privacy: Our downstream activities involve gathering a considerable amount of client data through various channels, especially
our e-commerce platform. This data includes sensitive information such as names, addresses, and financial details, particularly when selling
BNPPF banking products. Securing this personal information is crucial to respecting the fundamental right to privacy, maintaining trust,
and protecting all our clients globally. We implement stringent data protection measures, including encryption, access controls, and regular
security audits, to safeguard this information.
ESRS S4 – Non-discrimination: Downstream, bpostgroup serves a wide spectrum of clients, from large corporate businesses to individual
citizens. Through our last-mile and retail services, we fulfill a unique social and proximity role within the population. This role provides
an opportunity to offer more personal services in a society that may need supervision or a physical link, such as the delivery of meals and
medication, or health check-ups. Our commitment to non-discrimination is an integral part of the principle of equality. It ensures that no one
is denied their rights based on factors such as race, color, sex, language, religion, political or other opinion, national or social origin, property,
or birth. Additionally, we prohibit discrimination on grounds such as age, nationality, marital status, disability, place of residence within a
country, and sexual orientation. This commitment is embedded in our policies and practices, ensuring fair treatment and equal opportunities
for all consumers and end-users in our value chain.
ESRS S4 – Equal Access: Our downstream commitment to equal access ensures that all individuals can utilize transportation, buildings
and facilities, programs and services, employment opportunities, and technology. This principle is fundamental for the social inclusion
of consumers and end-users, guaranteeing that everyone receives the same provisions for privacy, security, and safety. We embed this
commitment in our policies and practices, ensuring that our operations are inclusive and accessible to all. As part of our role as a USO
provider, we guarantee the right of all citizens to several fundamental postal services. Specifically, the 7th management contract (attributing
Services of General Economic Interest to bpost) requires at least 1,300 points of postal service, among which minimum 650 post offices, and
at least one post office in each Belgian municipality. At least 95% of the population must have access to a postal service point offering the
basic range of services within 5 km (by road) and at least 98% of the population within 10 km (by road). Several quality-of-service targets are
also part of the contract (opening hours, waiting time, customer satisfaction, …).
ESRS G1 – Protection of whistle-blowers: Our upstream commitment to the protection of whistleblowers involves working closely with all
workers in the value chain. bpostgroup has had a whistleblower policy and a code of conduct for many years, ensuring that employees feel
safe and supported when reporting unethical behavior. Downstream, it concerns all workers in the value chain, as well as consumers and
end-users. By extending whistleblower protections to these groups, we ensure that anyone who interacts with our organization can report
unethical behavior without fear of retaliation.
ESRS G1 – Corporate culture: Our upstream corporate culture impacts all suppliers in the value chain, ensuring they align with our values and
ethical standards. Downstream, this influence extends to all suppliers, consumers, and end-users, promoting consistency and trust in all
interactions and transactions.

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ESRS G1 – Prevention and detection including training and incidents of corruption and bribery: Our upstream commitment to the prevention
and detection of issues, including training and incidents of corruption and bribery, involves working closely with our suppliers. We implement
training programs and monitoring systems to ensure that our suppliers adhere to ethical standards and practices. Downstream, we engage
with B2B customers to ensure they are aware of and comply with our anti-corruption and anti-bribery policies, fostering a transparent and
trustworthy business environment.
ESRS G1 – Management of relationships with suppliers including payment practices: Our upstream commitment focuses on ensuring fair
and ethical treatment of all suppliers. This involves maintaining transparent and timely payment practices, fostering strong and positive
relationships, and ensuring that suppliers are treated with respect and integrity. Downstream, bpostgroup currently does not monitor the
impacts, risks, and opportunities (IROs) for its B2B and B2B2C customers.
6.1.2.5 GOV-5 Risk Management and Internal Controls over Sustainability Reporting
Main Features and Components of Risk Management and Internal Control Systems in
Relation to Sustainability Reporting
Scope and Principal Features of Risk Management and Internal Control Systems
The scope and main features of risk management and internal control processes linked to reporting are designed to ensure comprehensive
oversight and alignment with our organization's ESG objectives.
The risk management framework incorporates an annual top risk review conducted by the Enterprise Risk Management (ERM) team with top
executives, operational managers and SPOCs from respective teams. This review focuses on the evolution of key ESG-linked risks, including
climate change, regulatory compliance, and governance practices. This process integrates quantitative analysis, stakeholder engagement,
and scenario planning to assess and mitigate risks while aligning with sustainability objectives.
Mitigation strategies for identified risks are directly linked to strategic goals, and findings are shared with top executives (ERM Coordinators)
responsible for monitoring and providing quarterly updates on risk management efforts. Internal control processes include a Group Controls
Questionnaire distributed annually to major entities (Active Ants, Radial NA, Staci, bpost NV/SA, Landmark Global, etc.) and a targeted review
of critical process controls like payment systems, ensuring robust oversight of sensitive operations. Periodic reporting mechanisms are in
place, with semi-annual reviews of top risks and quarterly monitoring of high-priority risks presented to the Executive Committee (ExCo) and
the Board.
These systems ensure that sustainability-related risk assessments and internal controls are seamlessly integrated into the larger risk
assessment framework, enabling effective decision-making and reinforcing the organization's commitment to sustainability.
Risk Assessment Methodology and Prioritization Framework
Our annual top risk review involves a structured evaluation with 50 ERM SPOCs (including ExCo members and senior management) and 10
ERM coordinators representing entities and business units (e.g., Radial, BU 3PL Europe, etc.) and functional teams (Insurance & Finance,
Communication, etc.). This evaluation assesses the evolution of key risks and identifies emerging threats within the organization, particularly
regarding ESG priorities.
This process employs a comprehensive risk assessment approach that combines quantitative data analysis, stakeholder consultations, and
scenario planning. The review examines the organization's exposure to ESG-linked risks, such as climate change, regulatory compliance,
social equity, and governance practices, ensuring alignment with corporate sustainability objectives.
Coordinators collaborate with operational managers to analyze the effectiveness of mitigation strategies implemented during the year and
assess their impact on reducing risk severity or likelihood. Furthermore, the 2024 risk assessment identified new risks influenced by evolving
ESG trends and market dynamics, fostering a proactive risk management culture that integrates ESG considerations into decision-making
and strategic planning.
Main ESG Risks Identified in 2024
During the 2024 risk assessment, four major risks related to ESG related topics were identified:
1. Impact of climate change: Potential impacts, notably financial, of physical risks (e.g. extreme weather) and transitional risks (e.g. regulatory
changes) related to climate change, and the associated opportunities for resilience and sustainable growth.
2. Achievement of ESG commitments around carbon emissions: Risk that the Carbon footprint targets are not achievable by 2030 (% of
reduction of Scope 1, 2 and 3 GHG emissions) (cf.E1-4). This risk is further associated with the need to reclarify/reconfirm SBTI engagements
in the short term.

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3. CSRD and third-party management compliance: Non-compliance with the CSRD and potential gaps in our third-party management, in
particular in the context of the upcoming new Supply Chain Due Diligence Regulation.
4. Achievement of ESG commitments around waste: Waste ESG target maybe not achievable by 2030 (% of recycled content in packaging; % of
recyclability of packaging; % of waste recycled / reused / recovered as energy) (cf. E5-3)
Associated Mitigation Strategies
For the above four major risks, preliminary mitigation strategy has been detailed:
1. Impact of climate change: Group-wide Climate Risk Assessment has been launched in Q3 2024 with expected results by mid-2025. This
initiative aims to ensure that potential financial impacts are thoroughly evaluated while aligning with CSRD compliance and advancing the
Group’s climate resilience strategy in the meantime.
2. Achievement of ESG commitments around carbon emissions: bpostgroup will define a clear strategy for Scope 3 commitment and related
SBTI requirements, to be detailed on operational actions. For instance, bpostgroup successfully launched a Carbon footprint tool for
parcels in Belgium.
3. CSRD and third-party management compliance: a comprehensive gap analysis and maturity assessment have been conducted in 2024,
supported by a dedicated working group. An action plan is currently being defined as part of the organization’s strategic initiatives,
ensuring robust governance and alignment with regulatory expectations.
4. Achievement of ESG commitments around waste: While current waste targets are under control, the group acknowledges the importance of
addressing this material topic, as identified in the Double Materiality Assessment. Moving forward, targeted strategies will be implemented
to strengthen waste management practices, ensuring alignment with long-term ESG objectives and reinforcing bpostgroup’s commitment
to sustainable operations.
Integration of Risk Assessment Outcomes into Internal Functions and Processes
Once the top risks are reviewed, the report is shared with the ERM Coordinators, who include the top executives of the group or entity. As
risk owners, they are responsible for monitoring these risks and providing quarterly updates on how they are being managed. Additionally,
some of these risks are directly linked to the organization’s strategic objectives, ensuring alignment between risk management and broader
business goals.
Periodic Reporting to Administrative, Management, and Supervisory Bodies
A comprehensive Group Control Questionnaire is given each year to the largest entities within the organization (Active Ants, Radial NA, Staci,
bpost NV/SA, Landmark Global, etc.) to evaluate the effectiveness of internal controls. Additionally, we are implementing a focused review of
approximately ten critical process controls, such as payment systems. These reviews are sent to the CEOs and CFOs of the respective entities
to ensure robust oversight of the most sensitive operations.
Top risks are reviewed semi-annually, with heightened attention to those with a 51-75% (score 4) and 76-100% (score 5) chance of occurrence.
These high-priority risks are monitored quarterly, and the findings are presented to the Executive Committee and the Board. This periodic
reporting ensures that administrative, management, and supervisory bodies remain informed of the organization’s risk landscape and
internal control effectiveness, enabling timely decision-making and strategic alignment.

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6.1.3 Strategy and Business Model
6.1.3.1 SBM-1 Strategy, Business Model and Value Chain
Key Facts & Figures
bpostgroup is a leading provider of postal and e-commerce logistics services.
Main Services Offered
bpostgroup offers three core services:
1. Last Mile Delivery: This includes traditional postal services in Belgium, mainly performed by bpost NV/SA and Euro-Sprinters, with
additional services in the Netherlands (Leen Menken, Dynagroup) and Canada (Apple Express).
2. Third-Party Logistics (3PL): Fulfillment center services provided by bpost NV/SA, Radial US, as well as other Radial EU entities, Active Ants
(Belgium, Netherlands, UK), and FDM (Australia, New Zealand).
3. Global Cross-Border: Services carried out by Landmark Global and IMX.
bpostgroup also offers the following services in Belgium:
• Retail Services: Provided by bpost NV/SA through its postal offices and partners.
• Press Distribution: Managed by bpost NV/SA, Aldipress, and AMP.
• Government Services: Including the collection of traffic fines, distribution of Belgian license plates, and management of the Government
Cash Account (phasing out).
• Document Flow Management: Delivered by bpost NV/SA and Speos.
Revenue by Significant ESRS Sector
bpostgroup generates over 90% of its business in the transportation sector.
Geographic Revenue Breakdown
• Belgium: bpost NV/SA operates primarily in Belgium and serves both B2B and B2C customers, representing slightly more than 50% of
bpostgroup’s 2024 revenue.
• USA: Radial US accounts for approximately 30% of the group’s total 2024 revenue.
• EU (Excluding Belgium): Other European entities make up about 10%.
• Other Regions: Remaining markets include Canada (0.7%), followed by Australia, New Zealand, Singapore, and India.
Headcount by Geographic Area
• Total headcount in 2024: 34.000
- Belgium: 26.629
- USA: 3.650
- Other: 2.444 (mainly within the European Union)
bpostgroup does not have any banned products in any market.
Integrating Sustainability into bpostgroup’s Strategy and Operations
Sustainability Goals by Product, Customer, Geography, and Stakeholders – Assessment of Services, Markets, and
Customers Impacting Sustainability Goals
bpostgroup’s sustainability goals are set at an overarching level. Plans to achieve these goals and relevant "improvement levers" are
activated within the various entities of the group, starting with those where the potential impact is the greatest—most notably bpost NV/SA
and Radial US. We do not communicate specific objectives by business entity, customer group, geography, or stakeholder. Furthermore, our
newest entity – Staci – has yet to integrate these sustainability goals into their strategy. They will be integrated into Staci’s operations and
strategy in 2025.

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bpostgroup’s key environmental objectives include:
1. Decarbonizing the e-commerce and third-party logistics supply chain, with a target to reduce Scope 1 and 2 emissions by 55% and
Scope 3 emissions by 14% by 2030 (compared to 2019).
2. Reducing adverse impacts on air quality.
3. Offering sustainable solutions for the e-commerce value chain, including recyclable and reusable packaging.
These objectives apply across all business units, customer groups, and geographies. The most critical stakeholders in achieving these goals
are end users and business consumers seeking to decarbonize their own value chains.
GHG emission reduction
Scope 1 Emission Reduction & Air Quality
Reducing Scope 1 GHG emissions and improving air quality are most significant for bpost NV/SA’s last-mile delivery business, given its
extensive fleet of trucks and delivery vans. bpost NV/SA accounts for 86% of bpostgroup’s Scope 1 GHG emissions. To address this, we have
developed concrete plans, including.
• Electrifying our large last-mile fleet.
• Expanding soft mobility deliveries and Ecozones.
• Decarbonizing our buildings by phasing out heating oil and natural gas heating.
• Transitioning our internal logistics truck fleet towards double-deck trailers and alternative fuels.
These efforts primarily impact Belgium, covering all last-mile delivery activities and customer segments. The most relevant stakeholders
remain end users and business consumers striving to decarbonize their own value chains.
Conversely, our last-mile delivery business is the most critical contributor to achieving our Scope 1 GHG reduction and air quality
improvement goals.
Scope 2 Emission Reduction
Our Scope 2 emissions reduction goal applies to all bpostgroup businesses globally. In Belgium, all entities already operate on 100% green
electricity. For the rest of the world, across all entities, we aim to transition to 100% green electricity by 2030.
As a result, our 3PL (third-party logistics) and Cross-Border businesses play a crucial role in furthering our Scope 2 reduction efforts.
Scope 3 Emission Reduction
Our Scope 3 emissions reduction goal applies across all bpostgroup businesses and geographies for Purchased Goods & Services and
employee commuting.
• Decarbonizing subcontracted road transport is most relevant for our e-commerce fulfillment (3PL) and Global Cross-Border businesses, as
they heavily rely on subcontracted transport. This primarily affects major customers and end users.
• Decarbonizing outsourced air transport is particularly crucial for our Cross-Border business.
All bpostgroup suppliers are key stakeholders in achieving this goal, especially subcontracted road and air transport providers. Additionally,
bpostgroup employees worldwide are critical stakeholders in addressing emissions from employee commuting.
Given these factors, our 3PL and Global Cross-Border businesses are particularly crucial for achieving our Scope 3 reduction goal.
Circularity
Our goal of offering sustainable solutions for the e-commerce value chain through recyclable and reusable packaging is particularly relevant
for our e-commerce fulfillment and third-party logistics (3PL) businesses across all geographies. This is due to the high importance of bulk
unpacking and order repacking within these operations. The key customers for this initiative are large e-commerce players, while relevant
stakeholders include business customers, packaging suppliers, waste treatment providers, and end users.
Our circularity goals also play a significant role in:
• Our Press business (AMP and Aldipress), which collects unsold newspapers and magazines, ensuring they are either reused or recycled.
• Dynagroup, which collects old or defective large electrical appliances ("white goods") when delivering new ones.

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Relevant customers and stakeholders include:
• For AMP/Aldipress: Press and magazine publishers in Belgium and the Netherlands, press distribution points, and paper waste treatment/
recycling companies.
• For Dynagroup: Appliance retailers, end consumers, and electrical waste processing providers.
Additionally, our retail business within bpost NV/SA is engaged in circularity efforts through selling envelopes and delivery boxes, primarily
targeting SMEs and residential customers. Key stakeholders include end users and companies handling residential waste collection and
processing.
As a result, our 3PL business, AMP/Aldipress, Dynagroup, and the bpost NV/SA retail business are the most critical for achieving bpostgroup’s
circularity goals.
Social and Due Diligence in the Value Chain
Being an employer of choice is a core element of bpostgroup’s strategy.
Our two main social sustainability goals are:
1. Improving health, safety, and well-being for our own workforce and for workers within our value chain.
2. Achieving a high degree of diversity, equity, and inclusion (DEI), both for our own workforce and for workers within our value chain.
These goals primarily apply to bpostgroup employees but, within the scope of our due diligence efforts, also extend to workers in our value
chain as outlined in our Supplier Code of Conduct.
These commitments apply across all bpostgroup entities and geographies, covering all customer segments.
Progress is monitored across all business lines and entities, ensuring alignment with these objectives. For further details, see Sections:
• S1 Own Workforce, particularly disclosure S1-4
• S2 Workers in the Value Chain, particularly disclosure S2-4
Governance
bpostgroup has established three main governance sustainability goals:
1. Strengthening corporate culture in alignment with our Code of Conduct, embedding ethics across the organization and the value chain.
(For details, see Section G1 Business Conduct, disclosure G1-1.)
2. Securing personal information to uphold the fundamental right to privacy, maintain trust, and protect customers globally. (For details,
see Section S1 Own Workforce and S4 Consumers and End-Users.)
3. Ensuring access to mail and parcel postal services in Belgium through our last-mile and retail products and services.
The first two governance goals apply across all bpostgroup entities and geographies, covering all customer segments. Key stakeholders
include employees, suppliers, customers, and end users.
The third governance goal is specific to bpost NV/SA, as it relates to its core postal services, ensuring accessibility for all customers and end
users in Belgium.

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Sustainability Commitments in Our Strategy
Sustainability is an integral part of bpostgroup’s redefined strategic vision and framework.
Two of our core commitments—Reference in Environmental
Sustainability and Employer of Choice—are "care" commitments
with a strong sustainability focus. They demonstrate our continued
dedication to societal responsibility, which is integral to our market
operations and differentiation.
1. Reference in Environmental Sustainability
We are committed to decarbonizing the logistics supply chain,
positioning ourselves as one of the greenest logistics players. We
consistently deliver on our decarbonization goals by optimizing
investments for maximum CO₂ reduction and supporting a scaled
circular economy through leading reverse logistics and sustainable
waste and packaging solutions.
2. Employer of Choice
We foster inclusion and equal opportunity, ensuring that everyone
feels welcomed and valued. We provide a safe environment
for physical and mental well-being, create social mobility
opportunities, and offer market-conform contracts that balance
flexibility with business needs. We are recognized for the career
growth opportunities we offer both within the group and in the
broader job market.
Sustainability-Driven Strategic Initiatives
Several strategic initiatives integrate sustainability into their design and implementation.
In Belgium, our Last Mile Strategy focuses on driving operational efficiency and reducing kilometers driven, which directly contributes to
lower CO₂ emissions and air pollution. By expanding our network of Automated Parcel Machines (lockers), we enable more efficient deliveries
while reducing the number of trips required. Additionally, low-emission last-mile delivery remains a key part of our value proposition for mail
and parcel services. The expansion of Ecozones and the development of a Carbon Calculator for large parcel customers further strengthen
our role as a sustainable last-mile delivery provider. (For more details, see Section E1-3 – Actions and Resources in Relation to Climate Change
Policies.)
We are also developing specialized B2B logistics solutions aimed at reducing emissions and promoting circularity. Some of these solutions
prioritize the use of reusable packaging and leverage bpost’s locker network to minimize unnecessary transport. In addition to their
environmental benefits, these initiatives will also create additional employment opportunities within bpost. These solutions are relevant for
both our last-mile and third-party logistics (3PL) businesses.
Our innovation roadmap is designed to advance sustainability by introducing low-emission services, reduced-packaging options, and circular
economy solutions. The expansion of C2C parcel delivery services, such as our program with Vinted, will facilitate second-hand transactions,
reinforcing the circular economy for consumers.
With the acquisition of Staci, we are launching a group-wide transport excellence program that will improve subcontracted transport
governance, reduce transport-related emissions, and contribute to our overall cost reduction efforts.
In our Global Cross-Border business, we plan to develop new logistics lanes that will direct volumes toward our low-emission last-mile
models in Belgium and Canada. However, achieving our Scope 3 emissions reduction goals in this area will require innovative subcontracted
transport management.
Finally, our strategy to enhance proximity services for Belgian citizens through our postal offices and workforce strengthens social inclusion.
Our postal network plays a key role in bridging the digital divide and providing accessible services to communities. At the same time, this
initiative creates more fulfilling job opportunities for our employees and fosters constructive social dialogue.

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Business Model and Value Chain
Input, Output, and Outcome
To deliver its services, bpostgroup relies on several key inputs:
Human Resources are a critical factor for business operations, especially for the large personnel required for mail and parcel processing, as
well as last-mile delivery.
Main Material/Physical Inputs include:
• Packing materials, primarily paper and cardboard with some plastic.
• Infrastructure, equipment, and facilities necessary for sorting mail and parcels and packing for e-commerce fulfilment.
• Vehicles for transport, including the own fleet of trucks, vans, and lighter delivery vehicles (e-bikes and trailers), along with outsourced
transport (road and air) for e-commerce fulfilment and cross-border services.
• IT systems and infrastructure that enable efficient logistics operations.
Thanks to these inputs, bpostgroup delivers the following key outputs and outcomes:
bpostgroup offers a range of postal and logistics services, with outputs primarily consisting of:
• Processing and physical delivery of letters and parcels.
• E-commerce fulfilment, including warehousing bulk products and bespoke repacking for individual end consumers.
• Cross-border operations facilitating international mail and parcel shipping.
Although the focus is on services, bpostgroup also offers limited packaging products, postcards, and stamps through its Belgian retail
network.
Value Chain
While the internal and externally audited DMA memorandum provides an extensive description, below is a summary of the core of
bpostgroup’s value chain:
Activities and Business Relationships in the Value Chain
bpostgroup operates in three main business units:
• BeNe Last Mile (mainly in Belgium and the Netherlands)
• 3PL (Third-Party Logistics / E-commerce Fulfilment)
• Global Cross-Border (services in Europe and North America, with some presence in APAC and Australia/New Zealand).
Last-Mile Distribution
Primarily occurring in Europe, these activities include:
• Core Mail Services: Delivered by bpost NV/SA in Belgium.
• Specialized Last-Mile Activities: Including Euro-Sprinter, Leen Menken (chilled/frozen deliveries) in the Netherlands, Dynagroup (white
goods delivery/collection in Belgium and the Netherlands), and Apple Express (Canada).
• Retail Services: Offering postal products and services through our Belgian retail network.
Geographic Areas
Operations are carried out in Belgium (bpost NV/SA, Euro-Sprinter, Dynagroup), the Netherlands (Dynagroup, Leen Menken), and Canada
(Apple Express).
Customers
• Regular postal service customers include citizens, public institutions, and businesses (both profit and non-profit).
Suppliers
• Logistic/sorting/packing equipment manufacturers.
• Vans and car manufacturers.
• Packaging material providers (primarily cardboard).
• Subcontractors for transportation and delivery services.

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Third-Party Logistics / Full E-commerce Logistics and Global Cross-Border Services
These services are mainly available in Europe and North America, with a presence in APAC and Australia/New Zealand (FDM).
Key activities include:
• Fulfilment and warehouse solutions.
• Cross-border services.
• Specialized transportation and delivery solutions (including last-mile delivery in Belgium, Netherlands, and Canada).
• Returns handling, customer care, and lifecycle solutions (global returns and recycling/refurbishing of high-end products in Belgium/
Netherlands by Dynagroup).
Geographic Areas
These activities take place in North America (Radial USA, Landmark NAM), Europe (Radial, Landmark, Active Ants, Freight4U), and Australia/
New Zealand (FDM).
Customers
Primarily e-commerce businesses or companies engaged in e-commerce activities.
Suppliers
• Logistic/sorting/packing equipment manufacturers.
• Subcontractors for transportation and delivery services.
• Packaging material providers (mostly cardboard).
Engaging with Stakeholders Through the Value Chain
By having such awareness of its value chain, bpostgroup has been able to better engage with its stakeholders.
6.1.3.2 SBM-2 - Interests and Views of Stakeholders
Stakeholders Engagement and Impact on Business Model
As a global company with a public service mission in Belgium, bpostgroup consistently engages with numerous stakeholders, recognizing that
long-term success depends on considering their interests. We maintain transparent and effective relationships with each stakeholder group
through regular interactions at various levels within the company.
Senior management frequently meets with customers, continuously engages with labor unions representing our workers, and regularly
consults with public authorities. Stakeholder feedback is integrated into our daily operations and the development of new services and
capabilities. Their needs and interests, gathered during our "Double Materiality Process," have influenced the identification of key topics for
the group.
Our board's composition, with 50% independent members, ensures a broad stakeholder perspective in board meetings. The new strategic
framework released in 2024 reflects the interests of multiple stakeholders:
Our New strategic framework released during 2024 includes the interest of multiple stakeholders:
• Excellence pillars: Focus on customer centricity and
quality, prioritizing the interests of all customers and end-
users (private, business, and government/non-profit).
• Care commitments: Emphasize environmental
sustainability and being an employer of choice, keeping
the interests of employees and the environment at the
forefront.
• Proximity services: Demonstrate our commitment
to meeting the needs of Belgian society by being the
reference provider of proximity services.
Our Stakeholders Engagement Policy, available on our
website, will be updated in 2025 to reflect enhanced
engagement conducted in 2023 and 2024 as part of the
double materiality assessment.
Stakeholder matrix
Influence on bpost
Partners
Governments
Investors & stakeholders
Suppliers
Trade Unions
NGOs
Customers
Employees
Keep satisfied
Respond to requests
Focus efforts
Keep informed
Interest in bpost

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Overview of bpostgroup's Stakeholder Engagement
The table below lists key stakeholder group, the purpose and type of engagement as well as example outcomes from those engagements.
Key Stakeholder Groups, Engagement Purposes, Types, and Outcomes
STAKEHOLDER GROUP RELEVANCE OF ENGAGEMENT ENCOUNTER OPPORTUNITIES
EXAMPLE OUTCOME FROM
ENGAGEMENT
Shareholders and
Investors
• Ensuring long-term commitment and continuous
financial resources
• Generating (long-term) joint added value and
benefits through interest alignment
• Annual shareholder meetings
• "Investors relations" point of contact
• Planning an investor
day in 2025
• Annual report
Customers
• Major customers and
corporate customers
• SMEs, self-employed
and liberal professions
• Residential customers
• Strengthening trust
• Identifying opportunities for product development
and optimization
• Developing business opportunities
• Enabling positive customer experience
• Prioritization of impacts, risks and opportunities
(CSRD)
• Annual satisfaction surveys
• Account management for key and
corporate customers
• Customer service contact point.
• Active presence on social networks
(Facebook, Twitter) and website
• Enhanced
commitment put on
low carbon delivery
requested by large
customer seeking to
reduce their Scope 3
emissions
• Development of new
services and product
lines (eg B2B, locker
network, mybpost
application…)
Employees
• Staff
• Social partners
• Enabling positive employee experience
• Strengthening trust and loyalty
• Identification of business opportunities
• Prioritization of impacts, risks and opportunities
(CSRD)
• Annual measurement of employee
wellbeing and engagement
• Awareness initiatives with staff on CSR
themes
• Joint Industrial Committee ( Paritair
Comité/Commission Paritaire)
meetings
• Monthly consultations with social
partners to implement and monitor
change projects and projects affecting
welfare at work
• Department level
action plans from
employee wellbeing
survey
• No social plan
following loss of
press concession
subsidy
Suppliers • Revealing potential for joint benefits
• Enabling and contributing to sustainable innovations
and sustainability in the value chain
• Study among main suppliers to gain
greater insight into their vision and
their sustainability results (Ecovadis
methodology)
• Survey on emission factors for top 50
suppliers.
• Awareness raising among suppliers
to encourage them to choose a
sustainable environmental approach
• Development of the
Supplier Code of
Conduct
• Supplier information
session –
decarbonization
of scope 3 (kick-off
survey on emission
factor for top 50
suppliers)
Media • Impact on the image and reputation • Press meetings • Systematic press
and social media
communication for
any significant news,
or achievements
Authorities
• Federal government
and the Minister of
Public Enterprises
• Federal parliament
(Infrastructure,
Communications and
Public Enterprises
Commission)
• Cities and
municipalities
• Post & Telecom
Regulator (IBPT BIPT)
• Decisions impacting bpostgroup’s activities and
license to operate
• Control of various bpost NV/SA obligations
• Presentation by the CEO of the
company's strategy to the members
of the Chamber of Representatives
Infrastructure Commission
• Regular contact with the government
and local authorities to inform them
of the company's plans and to seek
solutions to the problems they may
face with regard to bpostgroup services
• Regular contact with regulator related
to their supervision & control activities
on bpost NV/SA
• Implementation or
compliance with
Recurrent & Ad hoc
IBPT decisions and
positions on bpost
NV/SA.
• Implementation of
the 2 Management
Contract with
Belgian authorities
(Universal Service
obligation and
services of general
economic interest)
Partners
• NGOs and
Associations:
Natuurpunt, PEFC, UN
Global Compact, The
Shift, BACA, The Club
of Rome EU Chapter
• International Post
Corporation (IPC),
PostEurop Carbon
experts
• Creating trust and loyalty
• Contributing to the identification of business
opportunities
• Enabling/contributing to innovations and a
sustainable development
• Participation in the International Post
Cooperation environmental program
• Exchange of "best practices" with
regard to sustainable development
between postal operators, via the IPC
and PostEurop, The Shift and The Club
of Rome EU Chapter Sustainability
networks.
• Exchange of best practices on the
decarbonization of scope 3 (BACA
Supply Chain Leader Group)
• Air Pollution added
as a material topic
reflecting input from
environment NGO’s
• Exchange with our
peers on a common
way of interpreting
and implementing
the new legislation
(EU Taxonomy,
CSRD…)

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Stakeholder Interests and Their Consideration by bpostgroup
In 2023, bpostgroup conducted an extensive internal and external stakeholder engagement process as part of the Double Materiality Assessment (DMA).
The table below summarizes the specific interests identified for key stakeholder groups and deemed material. It also details how these interests are considered
and addressed by bpostgroup.
Summary of Stakeholder Interests and bpostgroup's Consideration
STAKEHOLDER GROUP
KEY NEED IDENTIFIED AND
DEEMED MATERIAL
IF / HOW INTEGRATED BY BPOST GROUP
IN ITS STRATEGY / OPERATIONS
STATUS / NEXT STEP /
(IMPACT (IF ANY)
ON STAKEHOLDER
RELATIONSHIP)
Shareholders and
Investors
Development of a resilient
business model in light of
climate change ( transition
risk and physical risk)
Integration of Sustainability as one of the groups
strategic pillar supporting the development of a
climate transition plan and the development of
customer solutions aimed to address climate related
opportunities.
High Level client transition plan is ready
and under implementation. Bene Last
Mile offers low carbon solutions already
( Ecozones, Carbon Calculator) and
more solutions are in development
(contribute to increase trust in long term
resilience of business)
Shareholders and
investors
Business Conduct & Ethics To strengthen our culture of ethics and compliance,
we have been implementing bpostgroup’s FACE
Program (Foster a Culture of Ethics and Compliance)
at group level. This comprehensive initiative enhan-
ces risk management and compliance practices by
defining clear governance models, establishing a
groupwide strategy, and embedding a robust enter-
prise risk management program and function.
Ongoing – New compliance department
structure as of early 2025 to improve
the coordination and communication
across compliance domains and sup-
port the implementation of the result
of the recently completed Compliance
Maturity Assessment (CMA) across
bpostgroup (part of FACE)
Environmental NGO’s
(e.g. Natuurpunt) , other
partners ( eg PostEurop)
and me-dia
GHG Emissions and Air
Pollution
Development of an updated Climate Transition Plan
– Fleet electrification, Soft Mobility solutions for
deliveries in dense urban areas
High level plan ready, implementation
in progress, updated quantification
required (new SBTI submission post
Staci Acquisition)
(increased trust and possibly stronger
willingness to engage)
Environmental NGO’s e.g.
Natuurpunt
Waste & Packaging / Circular
economy
Development of a waste & packaging policy and
targets integrated within bpost group environmental
policy
Waste & Packaging related policy,
part of the Environment policy has
been approved by ESG Committee of
the Board, to be implemented and
monitored as of 2025
bpost workers Health & Safety linked to
night work and logistics
fulfillment operations
Belgian entities track 14 indicators guiding the
preventive policies of operational management.
Radial North America includes Health and Safety
related measures in their employee handbook.
Continue Monitoring Health & Safety
performance in permanent dialogue
with workers representatives
bpost Workers Social Dialogue and
preserving employment level
Decision to seek ways to limit the impact of the loss
of important contracts (e.g. the press concession
contract) in order to avoid a social plan.
Under implementation / Consolidation
of relationship
(Contributes to building more
trustworthy social dialogue)
bpost Workers Equal Treatment and
Opportunities
All bpostgroup entities follow code of conduct which
include provisions with regard to Diversity, Equity
and Inclusion
Additionally, bpost NV/SA has a dedicated policy
regarding Diversity, Equity & Inclusion. Radial North
America has dedicated Diversity, Equity & Inclusion
section in their employee handbook
Continue implementation of those
policies
Value chain workers Health & Safety especially
for subcontracted transport
suppliers
Development of an enhanced Supplier Code of
Conduct and Subcontractor Policy
Approved by the Board. and will be
rolled out as of Q2 2025.
Customers GHG emissions – need for low
emission logistics solution
Continued extension of our Ecozones in Bel-gium
and continued electrification of our fleet of electric
vehicles. Development of a parcel delivery Carbon
Emission calculator.
Ongoing / Consolidate Relationship
with Customers seeking to reduce their
scope 3 emissions
(Building Closer and Long term Partner-
ship with customers we will help achieve
reduce their scope 3 emission reduction
goals)

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STAKEHOLDER GROUP
KEY NEED IDENTIFIED AND
DEEMED MATERIAL
IF / HOW INTEGRATED BY BPOST GROUP
IN ITS STRATEGY / OPERATIONS
STATUS / NEXT STEP /
(IMPACT (IF ANY)
ON STAKEHOLDER
RELATIONSHIP)
Suppliers Management of Relationship
with Suppliers including
Payment Practices
Fostering relationships with our suppliers through
a robust Stakeholder Engagement Policy and a
comprehensive Supplier Code of Conduct. These
frameworks ensure that our suppliers align with
our core values of transparency, sustainability, and
ethical standards.
To support supplier cash flow and strengthen
relationships, bpost ensures clear payment terms by
sharing them at the stage of the Request for Proposal
(RFP) and in the General Terms and Conditions.
In 2025, bpostgroup will review its
Stakeholder Engagement Policy and
implement the new Supplier Code of
Conduct starting early February. Enhan-
ced supplier assessments (extending
existing EcoVadis requirements) will
ensure adherence to ethical standards,
while clear communication and training
on business conduct will support sustai-
nable practices initiated by our compli-
ance and procurement departments.
(increase trust and degree of collabora-
tion with suppliers sharing similar ESG
objectives)
Government – Regulator Business Conduct & Ethics In 2024, bpostgroup achieved significant progress in
promoting ethical behavior and corporate culture.
We increased employee training completion on the
Code of Conduct to 96%, launched the Speak Up
Program for confidential reporting, and conducted
regular assessments to ensure alignment with our
core values.
In 2025, bpostgroup plans to further
enhance its corporate culture and ethi-
cal standards by integrating dedicated
training on bribery and corruption into
its mandatory Code of Conduct training
program. We will also continue to
expand the Speak Up Program to ensure
all employees feel empowered to report
concerns confidentially.
Consumer and end User,
Media
Privacy Currently, bpostgroup integrates privacy
considerations into its strategy through several
key measures. The company conducts regular risk
assessments to identify potential cybersecurity
threats and maps out data usage to understand
how information is collected and stored. A General
Privacy Policy, compliant with GDPR and other
regulations, are developed and made accessible to
ensure transparency. Robust data security measures
are implemented to protect personal information,
and employees receive regular training on data
privacy and security best practices.
In 2025, bpostgroup will review its
current Privacy Policy, which was
established in 2019. The updated policy
will be implemented and communicated
in Q2 2025
Consumer and end User,
Media
Access to Products And
Services
bpostgroup's Accessibility Declaration, emphasizes
making its website readable and understandable for
everyone. This declaration ensures that all users,
regardless of their abilities, can access and benefit
from the services provided. Additionally, bpost-
group is committed to ensuring that everyone has
access to its products and services, bridging social,
economic, and digital gaps. As part of our role as a
USO provider, we guarantee the right of all citizens to
a number of fundamental postal services
In 2025 bpostgroup is committed to
improving accessibility step by step
whenever changes are made to the
website.
Consumer and end User,
Media
Non-Discrimination bpostgroup is committed to non-discrimination
and fostering an inclusive environment. The Belgian
entity in particular has a that supports creating a
culture where diversity and inclusion are practiced
daily.
In 2025, bpostgroup aims to extend
its Diversity Policy across borders,
ensuring that diversity and inclusion are
practiced consistently throughout all its
international operations. This initiative
reflects bpostgroup's commitment to
creating a unified culture of diversity
and inclusion, promoting equal rights
and opportunities for everyone.
The company's administrative, management, and supervisory bodies are kept informed about the views and interests of stakeholders affected by its
sustainability-related impacts.
In 2024, the Double Materiality Assessment (DMA) was shared with both the ESG Steering Committee and the ESG Committee of the Board, and it was discussed
three times throughout the year. Both committees approved the DMA.
The ESG Steering Committee, composed of EXCO members, meets monthly, while the ESG Committee of the Board meets three times per year. These meetings
provide a continuous forum to review bpostgroup's progress on ESG matters and to discuss the impact of our strategy and business on ESG material topics.

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6.1.3.3 SBM-3 – Material Impacts, Risk and Opportunities and Their Interaction with
Strategy and Business Model
Material Impacts in the Value Chain
bpostgroup assessed its entire value chain as part of the Double Materiality Assessment (DMA). The company’s impact extends both to its own
operations and its business relationships.
The most significant impacts outside of its own
operations include:
• GHG emissions from outsourced road and air
transport.
• Health & Safety risks for the workforce
of suppliers in the logistics and transport
sectors.
• Conflict of interest risks related to
the Belgian state, which has three roles
concerning bpost NV/SA: shareholder, client,
and supervisory authority.
Changes to Material IRO vs Previous
Period
In 2024, bpostgroup introduced a new material
topic compared to 2023: Air Pollution
Material Impact
Below is a brief overview of bpostgroup’s
material Impacts, Risks, and Opportunities (IROs). Within the ESRS report, each topical standard will further detail the IROs at the sub-
subtopic level.
This summary provides key insights, while full details are documented internally, which was reviewed by external auditors.
Based on the DMA, bpostgroup has identified eight ESG priorities. The connection between material sub-subtopics and these priorities is
outlined in the table to the right.
Climate Change
Material sub-subtopics: Scope 1, Scope 2, Scope 3, Energy. For details, see E1.
• Impact: bpostgroup’s carbon footprint amounts to 431.5K TCO
2
e emissions.
- Upstream: 77% of emissions fall under Scope 3, with outsourced transport accounting for half.
- Own operations: 18% of emissions come from Scope 1, primarily linked to bpostgroup’s fleet.
• Risk: Rapidly evolving regulations and changing customer expectations could impact the business model.
- Own operations: The transition to an electrified fleet presents operational risks.
- Downstream: Growing customer demand for low-emission solutions may influence service offerings.
• Opportunity: Establishing bpostgroup as a climate leader in the sector, gaining market share, and unlocking long-term cost reduction
opportunities.
Air Pollution
Material sub-subtopics: Pollution of air. For details, see E2.
• Impact: bpostgroup’s delivery activities produce NO
x
emissions through fuel consumption, contributing to urban smog.
• Risk: Increasing city-level restrictions on older/heavy fuel vehicles could limit access to key delivery zones.
• Opportunity: Stricter environmental regulations could serve as a market differentiator, restricting competitors with lower environmental
standards.
Circular Economy
Material sub-subtopics: Inflow, Outflow, Waste. For details, see E5.
• Impact: bpostgroup consumes significant amounts of plastic, self-adhesive materials, and foam for parcel protection.
• Risk:
- Potential taxes on polluting and plastic waste due to packaging materials.
- Costs associated with implementing reusable packaging solutions.
• Opportunity: Investing in reusable packaging infrastructure could create an entry barrier for competitors and establish a new revenue
stream.
bpostgroup double materiality assessment
defines our strategic priorities
Graph legend
bpostgroup impact on the planet & society
HIGH
LOW
MEDIUM
HIGH
LOW
MEDIUM
Environment
Climate change
Air pollution
Waste & packaging
Health, safety & wellbeing
Diversity, equity & inclusion (DEI)
Due diligence in the value chain
Business conduct and ethics
Data privacy and security
Social
Governance
1
1
4
3
8
2
7
6
5
2
3
4
5
6
7
8
Double materiality 2024

109
Own Workforce
Material sub-subtopics: Diversity, Gender equality, Violence and Harassment, Training, Privacy, Health & Safety, Collective Bargaining,
Social Dialogue. For details, see S1.
• Impact:
- Health & Safety (H&S): Workplace risks include road safety, handling heavy loads, night shifts in warehouses and sorting centers, and
mental stress in office environments.
- Diversity, Equity & Inclusion (DE&I): bpostgroup hires a diverse workforce, including low-skilled workers, and acts as a career enabler.
• Risk:
- H&S risks: Increased health costs, litigation, and potential work disruptions.
- DE&I risks: Higher risk of workplace accidents due to language barriers and varying educational backgrounds.
• Opportunity: Strong performance in H&S and DE&I can enhance reputation, employer branding, and talent attraction, as well as appeal to
customers who value responsible business practices.
Workers in the Value Chain
Material sub-subtopics: Diversity, Gender equality, Violence and Harassment, Health & Safety, Collective Bargaining, Social Dialogue. For
details, see S2.
bpostgroup’s upstream value chain is located in Europe and North America, primarily Belgium and the USA. Most customers are also based in
these regions, meaning the value chain operates within countries with robust labor laws.
However, bpostgroup recognizes the need to further develop its IRO process for the upstream value chain.
• Current state:
- Upstream supplier risks are not yet fully mapped.
- Downstream/customer-related risks are currently addressed through ad hoc analysis and actions but lack a dedicated process.
• Impact: bpostgroup influences suppliers and subcontractors, with Health & Safety identified as a key area of impact.
• Risk:
- Potential human rights infringements in the value chain. While the likelihood is low, bpostgroup will further monitor risks through due
diligence processes.
• Opportunity: Strengthening ethical leadership and positioning bpostgroup as a responsible company can enhance reputation and attract
customers who prioritize fair labor practices.
Consumers and End-Users
Material sub-subtopics: Privacy, Non-discrimination, Access to products and services. For details, see Section S4 Consumers and End-Users.
• Impact: bpost NV/SA, the largest entity within bpostgroup, plays a unique social and proximity role through its last-mile and retail services.
Ensuring social and financial accessibility is essential for disadvantaged, isolated, or elderly individuals. As a public service provider, bpost
NV/SA contributes to bridging social, economic, and digital divides.
• Risk:
- Failing to maintain minimum service levels or fulfill public service obligations could lead to reduced public funding and an increase in
complaints.
- The cost burden of sustaining unprofitable services.
• Opportunity:
- Expanding proximity services that require supervision or physical presence, such as:
• Meal and medicine delivery
• Health checks
• Property monitoring
• Personal transport services
- Particularly relevant for elderly and isolated individuals, reinforcing bpost NV/SA’s social role.
Business Conduct
Material sub-subtopics: Corporate Culture, Corruption and Bribery, Management of Relationship with Suppliers, Political Engagement and
Lobbying Activities, Protection of Whistle-blowers. For details, please refer to Section G1 - Business Conduct, Policies and Corporate Culture.
• Impact: bpostgroup operates at the intersection of profitability requirements and public service obligations, where subsidized
affordability plays a key role.
- As a major market player, large tenders increase exposure to risks such as corruption, bribery, and anti-competitive behavior.
- The Belgian State’s triple role as shareholder, client, and supervisory authority creates a potential conflict of interest, influencing the
long-term strategy and the Board of Directors’ decision-making.
• Risk:
- Reputational damage due to ethical breaches.
- Financial penalties and legal action resulting from regulatory non-compliance.
• Opportunity:
- Strengthening brand reputation by reinforcing a strict ethical code of conduct and a consistent value framework across the organization.

110
List of material sub-subtopics and connection with bpostgroup’s ESG priorities
BPOSTGROUP PRIORITY ESRS STANDARD MATERIAL SUB-SUB TOPIC
Carbon footprint ESRS E1 – Climate Change
Energy
Scope 1 GHG Emissions
Scope 2 GHG Emissions
Scope 3 GHG Emissions
Air Pollution ESRS E2 – Pollution Pollution of air
Waste ESRS E5 – Circular Economy
Resource inflows; including resource use
Resource outflows related to products and
services
Waste; waste generation and significant waste-
related impacts; management of significant
waste-related impact
Health and Safety ESRS S1 – Own Workforce
Health and Safety
Training and skills development
Social dialogue
Collective bargaining and freedom of association;
the existence of works councils and the
information; consultation and participation rights
of workers
Diversity/ Inclusion
ESRS S1 – Own Workforce
Diversity
Gender equality and equal pay for work of equal
value
Measures against violence and harassment in the
workplace
ESRS S4 – Consumers and end-users
Access to products and services
Non-discrimination
Due Diligence in the value chain
ESRS G1 – Business Conduct
Management of relationships with suppliers
including payment practices
ESRS S2 – Workers in the value chain
Collective bargaining and freedom of association;
including the existence of work councils
Social dialogue
Health and Safety
Diversity
Gender equality and equal pay for work of equal
value
Measures against violence and harassment in the
workplace
Business Conduct and ethics ESRS G1 – Business Conduct
Political engagement and lobbying activities
Prevention and detection including training and
incidents
Protection of whistle-blowers
Data privacy and security
ESRS G1 – Business Conduct Corporate culture
ESRS S1 – Own Workforce Privacy
ESRS S4 – Consumers and end-users Privacy
Integration of Staci in bpostgroup's Extended DMA
The following is the only data point where Staci is integrated into the DMA. As outlined in BP-1, the scope of the sustainability report remains
bpostgroup prior too Staci's acquisition. However, in response to reader interest, we have included the following exception.
While the 2025 report will provide a more in-depth analysis of Staci's integration into the DMA, here is a summary:
bpostgroup and Staci’s Sustainability teams worked closely together to assess the integration. Given the similarities between their value
chains, their collective experience, and insights gained through stakeholder engagement, both teams concluded that bpostgroup’s DMA
framework is applicable to Staci. Furthermore, Staci’s integration does not introduce any new material sub-subtopics to bpostgroup’s DMA.

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All sub-subtopics that were material to bpostgroup (prior to the Staci acquisition) remain material for Staci, with the exception of the
following due to differences in business models and operations:
• Access to Services and Non-Discrimination for End-Consumers (S4): This applies exclusively to bpost NV/SA as part of its postal service.
• Political Engagement and Lobbying Activities (G1): Staci does not engage in these activities.
For each sub-subtopic, the joint bpostgroup-Staci Sustainability team reviewed the scoring and comments. Adjustments were made
where relevant to reflect Staci’s fulfillment operations, as well as its Value Chain (VC), Strategy, and Business Model (SBM). However, these
adjustments did not result in any material changes.
Other Information
How bpostgroup Impacts and/or Affects People or the Environment
In summary, bpostgroup's activities impact the following stakeholders:
• The environment through GHG emissions and waste generation related to packaging.
• Its own workforce in various areas, including Health & Safety (H&S) and working rights.
• Suppliers, particularly in the logistics and transport sectors, due to bpostgroup’s influence as a large company, impacting their H&S and
working rights.
• End customers, specifically in terms of access to services and privacy. This applies to bpost NV/SA, which, as part of its postal public service
mission, has extensive access to and use of customer data.
• The Belgian State, both as a shareholder (holding 51% of bpost NV/SA) and as a representative of taxpayers and citizens benefiting from
public services provided by bpost NV/SA.
Time Horizons of the Impacts
The time horizons for each sub-subtopic are detailed within the relevant ESRS topical standards (e.g., E1, S1, etc.) and in internal and
externally reviewed documentation.
TIME HORIZON DEFINITION
Short-term 1 year, year reported, year 0
Medium-term year +1 to year +5
Long-term >5 years
Entity-Specific Disclosure
Based on the DMA, there is no entity specific disclosure but some entity specific KPI within ESRS disclosure. Those KPI’s were retained as they
enable continuation from historical reporting and because some of them support quantification of identified material topics.
Please find below those entity specific KPI and where appropriate a reference to the material IRO they relate to.
Social (S1)
• S1-6/14: Employee wellbeing – Relate to Social Dialogue Impact and Risk
• S1-6: New employee turnover
• S1-6: Total number of new employee hires (headcount) during the reporting period
• S1-6: Total rate of new employee hires during the reporting period
• S1-9: Women in management – Relate to Diversity Impact
• S1-14: Absenteeism due to accidents – Relate to Health & Safety Risk
• S1-14: absenteeism due to sickness – Relate to Health & Safety Risk
• S1-14: Frequency rate (of work accident) – Relate to Health & Safety Risk
• S1-14: Severity rate (of work accident) – Relate to Health & Safety Risk
Governance (G1-2)
• Total number of Key Suppliers given consent to the Supplier Code of Conduct – relates to the material topic of Management of Relationships
with Suppliers including Payment Practices and more broadly speaking to Due Diligence in bpost Value Chain.
• Active Key Suppliers screened or audited relates to the material topic of Management of Relationships with Suppliers including Payment
Practices and more broadly speaking to Due Diligence in bpost Value Chain.
• Spend of Key suppliers with SBTi Scope 1&2 validated targets. Relates to the material topic of Climate Mitigation and the reduction of
bpostgroup Scope 3 GHG emissions.

112
Current and Financial Impacts of Identified Financially Material Risks & Opportunities
Several financially material topics have a current financial impact on bpostgroup. These impacts are reflected in bpostgroup’s 2024 financial
statements. Many of these were anticipated and do not present a significant risk of material adjustments in the 2025 financial statements.
That said, several of these topics are integrated into bpostgroup’s Enterprise Risk Management framework and are analyzed in detail earlier in
the annual report (pp…).
The detailed impact assessment for each financially material topic—covering both the Current Financial Effect and the Anticipated Financial
Effect —is outlined below:
E1: Climate Change – Climate Mitigation
Current Financial Effect:
bpostgroup did not incur any costs or damages related to extreme weather events in 2024.
On the climate transition risk side, bpostgroup is proactively investing in reducing Scope 1 and 2 emissions, with investment levels exceeding
€22 million in 2024. These investments cover initiatives such as:
• Electrification of the last-mile fleet in Belgium (vehicles and infrastructure).
• Electrification of the company car fleet.
• Purchase of double-deck trailers.
• Procurement of green electricity.
• Improvement of building energy efficiency, including insulation, efficient lighting, heat pump installations, and solar panels.
A similar level of investment is expected in 2025 as part of our climate transition plan, which is integrated into our Long-Term Financial Plan.
On the climate transition opportunity side, several large parcel delivery customers have chosen bpostgroup partly due to its lower-emission
last-mile delivery solutions. This trend is expected to continue in 2025.
At present, we do not see any financial impact from Scope 3 emission reductions resulting in higher prices from suppliers (e.g., transport and
other purchased goods & services). Additionally, we have not encountered any financing challenges related to our decarbonization strategy
and performance.
Anticipated Financial Effect:
From 2026 to 2029, we anticipate continued significant investments in climate mitigation, in line with our climate transition plan and Long-
Term Financial Plan, as well as our approved solar panel installation plan in Belgium.
Additionally, we expect an increasing share of our revenue to come from customers with ambitious GHG reduction targets, as we progress in
our decarbonization efforts.
While we do not yet have precise cost projections for Scope 3 emission reductions in the 2026-2029 period, we anticipate decarbonization
costs for our value chain, particularly in outsourced road and air transport. However, we expect these costs to remain manageable, in line
with our targeted 14% Scope 3 reduction by 2030. At this stage, we lack visibility regarding potential cost increases for purchased goods &
services linked to GHG reduction efforts.
In 2025, we will conduct a financial impact analysis as part of our ongoing Climate Risk Assessment project. This will enable us to quantify
climate transition and adaptation risks and costs for future years, including Scope 1, 2, and 3 emissions.
Furthermore, the implementation of our enhanced Supplier Code of Conduct in 2025 will provide valuable insights into Scope 3 reduction
costs.
E5: Waste & Packaging Outflows
Current Financial Effect
In 2024, bpostgroup did not incur any risks or additional costs related to waste and packaging outflow. We do not anticipate such risks or
costs in 2025 either, as the Packaging and Packaging Waste Regulation (PPWR) will not come into force before August 2026, with targets set for
2030.

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Anticipated Financial Effect
We are actively preparing for the implementation of the PPWR by:
• Engaging with packaging suppliers to ensure compliance.
• Developing circular solutions for our customers.
• Aligning our environmental policy with ambitious waste and packaging circularity targets in line with the PPWR.
At this stage, we cannot yet disclose the precise net financial impact of the risks and opportunities associated with this topic.
S1: Social Dialogue
Current Effect
Impact of Social Unrest and Operational Disruptions:
During the period from April 22 to April 25, 2024, bpost experienced significant operational disruptions in Belgium due to social unrest
surrounding negotiations concerning the future of press distribution. These disturbances primarily affected sorting and distribution activities
in Brussels and Wallonia, resulting in delays and interruptions across our network. We faced a mix of both direct and indirect impact of
approximately €12.5 million in EBIT due to strikes and delays in the reorganization process, which compounded the operational challenges
faced throughout the year. While we cannot predict strikes in 2025, we will continue to foster a positive social dialogue to limit this risk.
Anticipated Effect
We cannot accurately predict the potential impact of social unrest and operational disruptions beyond 2025. However, we are committed to
continuing our efforts to promote positive social dialogue to minimize this risk in the future.
S1: Health & Safety
Current Effect
In 2024, the group recorded 27,625 lost workdays due to workplace accidents, resulting in an estimated cost exceeding €4 million.
Absenteeism, encompassing short- and medium-term absences due to illnesses lasting less than one year, stands at 9.13% in 2024, including
short-term absences (less than one month) at 5.16% and medium- to long-term absences (between one month and one year) at 3.97%. This
represents a financial impact of several dozens of millions.
Anticipated Effect (Short, Mid, and Long-Term)
We have achieved a reduction in accident rate since 2019 and will be pursuing our efforts to limit work accidents.
Looking ahead to 2025, we anticipate a potential increase in absenteeism rates due to upcoming legislative changes, particularly the
entitlement to recuperate holiday days in cases of illness. As the new law related to illness during legal holidays was not formally incorporated
into the bpost Work Regulation until July, and as the communication was unclear, we expect an increase in the use of this new employee
benefit in 2025.
We are fully committed to strengthening our absenteeism action plan. An ambitious improvement plan, developed in 2023 and reviewed
in 2024, in close collaboration with operational units at bpost NV/SA, has already shown some positive results. It focuses on enhancing
well-being, team dynamics, and HR support, leveraging data-driven insights, raising awareness on health, clarifying management roles, and
improving workplace conditions. Additionally, reactive measures include standardizing sickness notification, tightening medical certificate
checks, optimizing disciplinary processes, and investing in IT tools for better monitoring.
In 2025, we intend to further reinforce our absenteeism management practices to ensure a sustainable reduction in absenteeism rates and a
stronger, healthier workforce.
Privacy (S1, S4)
Current Effect
In 2024, there were no security or privacy breaches, so no additional costs were incurred for damage mitigation.
However, several initiatives have been implemented to enhance IT and Data security:
• Information Security Roadmap: A framework to continuously improve security, reviewed annually to address emerging threats.
• Data Security Governance Program: Covers areas like data discovery, governance, protection measures, and information rights
management.

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• Data Classification Policy: Revised to guide stakeholders in applying security based on the Confidentiality-Integrity-Availability (CIA)
model.
• Data Leakage Detection Program: Protects against phishing, Dark Web threats, account takeovers, and data breaches.
• Information Security Questionnaire: Ensures supply chain security in line with the EU NIS-2 Directive, based on the ISO27001 standard.
• ICT Incident Management: Enhanced processes for handling data breaches, supported by employee awareness initiatives.
IT related expense/investment related to those initiatives in 2024 amounted to several million Euros. Continued investment of the same
magnitude is planned in 2025.
More details regarding our Data Privacy and Security practices can be found in Section S4 Consumers and end-users.
Anticipated Effect
bpostgroup will continue enhancing privacy and security measures in 2026 and beyond with continued investment levels of several millions
per year, included into our financial plan.
Strategy
Impact of the Double Materiality Assessment on bpostgroup’s Strategy and Business Model
The completion of the Double Materiality Assessment has been instrumental in defining our Strategic Pillars and key initiatives. Overall, we
have observed that the financially material risks and opportunities—including Carbon Footprint, Waste & Circular Economy, Health, Safety,
and Wellbeing of our workforce (including social dialogue), and Data Privacy and Security—are already well integrated into our strategy.
The same applies to Business Conduct & Ethics, as well as Diversity, Equity & Inclusion. However, we acknowledge that we are still in the early
stages of integrating Due Diligence in the Value Chain into our practices.
Additionally, our Group Sustainability team has developed a tool to facilitate the review of new strategic transformation projects and
initiatives through the lens of the identified material IROs.
Carbon Footprint
Climate change mitigation and the reduction of our carbon footprint are central to our strategy.
In addition to our climate transition plan (refer to disclosure E1-1 – Transition Plan for Climate Change Mitigation), carbon footprint reduction
is a key component of our BeNe Last Mile strategy. Our goal is to be and remain one of the best-performing mail and parcel delivery operators
in terms of GHG emissions, and this objective is integrated into our customer value proposition.
This commitment is realized through:
• the expansion of Ecozones network,
• expansion of our network of “Lockers and Pick Up/Drop Off points (PUDO’s),
• “Greenification” of our fleet
• “Greenification and decarbonization of our buildings (e.g. each new building construction or renovation is done according to very high
environmental standards (for example, our new mail center in Evere)
• capabilities such as our “parcel delivery” Carbon Calculator for our customers.
Apple Express, our last mile service in Canada, and Dynagroup in the Netherlands are also committed to driving electrification within their
subcontracted last mile delivery fleets. This initiative aims to reduce emissions while ensuring long-term business sustainability. This effort
is also an integral part of our 3PL strategy, which focuses on developing our B2B specialized logistics offer and introducing low-emission
solutions. Additionally, we are taking steps to reduce emissions from subcontracted road transport, including last mile delivery.
Regarding the reduction of Scope 3 GHG emissions for our Global Cross-Border business, our initial focus will be on electrifying short-haul
road transport (200 km) in North America once electric vehicles such as Tesla trucks and other solutions become available. We will continue to
collaborate with our customers and suppliers to reduce the air freight footprint as technologies like Sustainable Aviation Fuel (SAF) become
more widely accessible. Moreover, we will engage with our customers to explore low-carbon footprint alternatives to air freight.
Air Pollution
The reduction of air pollution is embedded within bpostgroup's strategy, alongside our efforts to reduce GHG emissions, as both issues are
closely intertwined. We are addressing these concerns through the electrification of our fleet, the optimization of the number of kilometers
driven, and the use of soft mobility where relevant. These initiatives are also part of our city logistics solutions (Ecozones).

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Waste and Circular Economy
Circular economy is already a core consideration within our business, with a strong focus on minimizing waste and fostering circular value
chains. Currently, we recycle 98.6% of our paper/cardboard waste and 98.1% of our plastic waste.
Active Ants sets a benchmark for best-in-class performance within our 3PL business line, where packaging is tailored to the size of goods for
transport, and a circular value chain is maintained. Cardboard waste collected from deliveries is shipped to our supplier, where it is recycled
and put back into production.
Furthermore, bpostgroup aims to be a facilitator of a more circular economy by developing a B2B specialized logistics offer. This includes
addressing the rollout of more convenient C2C logistics solutions, as well as expanding the Vinted packaging-free "locker-to-locker" delivery
system.
Health & Safety, Social Dialogue & Collective Bargaining
Health, safety, and wellbeing of our employees are central to bpostgroup's strategy and operational policies and practices.
bpostgroup is dedicated to creating a safer working environment by equipping its workforce with safer vehicles and strengthening protective
measures, which not only enhance workplace safety but also improve employee satisfaction.
The company’s commitment to fair compensation, labor rights, and employee engagement at all levels strengthens its reputation as a
responsible employer and contributes to productivity gains. By respecting freedom of association and engaging in constructive social
dialogue and collective bargaining, bpostgroup fosters trust and mutual respect between management and employees, further solidifying
workforce relationships. This is especially important during periods of business transformation.
Additionally, bpostgroup promotes employability and retention by offering skills-focused training, job rotation, and subsidies for low-skilled
workers to develop technical skills, ensuring the workforce is well-prepared for sustainable transitions.
Details about these policies and their outcomes are covered in topical standard S1 - Own Workforce. For Health & Safety, see disclosure S1-14
– Health and safety metrics.
Equal Treatment & Opportunities
Diversity, Equity, and Inclusion are fundamental to bpostgroup's operating model.
bpostgroup is a highly diverse company, with a workforce that reflects a broad range of backgrounds, perspectives, and experiences. The
company is committed to fostering a collaborative workplace culture where diversity is valued and celebrated. This inclusive environment
enables the group to engage effectively with its customers and stakeholders, and to respond to challenges in innovative and efficient ways.
bpostgroup actively promotes initiatives focused on gender equality, equal pay, and maintaining a gender-neutral image within the sector.
These efforts not only position bpostgroup as an inclusive employer but also expand its talent pool, ensuring that diverse perspectives
contribute to the company’s success. The positive impact of these initiatives is visible across all regions where bpostgroup operates, with
specific programs tailored to meet regional needs and adhere to local regulatory requirements.
Details regarding these initiatives can be found in disclosures S1-1 – Policies related to the workforce, S1-9 – Diversity metrics, and S1-16 –
Remuneration metrics.
Due Diligence - Workers in the Value Chain
Due diligence in the value chain is becoming increasingly important within bpostgroup, especially as we prepare for the EU Corporate
Sustainability Due Diligence Directive, which focuses on safeguarding human rights and protecting the environment.
At bpostgroup, we have implemented comprehensive policies to address the material impacts, risks, and opportunities concerning our value
chain workers. These policies are designed to ensure the well-being, fair treatment, and respect for human rights of all workers within our
value chain. Our key policies include:
1. Human Rights Policy
2. Speak Up Policy
3. Supplier Code of Conduct
4. Diversity Policy
Following the rollout of our Human Rights Policy in 2024, our Corporate ESG Procurement team led the review of our Supplier Code of
Conduct, which will be deployed in Q2 2025. This is a further step towards strengthening due diligence in our value chain.
Additionally, it’s important to highlight the rigorous onboarding checks and ongoing monitoring of bpost NV/SA transport subcontractors to
ensure the fair treatment of their workers.
More details regarding our due diligence in the value chain practices can be found in ESRS 2, disclosure GOV-4 - Statement on Due Diligence.

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Business Conduct and Ethics
At bpostgroup, responsible business conduct and ethics are fully integrated into our strategy and operating model. Our corporate culture
is grounded in our Code of Conduct, which outlines the ethical standards and behaviors expected of all employees. We prioritize ethical
behavior and foster a culture of integrity, inclusivity, and accountability. Ethics guide all our operations through robust governance,
comprehensive policies, awareness communication campaigns, and extensive training.
We emphasize transparency, open dialogue, and ethical conduct. Our practices are regularly assessed and aligned with international
standards to adapt to evolving expectations. Ethical values are actively developed, promoted, and evaluated across all organizational levels,
supported by the FACE Program (Foster a Culture of Ethics and Compliance). This initiative enhances our risk management and compliance
practices by defining clear governance models, establishing a group-wide strategy, and embedding a robust risk management function.
More details on our Business Conduct and Ethics practices can be found in disclosure G1-1 – Business conduct policies and corporate culture.
Consumers and End-Users
At bpostgroup, our clients are at the heart of everything we do, ensuring that their needs and rights are prioritized. We handle significant
amounts of client information through our e-commerce platform and other services, which is why we focus on safeguarding this data
with comprehensive policies and proactive measures that meet international standards. Our Information Security Roadmap continuously
improves security and addresses emerging threats, while our Data Security Governance Program ensures data discovery, governance,
protection, and information rights management.
By integrating these measures, bpostgroup demonstrates its commitment to protecting sensitive information and maintaining stakeholder
trust.
Equally important is our commitment to ensuring that all consumers, including those who are disadvantaged, isolated, or elderly, have
access to essential services. We strive to bridge social, economic, and digital gaps to provide equitable access to products and services that
positively impact lives. Our extensive network of service points exemplifies this effort. For example, the 7th management contract requires
at least 1,300 points of postal service, including a minimum of 650 post offices, with at least one post office in each Belgian municipality (cf.
GOV-4 disclosure).
Regarding the Universal Service Obligation (USO), the non-discrimination rules are directly set in postal law. These rules ensure that services
are offered to users in comparable conditions, available without discrimination (e.g., for political, religious, or ideological reasons), and
distributed to all households across the territory. Service tariffs are transparent and non-discriminatory.
We are committed to ensuring that no one is denied their rights based on personal characteristics such as race, color, sex, language, religion,
or any other factor. Our Diversity Policy is central to our workplace culture, and various initiatives promote an inclusive environment that
optimizes interactions with customers and stakeholders, allowing us to respond effectively to challenges.
Through these efforts, we demonstrate our deep care for our clients, ensuring that their needs are met with the highest standards of service
and integrity. More details on privacy protection, equitable access to services, and non-discrimination of our consumers and end-users can
be found in S4 - Consumers and End-Users.
Impact of Strategy and Business Model on Material Impacts
Several material impacts directly result from bpostgroup’s business as a provider of logistics and transportation services:
• GHG emissions and Air Pollution are a direct consequence of transport activities, whether carried out directly by bpostgroup or through
third parties. To mitigate this impact, we have developed a strategy focused on the electrification of our fleet (refer to our climate transition
plan).
• Similarly, the materiality of Health and Safety is linked to the nature of our work. This includes the requirement for night shifts in mail and
parcel sorting activities (both for bpostgroup and other similar postal or logistics operators), as well as outdoor work throughout the year
for workers involved in mail and parcel distribution.
• The Circular Economy topic is also material due to the activity of e-commerce fulfillment, which inherently generates packaging material
use and waste.
• Finally, Business Conduct is a key material topic due to bpostgroup’s size and its status as a public postal operator in Belgium. With the
Belgian state being our majority shareholder, we are subject to a Universal Service Obligation and receive public subsidies for the postal
and other services we provide to Belgian Authorities.
Resilience of Strategy and Business Model (SBM) to Address Material IROs
Overall, bpostgroup considers its strategy and business model to be resilient in addressing sustainability matters.
Resilience to Climate Change is detailed in disclosure E1 SBM-3.
As mentioned above, sustainability is a core component of bpostgroup’s redefined strategic vision and framework. Many of our strategic
initiatives are designed with sustainability in mind, particularly in the area of environmental sustainability. For example, the development
and commercial exploitation of low-emission last mile delivery in Belgium is a key initiative aimed at reducing our environmental footprint.

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Additionally, the material IROs identified through the Double Materiality Assessment are integrated into the decision-making processes of
bpostgroup’s Executive Committee (EXCO) and Board of Directors. These material topics directly influence the development of bpostgroup’s
strategies and operating models.
Each financially material topic is addressed through our strategy, procedures, and operating model, such as our focus on the health, safety,
and wellbeing of our employees, as well as the enhanced emphasis on business conduct and ethics.
6.1.4 Impact, Risk and Opportunity
Management
6.1.4.1 IRO-1 - Description of the Process to Identify and Assess Material Impacts, Risks
and Opportunities
The DMA memorandum offers a comprehensive understanding of the applied process. Here, bpostgroup aims to provide a detailed summary.
While the report's scope covers bpostgroup prior to the acquisition of Staci (see Section BP-1 - General basis for preparation of sustainability
statements). The Double Materiality Assessment described in the report includes Staci. bpostgroup performed its DMA in three stages, first
in 2023 and then at a sub-subtopic level in autumn 2024. In November/December 2024, the integration of Staci into bpostgroup's DMA was
conducted. The method and outcome are described at the bottom of this disclosure.
Methodology Summary
The approach taken is consistent with EFRAG Guidance and has been externally audited. Overall, the process proceeded in three steps:
Step A – Understanding the Context:
As a first step, the context in which bpostgroup operates was thoroughly examined. This involved studying:
• Sector-specific benchmarks: MSCI, SASB, S&P
• Peers: La Poste, PostNL, DHL, etc.
• Internal bpostgroup annual reports
Next, to provide a clear understanding of its business and activities, one value chain per type of business was defined, considering
geographical specificities. Together, these five value chains represent the entirety of bpostgroup’s revenues (pre-Staci acquisition).
Through this exercise, stakeholders affected by bpostgroup’s activities were also identified.
Step B – Identifying Impacts, Risks and Opportunities (IRO’s):
The identification of potential material topics and IROs was conducted through an extensive analytical and consultative process in 2023,
involving both relevant internal and external stakeholders.
It is important to note that none of the actions taken to address certain impacts or risks, or to benefit from certain opportunities related
to sustainability matters, have been found to cause material negative impacts or pose material risks to other sustainability matters.
Step C – Assessing and Determining Material IRO’s:
A scoring exercise at the sub-subtopic level was conducted collaboratively by the bpostgroup ESG team, various bpostgroup experts
(including those from procurement and the ERM team), and an external expert. This exercise built upon initial work and incorporated the
latest business knowledge and judgment.
The impact and materiality thresholds, detailed further below, were set in accordance with the bpostgroup board's strategic vision. This
approach allowed for the determination of the list of material topics down to the sub-subtopic level.

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Assumptions
Overall, the analysis and assessments were conducted reflecting input from stakeholders, factual analysis, as well as the judgment and
experience of bpostgroup’s employees and advisors.
Specific assumptions were made in the following cases:
1. Climate Adaptation: The assessment this year was based on past events and a climate risk assessment conducted for bpost SA in 2022. For
future reports, materiality will be reviewed based on the ongoing climate risk assessment project.
2. Workers in the Value Chain: Currently, there is limited visibility on this topic. However, significant improvements are expected in the coming
years due to the due diligence process. Consequently, for this report, materiality for workers in the value chain has been assessed mainly
based on the knowledge of its impact on bpostgroup’s own workforce
Comprehensive Overview of the Process for Identifying,
Assessing, Prioritizing, and Monitoring Potential and Actual
Impacts on People and the Environment, Informed by Due
Diligence
Value Chain
The impact on the entire value chain was considered. For each sub-subtopic, impacted stakeholders in the value chain were documented in
the DMA exercise. Both internal and external stakeholders, along with ESG consultancy experts, were involved to ensure the full value chain
was considered. For further details, please refer to Section on Consultation with Affected Stakeholders below.
Hot Spot
Based on an understanding of the context, the value chain, and the pre-selected list of IROs, along with stakeholder consultations, areas of
heightened risks were identified and prioritized. These included bpost NV/SA due to its fleet importance, high number of employees, and
unique situation as a postal universal service provider in Belgium, alongside the public-private governance model. Additionally, outsourced
transport for e-commerce fulfillment and cross-border businesses in Europe and North America was analyzed due to the large scale of these
operations.
Consultation with Affected Stakeholders
To identify Impact, Risk, and Opportunities (IRO), a sequence of different techniques was mobilized between June 2023 and September 2023
to gain valuable insights from internal and external stakeholders on the list of ESG topics (IRO) and incrementally increase the accuracy of the
topics selected.
There were four key moments of engagement, in collaboration with an external expert consultancy:
1. Internal interviews with 11 members of the top management
2. Internal stakeholders panels, 3 hybrid workshops
3. External stakeholder panel, 1 face to face in Brussels office
4. Online survey for internal and external stakeholders.
During these engagements, affected stakeholders and external experts representing them were involved, including:
• Key suppliers, such as waste management companies
• Own workforce, represented by internal experts and external expert Unia
• Vice President of Fulfillment at Radial, due to specific Health & Safety topics for fulfillment and to ensure good coverage of potential specific
IROs for operations in the USA
• Key clients
• Citizens and public authorities, represented by the Belgian authority BIPT
• Nature, represented by Natuurpunt
Dependencies
For every sub-subtopic, dependencies on access to natural and human resources were considered and documented. This work was
performed through consultation with internal and external experts, as detailed in the Consultation with Affected Stakeholders section above.
Being in the transport sector, some of the key dependencies are:
• Workers
• Availability and cost of energy to power vehicles
• Total cost of ownership for net zero vehicle (NZV)
• Legal framework, e.g. access to city for fuel vehicles

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Assessment And Prioritization
DMA and ERM Integration
The DMA is based on and complements the ERM, using the same criteria and scoring methods. While the ERM focuses on risks over the next
12 months, the DMA assesses financial magnitude and probability of occurrence within a 1 to 10-year horizon. The conclusions of the DMA are
integrated within the ERM, and vice versa, taking into account the different time horizons.
• Financial Risk Alignment: The financial risk is aligned with the ERM approach and scale (see "Scoring Legend" below):
- 5-point Magnitude Scale, from Minor (1) (< €5 million) to Critical (5) (> €100 million)
- 5-point scale for probability
• ESG Risks: For detailed ERM assessments (e.g., Climate Change, Health, Safety & Well-being, Diversity & Inclusion, Waste), the DMA builds
on these assessments, factoring in the longer-term horizon (1-10 years) versus the ERM (1 year), and breaks it down to the sub-subtopic
level using professional judgment.
- For topics like Climate and Waste, the financial magnitude over a 1-10 year horizon is much higher than the 1-year financial impact from
the ERM, resulting in higher DMA scores for these topics.
• Topics Without Detailed ERM Assessment: For topics not covered by a thorough ERM assessment, professional judgment, informed by
stakeholder interviews, was used to assess financial risk and its probability.
• Rating Scale: All ratings are scored according to the revised rating scale, with explanations for each rating to ensure clarity and
transparency.
- For example, for climate mitigation scope 1, the incremental cost of a green fleet versus the current fleet was considered based on a
preliminary business case. The magnitude is "almost certain" due to the commitment to SBTi, which is a prerequisite for doing business
with several key customers today and is expected to become even more critical in the next five years.
Technical Approach for Impact, Risk, and Opportunity Assessment
The following process was used to assess and prioritize sub-subtopics:
• Criteria & Formula:
- Impact Materiality = Severity * % Likelihood
- Severity is the average of scale, scope, and remediability.
- Financial Materiality = Magnitude * % Likelihood
• Scoring Legend:
- Severity and magnitude are scored on a scale from 0 to 5, with 0 being "not applicable."
- Likelihood is scored on a scale from 0 to 6, with 6 being "actual." Each score is associated with a percentage probability, with 0 being 0%
and 6 (or "actual") being 100%.
Threshold
For Impact Materiality, the board wanted to ensure
bpostgroup would address all “medium” severity impacts
which were either actual or with almost certain occurrence.
With the formula used, this corresponds to a score of >2,5. To
reflect bpostgroup eagerness to tackle relevant sustainability
challenges, the threshold was set slightly below at >2,5 which
also corresponds to the mid-point of the 0 to 5 range from the
scoring.
For Financial Materiality, the board and risk committee
wanted to ensure that all of the following Risk & Opportunity
situations would be considered:
• Moderate financial magnitude with an almost certain
likelihood (>76%, score of 1.72)
• Significant financial magnitude with a high likelihood
(>51%, score of 1.89 or more)
• Major or Critical financial magnitude with an average
likelihood (>26%, score of 1.52)
As a result, the threshold was set at ≥1.5.
Financial Materiality Threshold: 1,5
Likelihood
Actual
100%
1 2 3 4 5
Almost certain
76-100%
88%
0,9 1,8 2,6 3,5 4,4
Highly likely
51-75%
63%
0,6 1,3 1,9 2,5 3,1
Likely
26-50%
38%
0,4 0,8 1,1 1,5 1,9
Possible
6-25%
18%
0,2 0,4 0,5 0,7 0,9
Unlikely
0-5%
3%
0 0,1 0,1 0,1 0,1
1 2 3 4 5
Minor Moderate Significant Major Critical
Magnitude

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DMA: An Integrated Part of Risk and Overall Management
Process
Overview
The double materiality assessment (DMA) has been performed in collaboration with the Enterprise Risk Management (ERM) team. Both
processes have informed each other. While the time horizons used as references may differ between the two approaches, the outcomes of
the strategic risk assessment are linked and reconciled with the outcomes of the ESG double materiality assessment. This ensures that risks
related to ESG factors are identified and managed to minimize their impact on the environment and society, and to promote sustainable
performance in these areas.
Twice a year, there is a dialogue and alignment between the ESG team in charge of DMA and the ERM team. The highest risks and
opportunities identified in the DMA are integrated into the ERM and, when relevant—based on the risk appetite statement—escalated to the
Audit, Risk, and Compliance Committee, as well as the Executive Committee member responsible for the matter under review.
Impact, risk, and opportunities are discussed at various levels of the organization, from the ESG team and operational team up to the board.
The ESG Steerco (Exco) meets monthly and selects key topics for the ESG Committee of the Board, which meets three times per year.
As a result, both financial and sustainability statements are aligned when disclosing risks and opportunities.
Two of the top opportunities discussed at the strategic level are:
• SBTi commitment reached: A competitive advantage towards customers.
• Net zero vehicle fleet: An opportunity to lower the total cost of ownership in the long run and ensure access for bpostgroup’s fleet to city
centers with strong pollution restrictions.
Decision-Making Process
The double materiality assessment (DMA) was prepared by the DMA core team, composed of an external expert, an ESG senior manager,
two ESG analytics experts, and one product owner responsible for driving ESG initiatives across bpostgroup. The preparation work was
performed in collaboration with the ERM team. Their conclusions were reviewed by the ESG Committee of the Board and then approved by
the Board.
The Director of the Business Control group is responsible for reviewing top risks.
Future Revision of the DMA
In 2024, bpostgroup significantly enhanced its DMA based on the latest EFRAG guidance and growing expertise. Three main changes include
a review of its granular analysis at the sub-subtopic level, a methodology aligned with the latest EFRAG guidelines, and the addition of Air
Pollution as a material topic. As a result of the acquisition of Staci in 2024, bpostgroup has included Staci in its DMA. As a reminder, the scope
of this 2024 report—including ESRS 2—is bpostgroup prior to Staci’s acquisition. In 2025, the start of the due diligence process will also
complement this update.
By following the above approach, bpostgroup feels confident about the conclusion of its first extended Double Materiality Assessment
aligned with EFRAG’s latest guidance. This helps ensure that material impacts, risks, and opportunities are reported and addressed.
Integration of Staci into bpostgroup DMA
In order to understand the impact of the integration of Staci on bpostgroup’s DMA, between October to December 2024, bpostgroup ESG
team and the Staci ESG team worked closely together to compare their businesses.
Comparison of business activities and value chain
The combined Staci and bpost group ESG team identified very strong similarities between Staci’s and bpostgroup 3rd party logistics
and fulfilment entities. This combined ESG team did a deep dive on value chains, leveraging work done by Staci team pre acquisition and
concluded that Staci value chain was very similar to bpostgroup e-commerce fulfillment value chain.
Both bpostgroup and Staci ensure goods move from one location to another. Whether it's through owned fleets (bpost SA) or subcontracted
carriers (Staci and Radial, FDM or Active Ants within bpostgroup), the end goal is timely, cost-effective delivery.
Main differences include:
• Part of transport by sea for Staci, not for bpostgroup
• Kitting and Refurbishment is even more important in Staci’s own operations
• Return logistics is more important for Staci vs bpostgroup.

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These differences were taken into account when assessing IRO’s on the combined bpost-Staci Operations. The initial bpost group scoring of each
topic was reviewed by the joint bpostgroup -Staci ESG team and adjusted whenever relevant to reflect specifics of the Staci fulfilment operation,
as well as its Value Chain (VC) and its Strategy and Business Model (SBM). This did not result into any change in material topics identified.
For example, this lead to an increase in the Impact & Financial materiality on sub sub topics within E5 due to the importance of waste &
resource inflow within Staci. However, this topic was already material for bpostgroup and remains material but to a greater degree for the
combined bpostgroup and Staci operations. Likewise , some of the specifics of the Staci value chain indicate Health and Safety for own
workers as an important topic. This topic was already Material for bpostgroup both for impact and financially and remains as such in the
combined operation.
Methodology for DMA
As part of this exercise, all work done by Staci pre-acquisition, including a broad Stakeholder engagement process, was leveraged.
Due to the acquisition by bpostgroup , this DMA Staci specific work was not finalized. Identification of IROs was performed but not the scoring
/ assessment. Nevertheless all learning were integrated in the exercise done to update bpostgroup DMA in light of the acquisition of Staci.
Key steps performed by Staci – identification of Staci’s IRO
• Drawing-up an initial long-list of sustainability matters with internal stakeholders based on ESRS-topics
• Analyzed the business model and value chain to:
- Identify additional sustainability matters to add to the long list (completeness check of longlist)
- Identify relevant stakeholders to include in the CSRD required stakeholder interaction
• Executed a stakeholder interaction to identify additional sustainability matters for the long list from the perspective of stakeholders
(completeness check)
Key stakeholder’s engagement to identify Staci’s IRO
• Internal stakeholders: 3 Stakeholder Workshops and 2 surveys
• External stakeholders: online and in person interviews with customers and suppliers
All the listed IROs by Staci were already part of material sub-sub topic for bpostgroup.
Staci’s ESG team has reviewed the Double Materiality Assessment of bpostgroup (pre-Staci acquisition) at sub-sub topic level . Staci’s ESG
team has discussed it with bpostgroup ESG team to both ensure that Staci has not missed IROs specific to their value chain and business
activities and to check if some of the material sub-sub topic for bpostgroup do not apply for Staci.
Conclusion
Based on similarity among the value chains, their experience, their knowledge built throughout stakeholder’s engagement, both ESG teams
conclude that bpostgroup’s DMA can be applied to Staci and that the integration of Staci within bpostgroup is not adding any material sub-
sub topic to the bpostgroup’s DMA.
All sub-sub topics being material for bpostgroup (pre-Staci acquisition) are material for Staci, – except below sub-sub topics due to
differences in the business model and operation:
• Access to Services and Non-Discrimination for end-consumers (S4) as these solely apply to bpost SA for its postal service.
• Political engagement and lobbying activities (G1), not performed by Staci.
6.1.4.2 IRO-2 - Disclosure Requirements in ESRS covered by the Undertaking’s
Sustainability Statement
As a result of the Double Materiality Assessment the list of disclosures covered and related page number can be found in the table of content
on the very top of this report.
For the table of all the data points that derive from other EU legislation, see Appendix 9.6 - EU legislation and data points.
The approach followed to determine the material information to be disclosed, including the use of criteria an threshold, is described above in
part IRO-1 - Description of the process to identify and assess material impacts, risks and opportunities.

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6.2 Environmental Information
6.2.1 ESRS E1 – Climate Change
6.2.1.1 Disclosure Requirement related to ESRS 2 GOV-3 Integration of Sustainability
Related Performance in Incentive Schemes
Governance
Integration of Climate-Related Considerations in Remuneration Policies
In accordance with ESRS 2 GOV-3, our organization has integrated climate-related considerations into the remuneration of members of the
administrative, management, and supervisory bodies. Specifically, the performance of these members is assessed against the GHG emission
reduction targets as outlined in Disclosure Requirement E1-4. 30% of the remuneration recognized in the current period is linked to these
climate-related considerations, ensuring alignment with our sustainability objectives. For more detailed information, please refer to Section GOV-
3 Integration of Sustainability-Related Performance in Incentive Schemes.
Strategy
At bpostgroup, we are committed to being a reference in sustainability in all countries we operate
in. This shared ambition encourages us to accelerate our efforts to decarbonize the e-commerce and
third party logistics supply chain and reuse and recycle packaging as part of a circular economy.
Continuous improvement of environmental performance in our global operations is the backbone of
our shared value creation at bpostgroup.
As one of the greenest logistics players in the markets we operate in, we consistently deliver on our
decarbonization trajectory, while optimizing our investments to maximize CO
2
reduction impact.
As a leading innovator in circular business models, we enable the development of a scaled circular
economy through the provision of a leading reverse logistics network combined with re-use, repair
and recycling solutions, offering sustainable solutions for our own waste and packaging. For more
details, please refer to Section E5 Resource Use and Circular Economy.
As a global logistics service provider, bpostgroup is the best partner for our clients to reduce
emissions across the e-commerce and third party logistics value chain. Every day we ship more than
a million parcels around the world, using one of the largest van and truck fleets in Belgium, and
generating a significant carbon footprint when combined with our outsourced activities with our
transportation partners across bpostgroup. This is why we are determined to fight climate change
and be a force for good in the countries we operate in.
We commit to three specific objectives:
1. Decarbonize the e-commerce and third party logistics supply chain
2. Take action on any identified adverse impact on air quality, please refer to Section E2 Pollution
3. Offer sustainable solutions for the e-commerce value chain through recyclable and reusable packaging, please refer to Section E5 Resource
Use and Circularity

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Our Path to Net Zero
bpostgroup’s Net Zero Roadmap
2019 2020 2021 2022 2023
By 2030 we will also
reduce our Scope 3
emissions by 14%
Net Zero
Our path to net zero
At bpostgroup, we are committed to being a
reference in sustainability in all countries we
operate in.
Further down bpostgroupʼs net
zero decarbonization trajectory,
we will invest further in new
technologies in our businesses
across the globe.
We are accelerating our efforts and investing heavily in the electrification of our fleet,
renewable energy solutions and innovative circular business models
Our key levers:
Emission-free last-mile
deliveries
Green electricity
New company cars
zero-emission
Recyclable or reusable
packaging
Phasing out natural gas &
heating oil buildings
Truck fleet running on
alternative fuels
Any remaining emissions will be
balanced through high-quality
natural climate solutions that
benefit people and the planet.
By 2030, we will reduce Scope 1 and 2 emissions by 55%
This shared ambition encourages us to accelerate
our efforts to decarbonize the e-commerce and
third-party logistics supply chain and reuse and
recycle packaging as part of a circular economy.
Total GHG emissions of bpostgroup
were 441,825 tCO₂e tonnes in 2019.
Path to net zero
Business as usual
Scaling up through carbon insetting
Delivering
our commitments
2024 2025
2030
6.2.1.2 E1-1 – Transition Plan for Climate Change Mitigation
bpostgroup's Commitment to Sustainability and Decarbonization in Belgium
At bpostgroup, we are committed to being a reference in sustainability in all countries we operate in. This shared ambition encourages us to
accelerate our efforts to decarbonize the e-commerce and third-party logistics supply chain. To underline our commitment to decarbonization,
we have set near term targets for our own operations and in our supply chain: Reduce Scope 1 and 2 emissions by 55% (in line with the 1.5-degree
scenario) and reduce Scope 3 emissions
1
by 14% by 2030. Those targets were approved by SBTi in 2022. Furthermore, by joining BACA (Belgian
Alliance for Climate Action) bpost pledged to align its business to a 1.5°c or a well below 2-degree trajectory with the purpose to reach net zero
emission by 2050.
bpostgroup’s Climate Transition plan
Baseline 2019
323 k
Scope 3
Scope 1 & 2
119 k
277 k
-55%
-14%
54 k
Electrification
of last mile
Alternative fuel
trucks & double-deck
trailers
Electrification of
company cars
Phasing out natural
gas & heating oil
buildings
Green electricity Scope 3 - in progress Target 2030
1 This reduction target applies to the following Scope 3 categories: purchased goods and services, upstream transport and distribution, waste
generated by operations, business travel and employee commuting.

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bpostgroup's long-term Net Zero target will be submitted to SBTi for validation in 2025 as part of updating our carbon reduction targets and
plans, necessitated by the acquisition of Staci. These targets, related to our environmental policy (please refer to Section E1-2 Policies Related to
Climate Change Mitigation and Adaptation), are defined in relative terms (percent reduction vs baseline). This transition plan was approved by
bpostgroup's ESG Steering Committee in December 2024.
Additionally, bpostgroup is not excluded from EU Paris-aligned benchmarks.
Assessment of Locked-In Emissions and Mitigation Strategies
bpostgroup does not have any significant potential locked-in emissions from key assets that might jeopardize achieving our 2030 GHG emission
reduction target (-55% on Scope 1 and 2).
Our largest carbon-emitting assets is our own fleet in Belgium. Our last mile fleet (10,124 delivery vans) represented 31% of our 2019 baseline
Scope 1 and 2 emissions and 29% of our 2024 Scope 1 and 2 emissions, while our truck fleet (483 trucks) represented 20% of our 2019 baseline
Scope 1 and 2 emissions and 24% of our 2024 Scope 1 and 2 emissions.
bpost NV/SA is in the process of electrifying our last mile fleet towards net zero by 2030. Out of our last mile van fleet of 10,124 vehicles, only 10
have a leasing period extending beyond 2030. We are also electrifying our fleet of company cars (6% of Scope 1 and 2 in baseline year 2019 and
5% in 2024), aiming for full electrification well ahead of 2030.
These ongoing actions, alongside our growing production and purchase of green electricity (target 100% by 2030), make us confident in achieving
our 2030 emission reduction commitment made to SBTi. While we will still have fossil fuel-powered trucks and fossil fuel-heated buildings by
2030, we are in the process of gradually upgrading our heating facilities in Belgium to heat pumps and integrating trucks running on alternative
fuels into our fleet based on market conditions. Our goal is to achieve a net zero target by 2050 without forced decommissioning of locked-in
assets.
Plan for Aligning Economic Activities with European Taxonomy Criteria
To enhance revenue alignment with the European Taxonomy, bpost NV/SA is expanding the use of soft mobility solutions (e-bikes and e-bike
trailers) and electric vans for mail and parcel deliveries, aiming for Zero Emission Last Mile delivery by 2030. In 2024, bpost acquired an additional
612 electric vans and 169 e-bike trailers. Additionally, bpost SA began electrifying its truck fleet, purchasing its first electric truck in 2024 and a
second one at the start of 2025.
bpost is also working to increase the percentage of its electric vans that meet the Do Not Significantly Harm (DNSH) criteria. This involves
updating procurement specifications to include eligible tires (since mid-2023) and ensuring replacement tires meet eligibility targets (since 2024).
As a result, the eligibility of bpost's electric vans increased from 2.5% to 46.7% .
Furthermore, bpost will ensure comprehensive documentation of waste generated from construction and demolition work in transshipment
buildings to meet DNSH criteria.
Explanation of How Transition Plan is Embedded in and Aligned with Overall Business Strategy and Financial Planning
bpostgroup's transition plan is fully integrated and aligned with our strategy. As a key pillar of our strategic framework, environmental
sustainability is central to our mission. We are dedicated to decarbonizing the e-commerce and parcel-sized B2B logistics value chains in the
markets we serve. Our strategy includes expanding Ecozones and achieving emission-free last mile delivery in Belgium by 2030, providing
customers with the lowest emission mail and parcel delivery services as they pursue their own carbon reduction goals.
Our transition plan is also embedded in our financial planning. Our five-year long-term financial plans allocate annual investment amounts for
delivery fleet electrification, lower-emission trucks, building renovations, and locker network expansion. Additionally, the bpost 2025-2029 Solar
Panel Strategic Plan, approved in November 2024, aims to deploy solar panels on all our mail centers in Belgium, which will be equipped with
charging infrastructure for our electric vehicles.
Explanation of Progress in Implementing Transition Plan
The implementation of bpostgroup's climate transition plan is ongoing. In 2024, we reduced our Scope 1 and 2 emissions by 17% compared to
our 2019 baseline.
Details of our 2024 initiatives related to this plan can be found further in this report (please refer to Section E1-3 - Actions and Resources in
Relation to Climate Change Policies).
The table below outlines progress towards specific operational targets linked to the plan.

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Progress Towards Operational Targets in the Climate Transition Plan
2024 SITUATION (PROGRESS VS 2023)
Zero Emission last mile delivery in Belgium
- # of charging stations
2,400 (+1,000)
Zero Emission last mile delivery in Belgium
- # of Electric Vans
2,197 (+607) - 22% of vans fleet
Green Electricity 58% (100% in Europe)
All New Company car full Electric 100% for new company Cars in Belgium
(>85% of total group company cars)
Trucks running on Alternative Fuel or
Double Deck Trailers
88 (+24) - 9% of truck and 11% of trailers
6.2.1.3 SBM-3 – Material Impacts, Risks and Opportunities and Their Interaction with
Strategy and Business Model
Climate Risk Assessment and Resilience Analysis
In Q4 2024, bpostgroup completed the first phase of its Climate Risk Assessment, covering the entire scope of its operations. This initial phase
focused on identifying both physical and transition risks, including the exposure of bpostgroup facilities and operations to climate hazards under
various scenarios. The second phase, scheduled for the first half of 2025, will involve a detailed analysis of the magnitude of these risks and the
vulnerability of bpostgroup assets.
Type of Climate-Related Risk
• Physical Risk refers to the potential negative impacts and damages caused by climate-related events and changes in the physical
environment.
• Transition Risk refers to the financial, legal, and operational risks associated with the transition to a low-carbon and sustainable
economy.
As part of our Climate Risk Assessment conducted in late 2024, we identified the following three potentially significant climate-related risks:
1. Property, Equipment, and Customer Stock Damage: From extreme weather events.
2. Operations and Supply Chain Disruptions: Due to increased frequency and severity of weather events affecting both our operations and
transport suppliers.
3. Employee Safety: Risks related to heat and storms.
These risks stem from the following climate hazards that some bpostgroup facilities are exposed to:
• Increasing frequency and intensity of heatwaves
• River flooding
• Heavy precipitation
A limited number of facilities are also potentially exposed to Fire Risk, Tornadoes (US Mid-West) Hurricane (US East Coast) and Blizzard
(Canada and North USA).
8 significant Climate Related Transition Risks were identified:
1. Increased regulation and resulting compliance costs and risks (Legal)
2. Reduced access to city centers (Legal)
3. Increased fuel costs and more volatile energy prices (Economic)
4. Increased subcontracted road and air transport costs (Economic)
5. Growing customer expectations for sustainability and low-carbon deliveries (Social)
6. Limited solutions for electrified mid and large-size fleets (e-trucks) (Technology)
7. Availability of low-carbon air transport solutions (SAF, other) (Technology)
8. Availability of cost-competitive low-carbon technologies (heat pumps, electricity storage) (Technology)
1 significant Climate Related Transition Opportunity was identified:
1. Commercial and reputational opportunities from low-carbon solutions.

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Description of Scope of Resilience Analysis
bpostgroup conducted a comprehensive Climate Risk Assessment using climate scenario analysis. This assessment of physical risks
encompassed all of bpostgroup's global locations, though it did not include physical risks related to the value chain. For the evaluation of
transition risks and opportunities, bpostgroup considered its own operations as well as the upstream and downstream value chain.
Disclosure of How Resilience Analysis Has Been Conducted
bpostgroup initiated a Climate Risk Assessment using climate scenario analysis to understand both physical and transition risks and
opportunities. For the physical risk assessment, we examined the exposure of all bpostgroup's global operations to relevant climate hazards
using two emission scenarios (RCP2.6 and RCP8.5) and three time periods (2030, 2050, and 2080/2100, depending on the climate hazard).
Representative Concentration Pathways (RCPs) describe different levels of greenhouse gases and other radiative forcings that might occur in
the future
• RCP2.6: A "low" emission scenario that would lead to a temperature increase of below 2°C.
• RCP8.5: A "high" emission scenario that would lead to a temperature increase of above 4°C.
Data from the World Climate Research Programs (WCRP) CORDEX, along with flood mapping and coastal erosion information from the World
Resources Institute (WRI) and the Joint Research Centre (JRC), has been applied. By examining the RCP8.5 scenario, bpostgroup modeled
climate-related physical risks for a high emissions scenario.
Transition risks were identified by considering reports from other stakeholders in the sector and through workshops and interviews with
internal experts. bpostgroup applied the PESTEL framework in identifying climate-related risks and opportunities, considering various
macro-economic triggers and drivers.
Currently, bpostgroup has a clear overview of the exposure to physical climate-related risks and potential transition risks. For physical
risks, potential adaptation or mitigation solutions still need to be identified. A qualitative evaluation of transition risks and opportunities,
leveraging climate scenarios from the International Energy Agency (IEA) or the Network for Greening the Financial System (NGFS), will take
place in early 2025. In this step, economic impact drivers modeled in different climate scenarios will be used to quantify transition effects.
Both a high emissions scenario and a net-zero scenario, aligned with a 1.5°C target, will be applied.
Date of Resilience Analysis
bpostgroup has started the climate risk assessment using scenario analysis and resilience analysis in 2024. The process will be concluded in
the first half of 2025.
• Time horizons applied for resilience analysis:
- Short-term = current and historical effects
- Mid-term = 2030
- Long-term = 2050 and 2080 or 2100
bpostgroup's GHG emission reduction targets are set for 2030 (a 55% reduction in Scope 1 and 2 emissions) and aim for Net Zero by 2050 at
the latest.
Description of Results of Resilience Analysis
bpostgroup's strategy and business model are resilient in relation to climate change. Although the Climate Risk Assessment is not yet fully
finalized, bpostgroup can already conclude that climate change does not pose critical and fundamental threats to its future existence.
For physical risks, exposure to several climate hazards has been identified, particularly in a high emissions scenario. However, bpostgroup
expects that most risks can be mitigated through adaptation solutions, either implemented directly by bpostgroup or by third parties (e.g.,
governments investing in flood defense systems).
On transition risks, bpostgroup considers increased climate-related regulations, reduced access to city centers, and growing customer
expectations for low-carbon deliveries as especially relevant topics being addressed in our plans. The current lack of mature and affordable
technologies for electrified mid and large truck fleets and other low-carbon technologies (heat pumps, electricity storage) are seen as short-
term challenges for rapid decarbonization. These issues affect the entire logistics industry. Addressing the availability and cost of low-carbon
solutions for air or long-distance freight will be the biggest challenge for our Global Cross-border business.
The transition to a net-zero economy could also present opportunities for bpostgroup. With ambitious GHG emission reduction targets,
bpostgroup is well-positioned to meet the growing demand for low-carbon logistic solutions.
Description of Ability to Adjust or Adapt Strategy and Business Model to Climate Change
bpostgroup currently doesn't anticipate obstacles in its ability to adapt it strategy or business model in the context of climate change in
the short-, medium- or long-term. bpostgroup transition to a net-zero economy, as outlined in the transition plan, will require investments.
However, bpostgroup does not expect fundamental difficulties in realizing this ambitious plan.

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6.2.1.4 IRO-1 Description of the Processes to Identify and Assess Material Climate-
Related Impacts, Risks and Opportunities
Description of Process in Relation to Impacts on Climate Change
In line with the identification of impacts, risks, and opportunities for other ESG topics, climate change-related impacts, risks, and opportunities
(IROs) were identified, assessed, and prioritized using the Double Materiality Assessment methodology described above. To evaluate the impacts
on climate change, data on bpostgroup's corporate carbon footprint was taken into account.
Description of Process in Relation to Climate-Related Physical Risks in Own Operations and Along Value Chain
As part of the Double Materiality Assessment, bpostgroup did not perform climate scenario analysis. However, a climate risk assessment using
climate scenario analysis is currently ongoing to evaluate bpostgroup's climate resilience and the financial impacts of climate-related risks
and opportunities. Moving forward, bpostgroup will update its Double Materiality Assessment to reflect the outcomes of the climate scenario
analysis.
In the climate scenario analysis, bpostgroup is assessing physical risks through a location-specific, in-depth analysis to identify exposure to
climate hazards. Two emission scenarios (RCP2.6 and RCP8.5) and three time periods (2030, 2050, and 2080/2100) are being evaluated using
data from the World Climate Research Programs (WCRP) CORDEX, along with flood mapping and coastal erosion information from the World
Resources Institute (WRI) and the Joint Research Centre (JRC).
By examining the RCP8.5 scenario, bpostgroup modeled climate-related physical risks for a high emissions scenario, investigating exposure
across all global assets. Additionally, evidence from recent stakeholder dialogues has been captured to evaluate if the modeled exposure to
physical climate hazards aligns with observations.
So far in the Climate Risk Assessment process, asset exposure (at the individual facility level) has been identified. The actual vulnerability of
exposed assets will be determined in phase 2 of the CRA project during the first half of 2025.
Identification of Climate-Related Hazards Over Time Horizons
Climate-related hazards have been identified over short-, medium-, and long-term time horizons. Specifically, bpostgroup has assessed eight
climate change-related hazards for two emissions scenarios (RCP2.6, RCP8.5) and three time periods (2030, 2050, and 2080/2100).
Screening of Assets and Business Activities for Climate-Related Hazards
bpostgroup has screened whether assets and business activities may be exposed to climate-related hazards. Specifically, bpostgroup assessed
the exposure of all locations globally to different climate-related hazards. The analysis of the vulnerability of assets and business activities is still
ongoing.
Definition of Time Horizons
Short-, medium-, and long-term time horizons have been defined. The time horizons considered in bpostgroup's Climate Risk Assessment (2030,
2050, and 2080/2100) go beyond the typical long-term horizon. bpostgroup screened for exposure beyond the expected lifetime of its assets and
beyond the strategic planning horizon or plans for capital allocation.
Assessment of Exposure and Sensitivity to Climate-Related Hazards
Exposure to all of bpostgroup's global assets was investigated by performing a geospatial analysis using climate hazard datasets. Exposure of
locations in the supply chain was not modeled explicitly, as bpostgroup's sourcing strategy is robust and flexible to accommodate temporary
changes when necessary. The likelihood of exposure to climate hazards is implicitly taken into account by considering different climate scenarios.
The magnitude of exposure is obtained directly as an output of the analysis, and duration is considered for several chronic climate hazards by
considering relevant variables (e.g., SPI-6, which allows for the consideration of drought duration).
Use of High Emissions Climate Scenarios
By considering the IPCC SSP5-8.5 scenario, bpostgroup modeled the potential impact of high emissions scenarios (> 4°C).
Use of Climate-Related Scenario Analysis to Inform Risk Assessment
When assessing exposure to climate-related physical hazards, data on current climate patterns was examined to understand short-term risks.
Medium- and long-term risks were evaluated using data for 2030, 2050, and 2080/2100, which goes beyond bpostgroup's typical horizon for risk
assessment. Information on exposure to climate change hazards will be complemented by assessing the vulnerability of assets and activities to
climate change-related hazards.

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Process for Evaluating Climate-Related Transition Risks and Opportunities
bpostgroup is currently finalizing the evaluation of transition risks using climate scenarios, including a low emissions (net-zero 2050) scenario.
The outcome of the Double Materiality Assessment and the preliminary results of the Climate Risk Assessment do not yet consider transition
scenarios.
Identification of Transition Events Over Time Horizons
Potential transition risks over short-, medium-, and long-term time horizons were considered in the same way as for other topics. bpostgroup
screened the exposure of assets and business activities to transition risks, considering risks reported in the sector and relying on the expertise
of external experts and internal stakeholders. The qualitative evaluation of the magnitude of these risks, considering climate scenario analysis
(including a net-zero scenario), has not yet been finalized.
Assessment of Exposure and Sensitivity to Transition Events
Similar to other risks and opportunities, the analysis of exposure to climate-related transition risks and opportunities considered the potential
size of the financial impact and the likelihood. The duration of transition events was only considered implicitly, as it is expected to affect the size
of the financial impact.
Use of Climate-Related Scenario Analysis for Transition Risks
bpostgroup plans to use climate scenario analysis to evaluate transition risks, but this activity has not yet been finalized.
Identification of Incompatible Assets and Business Activities
bpostgroup has not identified assets and business activities that are incompatible with or need significant efforts to be compatible with a
transition to a climate-neutral economy. However, the part of our Global Cross-border business that relies on long-distance freight and/or air
freight will depend on low-carbon air transport solutions to reduce its Scope 3 impact.
Use of Climate-Related Scenario Analysis for Transition Risks and Opportunities
Potential transition risks over short-, medium-, and long-term time horizons were identified by considering sector reports and conducting
workshops and interviews with external experts and internal stakeholders. A robust evaluation of the significance of these transition risks is still
to be finalized. bpostgroup will evaluate how economic impact drivers, modeled in state-of-the-art climate scenarios, evolve and impact the
identified transition risks.
Compatibility of Climate Scenarios with Financial Statements
The climate scenarios used are compatible with the critical climate-related assumptions made in the financial statements. Based on identified
short-term climate-related physical and transition risks, no climate-related provisions or accelerated asset depreciation have been made.
6.2.1.5 E1-2 – Policies Related to Climate Change Mitigation and Adaptation
Environment Policy
Scope of Policy
At bpostgroup, we commit to three specific objectives in our Environment Policy (available online), covering all bpostgroup’s material sub-
subtopics related to Environment, namely:
1. ESRS E1 - Climate Change: Decarbonize the e-commerce and third-party logistics supply chain
- Scope 1, 2 and 3 Green House Gas emissions
- Energy
2. ESRS E2 - Pollution: Take action on any identified adverse impact on air quality
- Pollution of air (NO
x
)
3. ESRS E5 - Resource use and circular economy: Offer sustainable solutions for the e-commerce value chain through recyclable and
reusable packaging
Scope and Exclusions
The scope includes all employees within bpost NV/SA and its subsidiaries (referred to as “bpostgroup”), regardless of their duties or
position, as well as persons closely connected with bpostgroup’s activities and operations who are not employees but to whom this Policy is
communicated. This includes directors, individuals in executive, consultancy, managerial, or supervisory roles, temporary workers, trainees,
and contractors. Exclusions apply to individuals or entities not explicitly communicated with this Policy.

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In addition, bpostgroup is committed to request its suppliers and related third parties to adhere to and comply with principles set out in this
policy. The environmental ambition, target and commitment to reducing environmental impacts are outlined in the bpostgroup Supplier
Code of Conduct.
A detailed description of the identification and assessment process of the impacts, risks and opportunities linked to the double materiality
assessment of bpostgroup related to ESRS E1 – Climate Change, for more information please refer to Section ESRS 2 IRO-1 – Description of the
Processes to Identify and Assess Material Climate-Related Impacts, Risks and Opportunities.
Disclosure of Third-Party Standards or Initiatives That Are Respected Through Implementation of Policy
A formal validation approach through stakeholder consultation (including relevant Business Units such as Group Sustainability, Group
Procurement, Environmental Squad Leaders, and other relevant stakeholders) has been followed to set the environmental policy. The
process included following bpostgroup policy standards/processes, as well as third-party standards:
• Following the policy requirements as outlined by European Sustainability Reporting Standards (ESRS)
• A standard environmental policy process outlined by Ecovadis
• Standard policy validation process for a ‘strategic policy’ at bpostgroup:
- Business approver (Group Sustainability Department Head)
- Reviewer (Group Compliance)
- Formal validation by Executive Committee
- Board Advisors (ESG Committee of the Board)
- Formal validation by Board
Description of Most Senior Level in the Organization That is Accountable for Implementation of Policy
bpostgroup’s CEO, along with the Executive Committee, holds overall accountability for the environmental impact of bpostgroup. The
environmental policy, validated by the Executive Committee, began implementation in 2024. However, it still requires review and validation
by the Board before its planned publication on the website in April 2025.
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who
Need to Help Implement It
The policy is made available on our website in multiple local languages in the countries we operate, to potentially affected stakeholders
and stakeholders who need to help to implement it. Over the course of 2025, we will implement measures to raise internal and external
stakeholders’ awareness of the environment policy and environmental impacts, risks and opportunities through roadshows, campaigns,
trainings, and collaboration with our sector peers through our memberships and associations.
Main Principles of Conduct in the Policy-Related to Climate Change
A detailed description of the main principles of conduct in the policy related to the management and remediation of our material climate
change mitigation and adaptation impacts, risks and opportunities, can be found in the Environment policy on our website.
6.2.1.6 E1-3 - Actions and Resources in Relation to Climate Change Policies
Decarbonization Strategy and Key Actions
At bpostgroup, we are committed to decarbonizing the e-commerce and third-party logistics supply chain. Continuous improvement of
environmental performance in our global operations is the backbone of our strategy and implementation of key actions planned to reduce the
carbon footprint of our operations, as well as our outsourced transportation and logistics activities.
Our approach can be summed up in the following near-term targets: Reduce Scope 1 and 2 emissions by 55% (validated in line with the
1.5-degree scenario of SBTi)
1
, and reduce Scope 3 emissions
2
by 14% by 2030 through the following decarbonization
3
on levers:
• Zero-emission last-mile deliveries
• Truck fleet running on alternative fuels
• Green electricity
• New company cars zero-emission
• Recyclable or reusable packaging
• Phasing out natural gas & heating oil buildings
1 bpostgroup scope 1,2 and 3 targets are validated by the Science Based Targets Initiative (SBTi).
2 This reduction target applies to the following Scope 3 categories: purchased goods and services, upstream transport and distribution, waste
generated by operations, business travel and employee commuting.
3 For a detailed overview of our key climate change - mitigation actions across bpostgroup in 2024 (and future plans) please see Section
‘Climate Change Mitigation Actions – 2024 Key Initiatives’ below.

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4 This reduction target applies to the following Scope 3 categories: purchased goods and services, upstream transport and distribution, waste
generated by operations, business travel and employee commuting.
Consequently, bpostgroup has implemented a series of actions to address the environment policy, targets, and key levers in the run up to 2030:
bpostgroup's Decarbonization Strategy and Targets for 2030
2030 TARGET KEY DECARBONIZATION
LEVERS
ACHIEVED GHG EMISSION
REDUCTIONS (2024)
INVESTMENT IN
BPOSTGROUP’S CLIMATE
TRANSITION PLAN (2024)
CLIMATE CHANGE MITIGATION
ACTIONS
(3)
(2024 ACHIEVEMENTS & FUTURE
PLANS) FOR DETAILS, SEE
BELOW PARAGRAPHS
Reduce emissions by 55% of
Scope 1 & 2 by 2030
1. Emission-free last mile
delivery (electrification of
our fleet)
-6.4% 15M euros (e-vans and
charging infrastructure +
Bike/ E-Bikes & bike trailers
bpost NV/SA)
• Electrification of our last
mile fleet
• Ecozone Expansion
• Expanding Charging
infrastructure
• Delivery in PUDO (Pick Up
Drop Off) points
• Carbon calculator
2. Green electricity (use of
renewable electricity)
-26.1% 0.63M euros for Solar Panel
installation
• Investment in RECs in
Belgium
• Solar panel strategy at
bpost
• LED Lighting in buildings
• Replacing boilers with
heat pumps
3. Phasing out natural gas
& heating oil buildings /
Green Buildings
+2.6% 4.76M euros ( Insulation,
Heat Pumps, Relighting for
bpost NV/SA
4. New company cars zero
emissions
-12.8% 1.66 M euros ( for bpost NV/
SA Active Ants and Radial
Europe)
• New company car policy
• Federal mobility budget
5. Truck fleet running
on alternative fuels &
double-deck trailers
-1.1% 5.96 M euros ( bpost NV/SA) • Investing further in
Double Deck Trailers
Reduce emissions by 14% of
Scope 3 by 2030
6. Scope 3 Decarbonization
program
-3.4% Increase Group Procurement
ESG team from 1 to 2 FTE’s as
of mid 2024
• Scope 3 Decarbonization
program including
Supplier webinar and
Engagement Survey
• Community of Practice on
Outsourced Transport
Future reductions expected in 2025 and beyond align with our goal to achieve a 55% reduction in Scope 1 and 2 emissions and a 14% reduction
in Scope 3 emissions by 2030
4
. While setting these targets, bpostgroup has not yet considered a diverse range of climate scenarios to identify
relevant environmental, societal, technological, market, and policy developments for determining decarbonization levers. A global Climate Risk
Assessment project is underway, and in the first half of 2025, various climate scenarios (including a low-emission scenario) will be analyzed to
assess the magnitude of transition risk. This scenario analysis will also be used to update our climate targets and transition plans to reflect the
Staci acquisition, with a new SBTi submission planned for 2025.
Financing of Climate Transition Plan
Dedicated resources for the implementation transition plan are foreseen in bpostgroup 5-year Long Term Financial plan (AR 21). Additional
resources were approved for the Solar Panel Strategic plan for the 2025-2029 period.
bpostgroup invested around 28 million euros in 2024 for the implementation of its climate transition plan, mostly with bpost NV/SA.
Taxonomy aligned Capex amounts to 14,5 millions euros. The difference of about 14 million comes mostly from: (1) the exclusion of
investment in lower emission truck fleet and electrification of company from Taxonomy eligibility ( 7.6 million) and from the exclusion of a
part of our investment in e-vans / e-vans infrastructure and in more energy efficient buildings due to a very prudent application of the DNSH
criteria which led to the “non alignment” of large amounts of bpostgroup decarbonization enabling investments (see section 6.4.4.2 ).
Climate Plan Related investments were entirely funded from internal resources and did not include the use of any sustainable finance
instrument. bpostgroup also foresees that financing of the climate transition plan over 2025-2029 as foreseen in our Long Term plan will be
covered by internal resources
Note, bpostgroup does not have any Taxonomy related Capex plan.
There are no references to those investments in the notes from the financial statement.

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Climate Change Mitigation Actions – 2024 Key Initiatives
Decarbonization Lever 1: Emission-Free Last Mile Delivery
Electrification of Our Last Mile Fleet: bpost NV/SA orders 168 new e-bike trailers, nationwide zero-emission deliveries
by 2030 remains ambition
Parcel and letter deliveries using e-bike trailers have major advantages, not just for bpost’s customers but for everyone who lives in Belgium’s
towns and cities. Delivery by bike reduces road congestion and frees up parking spaces, while also lowering traffic noise. It also reduces loads
on road surfaces.
The use of e-bike trailers also leads to a substantial reduction in carbon
emissions. A single e-bike trailer emits 1.7 tonnes less carbon dioxide per
year than a regular diesel van. All bpost e-bike trailers combined emit 588
tonnes less carbon dioxide per year. This new order of 168 e-bike trailers
will cut carbon emissions by a further 239.5 tonnes. That’s good for the
planet, good for consumers and good for city dwellers.
The 168 new e-bike trailers, which are scheduled for delivery in the course
of 2025, can be easily clicked onto an e-bike to carry up to 50 parcels,
plus letters, up to a total load of 150 kilograms. They will be added to the
existing fleet, bringing the total number of e-bike trailers to 600.
bpost started using e-bike trailers on its rounds four years ago and has
scaled the fleet up every year since. That is essential, as bpost launches
Ecozones in more and more towns and cities in partnership with local
authorities. All letters and parcels are delivered emission-free in these
Ecozones, by electric van, by bike or on foot. bpost’s ambition is to take
a leading role in sustainability by rolling out this delivery method across
Belgium by 2030.
Ecozone Expansion
Ecozone is a model that reduces the impact of our operations in Belgian cities. The Ecozones are based on 3 pillars: a dense network
of collection points within city centers (PUDO points e.g. post offices, post points and parcel lockers), delivery by soft mobility devices
(e-trailers, e-bikes) and replacement of the remaining diesel vans by e-vans. With the help of a fleet of green vans and bikes, the aim is to
drastically reduce the number of car journeys made for pick-up and drop-off of deliveries.
The benefit for city-dwellers is twofold: first, it improves the air they breathe; and second, it relieves pressure in their busy lives. In 2020 bpost
NV/SA launched the concept in Mechelen and since then 18 cities have been transformed into a bpost Ecozone: Brussels, Mechelen, Louvain-
La-Neuve, Leuven, Hasselt, Eupen, Namur, Liège, Mons
5
, Brugge, Sint-Niklaas, Kortrijk
5
, Oostende, Seraing, Verviers, Roeselare, Andenne and
Diest. A total of 18 Ecozones and 109 zipcodes have emission free last mile delivery.
According to Mobilise, the research department at the Vrije Universiteit Brussels, bpost not only reduces its carbon emissions by 97% in
Ecozones, but also achieves a significant reduction in noise and traffic for more liveable cities. The project won in the past already several
prices from Becom and Parcel & Postal Technology International, in 2024 we won the World Post & Parcel Award 2024 in the category of
“Commitment to sustainability”.
In 2025 the ambition is to deliver 25 Ecozones covering large areas and cities in Belgium. This will result in one on three Belgians of which the
parcels are emission free delivered. bpost also has an ambitious plan to double the amount of lockers in Belgium, which brings out-of-home
delivery closer to the end consumer.
Expanding Charging Infrastructure for a Greener Fleet
To accelerate our transition toward an electric fleet, bpost NV/SA is committed to building a robust charging infrastructure across Belgium. By
2030, we aim to install more than 4,500 electric vehicle chargers nationwide, ensuring that our operations and employees have ready access
to the charging points necessary for sustainable mobility. As of 2024, nearly 1,400 chargers are already operational, and this number has been
growing by 1,000 each year, reaching 2,400 by the end of 2024.
Our efforts to expand EV infrastructure go beyond Belgium. In North America, Radial has continued making progress toward sustainable
transportation, creating a forward-looking space with the capacity for future EV truck charging stations. By prioritizing the development of
a charging network that supports low-emission operations both locally and abroad, bpostgroup is laying the foundation for a sustainable
logistics network that aligns with our long-term carbon reduction goals.
5 inner city or part of the city

132
In Flanders:
Antwerp
2025
+40%
1
2
3
Fastest growth
+50%
2024
GROWTH
In Wallonia:
Liège
bpost network
3500 pick-up points, of which:
1.260 Parcel Lockers
> pick-up points within a
6 minute distance for everyone
650 Post Offices
670 Post Points
900 Parcel Points
Most
lockers per
municipality
Flanders
1. Mechelen,
2. Antwerp,
3. Leuven
Wallonia
1. Liège,
2. Mons,
3. Charleroi
Why go for a Parcel Locker?
24/7 accessibility
Always nearby
Eco friendly
1.200 new lockers
2.500 lockers in total
by end of 2025
150.000 doors in total
2025
1.260 Parcel Lockers in Belgium
50.000 doors in total
365 new lockers in 2024
44% increase in customers
opting for locker delivery
2024
NEW RECORD
DOUBLING
THE NUMBERS
Antwerp
Galifortlei
112
daily
users
Ninove
Bevrijdingslaan
102
daily
users
Tongeren
Wijkstraat
98
daily
users
i
n
B
e
l
g
i
u
m
M
o
s
t
p
o
p
u
l
a
r
P
a
r
c
e
l
L
o
c
k
e
r
s
PUDO (Pick Up Drop Off) Delivery Points: Record Parcel Locker Installations in 2024: bpost NV/SA Plans to Double in 2025
Parcel lockers play an increasingly important role in bpost’s distribution network. They are highly convenient because they can be accessed
24/7, a feature that Belgians appreciate. The number of people choosing to have a parcel delivered to a parcel locker rose by 44% over the past
year. Statistics also show that delivery to a parcel locker receives the highest customer satisfaction score of all delivery options offered by
bpost NV/SA.
This past year, bpost NV/SA installed a record number of parcel lockers to
ensure everyone has access to one nearby: 365 new installations brought the
total number of active parcel lockers to 1,260. This equates to one new parcel
locker installation every single day, on average.
The network will continue to grow in 2025, based on bpost’s ambitious plan
to install more than 1,200 new parcel lockers, doubling the total number of
installations in Belgium to 2,500. The newer parcel lockers are typically larger
and more efficiently designed, with the number of doors expected to triple
from the current 50,000 to 150,000 by the end of 2025.
100% Green Energy Vehicles by 2030 at Apple Express in Canada
Apple Express has committed to transitioning its network of last-mile delivery vehicles to being exclusively green powered by 2030, marking
a significant step towards sustainability and environmental responsibility. This ambitious plan will make us the first nationwide carrier
in Canada to replace traditional fuel-powered vehicles with electric and hybrid alternatives, significantly reducing carbon emissions and
reliance on fossil fuels. By 2030, the company aims to not only minimize its environmental footprint but also set a benchmark for the industry,
demonstrating that the large-scale adoption of green vehicles is both feasible and beneficial for the planet.
bpost NV/SA Launches Carbon Calculator for Sustainable Logistics in Belgium
The carbon calculator, developed by bpost, estimates the carbon
emissions associated with each parcel businesses send using our
services. The tool calculates the carbon footprint by considering
various parameters, such as weight, number of parcels, distances
covered, number of stops, and the type of vehicle used. Until further
notice, bpost employees will share the information provided by the
tool with customers. We aim to make the tool available to customers
at a later stage so that they can use the carbon calculator themselves.
It provides customers with carbon transparency, validated by Vinçotte
– the largest Belgian company in the field of control, inspection, and
certification. From a technical perspective, it complies with ISO 14083
and the GLEC Framework.

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Decarbonization Lever 2: Green Electricity and Decarbonization Lever 3: Phasing Out
Natural Gas & Heating Oil in Buildings
Our efforts to improve the energy efficiency of bpostgroup buildings have made significant progress. We have successfully reduced electricity
consumption and our reliance on natural gas, district heating, and fuel oil, demonstrating our commitment to adopting greener energy
solutions. These initiatives have led to a clear reduction in energy consumption per employee, indicating that we are using our energy
resources more efficiently across all our operations.
Investment in Green Certificates in Belgium
For the bpostgroup entities located in Belgium, we have green electricity contracts for our buildings. As a result, a majority of our electricity
consumption is green, and for the remainder, we purchase "Guarantee of Origin" certificates. In the future, we plan to expand this strategy to
other countries where bpostgroup operates, with the goal of achieving 100% green electricity in seven steps by 2030.
Solar Panel Strategy at bpost
At the end of 2024, bpost NV/SA launched a new solar panel strategy for 2025-2029,
with the vision of deploying solar panels at all our mail centers that will be equipped
with electric vehicles (EVs). The goal is to offset the energy consumption of the EVs,
and the rollout is expected to begin in 2025.
bpost NV/SA Targets Even More Green Electricity with 1,640 Solar Panels
by Earth
Mail processing and delivery is an energy-intensive business. That’s why rolling out
further improvements to make logistics processes more sustainable is crucial for
bpost. The installation of 1,100 solar panels at two bpost sites in Brussels in 2023
(Neder-Over-Heembeek and Evere) by green-energy solutions specialist Earth is one of
the ways bpost is working towards its goal of slashing carbon emissions by 55% by 2030. Earth also installed approximately 600 more panels
at the international mail center in Zaventem (Brucargo) throughout 2024. This site processes international mail. 67% of the solar energy
produced by these panels will be consumed on-site, which covers 36% of its annual electricity demand. See video here.
First Carbon-Neutral bpost NV/SA Distribution Center in Evere, Belgium
bpost’s new distribution center in Evere became fully operational after
the relocation of nearly all teams in 2024. This carbon-neutral building – a
first for bpost – is equipped with state-of-the-art technologies and has
been designed with a strong focus on sustainability and climate neutrality,
including solar energy, heat pumps for heating and ventilation with energy
recuperation, modular LED lighting, loading facilities, and rainwater
harvesting.
The distribution center is not only energy-efficient but also produces some
of the energy it needs. Solar panels cover an area of 1,236 m² on the roof.
The energy they produce is used to charge electric vehicles and meet the
consumption needs of the activities. More than enough (100+) charging
stations have been installed to keep the fleet of e-vans, e-bikes, and e-bike trailers running.
Clearly, energy is consumed in a smart way. The LED lighting in the main hall is automatically dimmed (from 500 lux to 300 lux) when
employees leave for their rounds. All loading bays are equipped with two sets of doors to minimize heat loss.
The state-of-the-art heating and cooling systems ensure that no fossil fuels are consumed. Heat pumps draw ambient energy to heat the
building in winter and cool it in summer, as needed. This creates comfortable working conditions for employees while contributing to the
reduction of carbon emissions.
Water management is another important aspect as we adapt to the prospect of both droughts and excessive precipitation. State-of-the-art
water management and rainwater harvesting systems in Evere ensure that the environmental impact remains minimal. Rainwater from the
roof is captured and harvested for showers, toilets, and other uses. There is also an ingenious system that allows precipitation to slowly
infiltrate into the ground. The parking spaces are surfaced with porous material, and all water on the roads is drained into this infiltration
system. It is crucial to ensure that the water is not immediately directed to the drainage system. Furthermore, this system can be easily
monitored, including remotely.

134
Decarbonization Lever 4: New Zero Emission Company Cars
New Zero Emission Company Cars
As part of our drive toward sustainability, the bpost NV/SA company car policy updated in 2021, set the goal to transition fully to electric
vehicles for company cars. To support this shift, we provide financial subsidies for electric vehicle purchases and have installed charging
points at employees' homes for convenient access.
As of September 2023, all new company cars at bpost NV/SA are fully electric, representing a significant step forward. To encourage adoption,
we launched an awareness campaign emphasizing the environmental benefits of selecting electric vehicles. We have also engaged with
parking providers to secure battery charging facilities at our Brussels headquarters.
Federal Mobility Budget
In 2024, bpost NV/SA adopted the Federal Mobility Budget in Belgium with the purpose to promote sustainable mobility for employees. The
Federal mobility budget is a flexible system allowing employees to exchange their (right to a) company car for a budget. This budget can be
spent on a more environmentally friendly car, other sustainable transport options (bike leasing, train/metro passes), and housing costs.
Decarbonization Lever 5: Truck Fleet Running on Alternative Fuels & Double-Deck
Trailers
Investing Further in Double Deck Trailers
2024 has been a year of further investments in a
more sustainable fleet. As of Q4 2024, our Last Mile
Fleet consists of about 2,200 e-vans, marking a 50%
increase compared to 2023. We are planning to order an
additional 1,000 e-vans in 2025. The number of e-trailers
has also increased from 458 to 544, with the order of
168 new e-trailers, partly to replace the first-generation
e-trailers that are reaching the end of their life, and
partly to support an increase in e-trailer trips in dense
areas.
For the First Mile (Truck Transport), we welcomed 24 new
double-deck trailers, which allow us to transport more
parcels without increasing kilometers driven, as two
double-deck trailers replace three simple-deck trailers.
In Q3, we also received our first e-truck, primarily for
truck transport in Brussels, and we acquired a second
e-truck at the start of 2025.
In 2025, we will continue to explore the best alternative
fuel options for our fleet.
Decarbonization Lever 6: Scope 3 Decarbonization program
Scope 3 Decarbonization Program at bpostgroup
To drive decarbonization among our suppliers, bpostgroup expanded the Group Procurement ESG team from 1 FTE to 2 FTE as of mid-2024.
bpostgroup’s Scope 3 reduction strategy is proceeding in two steps:
• Step 1: Improving the data and policy infrastructure to make it more actionable (main focus in 2024)
• Step 2: Actively engaging with suppliers to drive emission reduction (main focus for 2025 and beyond)
Step 1:
Improving the data quality of our Scope 3 emissions is the backbone of our Scope 3 decarbonization program launched in 2024. Moving to a
more advanced data collection model is crucial for developing a fact-based roadmap for a realistic long-term decarbonization target in Scope 3.
We upgraded from a spend-based data model to a hybrid model, which combines spend-based, volume-based, and supplier-specific data. This
approach increases the accuracy of our emissions reporting in the categories of Purchased Goods and Services and Capital Goods, as we move
away from industry-wide emission averages and towards supplier-specific emissions. The hybrid model allows us to replace ~40% of the spend-
based data with supplier-specific emissions.

135
To achieve this, we launched a carbon survey targeting our top 50 suppliers at bpostgroup, based on factors such as: having a significant share of
bpostgroup’s total procurement spend, contributing a significant share of CO
2
emissions, and/or being an important contributor to the business.
The survey data and insights give us the ability to more accurately track individual supplier performance or benchmark suppliers. We view this
as a key enabler for setting a long-term target for Scope 3 emissions reduction. Increasing data accuracy and transparency is a crucial step in
identifying opportunities to reduce our carbon impact.
We also updated our Supplier Code of Conduct, which now reinforces the expectation that our suppliers share their emissions data with
bpostgroup and encourages them to commit to net-zero targets with the Science-Based Targets initiative (SBTi). This updated Supplier Code of
Conduct has been approved by our Executive Committee and is awaiting review by our Board before publication and broader implementation.
Step 2:
In the next steps, starting in 2025, we will focus on supplier engagement and fostering collaboration with suppliers to drive change. We intend to
use multiple levers to help drive GHG emission reductions among our suppliers, in line with the framework from the World Business Council for
Sustainable Development.
Incentivization framework
for suppliers
Non-Financial
Financial
Stick
Carrot
Building capacity
Leveraging procurement
Enforcing performance
Rewarding progress
Public recognition
Sharing learnings
and educate
Upskilling
Partnerships
Peer
benchmarking
Carbon reduction
clauses
Initiative already started in bpostgroup
Source: based on WBCSD Framework (2022)
Supplier
performance
Awarding criteria
(decarbonization)
Mandatory reporting
Contract
termination
Carbon
pricing
Financial
penalties
Longer
term agreements
Higher
product prices
Beneficial
terms
Pay for
performance
Check feasibility and scalability:
• Desktop research
• Interviews
bpostgroup's Updated Supplier Code of Conduct
The updated Supplier Code of Conduct will be a key lever for achieving our decarbonization goals in 2025 and beyond, with clear expectations
for suppliers to set carbon reduction targets. This initiative will support our Scope 3 emissions reduction
6
strategy by fostering collaboration
and driving sustainability across our supply chain.
While the details of our 2025-2029 Scope 3 emission plan are still under development, the inclusion of ESG criteria into RFPs and the
expansion of relationships with suppliers will undoubtedly play a crucial role. Through these actions, we expect to achieve our -14% Scope 3
reduction
6
target by 2030.
Community of Practice on Outsourced Transport
A new Community of Practice was launched in 2024 by the Group Sustainability team, in close collaboration with Group Procurement. The
purpose of this community is to exchange best practices, improve Scope 3 performance, and discuss solutions for optimizing engagement
with bpostgroup suppliers. Through monthly meetings, the community brought together colleagues across different entities and
geographies, specifically those responsible for managing transport suppliers.
BACA Supply Chain Leaders Program
In 2024, bpostgroup joined the Belgian Alliance for Climate Action (BACA), committing to advancing decarbonization efforts in the
e-commerce supply chain. As the largest buyer of e-vans in Belgium, and with our commitment to purchasing green electricity, we are eager
to continue driving sustainability across our value chain. As part of the Supply Chain Leaders Group, we committed to:
• Integrating climate considerations into our business strategy and recognizing the importance of emissions in the supply chain.
• Setting science-based targets to reduce emissions across our supply chain.
• Actively collaborating with supply chain partners—both upstream and downstream—to support and incentivize their decarbonization
efforts.
• Sharing our journey, insights, and knowledge with other members, partners, policymakers, and the public.
6 This reduction target applies to the following Scope 3 categories: purchased goods and services, upstream transport and distribution, waste
generated by operations, business travel and employee commuting.

136
6.2.1.7 E1-4 - Targets Related to Climate Change Mitigation and Adaption
bpostgroup has established greenhouse gas (GHG) emissions reduction targets to address climate-related impacts, risks, and opportunities.
These targets were defined following a comprehensive analysis of bpostgroup’s operations and carbon footprint, using 2019 as the baseline
year to ensure a representative starting point unaffected by major disruptions like the COVID-19 pandemic. The targets cover both direct
emissions (Scope 1 and 2) and value chain emissions (Scope 3), reflecting bpostgroup’s commitment to reducing global emissions and
supporting the Paris Agreement's goal of limiting global warming to 1.5°C.
Scope
The scope of bpostgroup’s reduction targets is based on operational control, consistent with the boundaries used in its carbon footprint
analysis. Currently, there are no separate reduction targets for Scope 1 and Scope 2 emissions, nor for location-based emissions. The targets
do not include GHG removals, carbon credits, or avoided emissions, focusing solely on direct reductions in bpostgroup’s operational and
value chain emissions. Following the acquisition of Staci, bpostgroup is reviewing its targets and baseline year to ensure alignment with the
expanded organizational scope.
Methodology
The reduction targets were developed using the Science Based Targets initiative (SBTi) framework, ensuring alignment with validated
methodologies. The targets were validated by SBTi in 2022, reflecting bpostgroup’s commitment to contributing to global climate goals. Since
their establishment, no significant changes have been made to the targets, methodologies, or assumptions.
The targets were set in 2021 after a broad internal consultation process, including input from the CEO, CFO, and other operational leaders,
as well as a competitive benchmarking exercise conducted by a leading strategic consulting firm. The 55% reduction target for Scope 1 and 2
emissions by 2030 reflected a strategic decision to set ambitious goals compared to our peers, including PostNL, La Poste, and Deutsche Post,
as well as being more aggressive than the SBTi’s 1.5°C pathway.
When setting these targets in 2021, expected developments in the business and technology were taken into account. bpostgroup plans to
proceed similarly when updating GHG reduction targets in 2025, considering the impact of the Staci acquisition on our business scope.
Progress
The table below summarizes the reduction targets, baselines, and progress to date for Scope 1, 2, and 3 GHG emissions.
SCOPE TARGET BASELINE YEAR BASELINE VALUE TARGET PERIOD STATUS 2024
Scope 1 & 2 GHG
Emissions
(Market-based)
-55% 2019 Scope 1 = 88,997 tCO
2
e
(75%)
Scope 2 = 30,266 tCO
2
e
(25%)
Scope 1 and 2 = 119,263
tCO
2
e
2030 -17%
Scope 3 GHG Emissions -14% 2019 322,562 tCO
2
e 2030 +3%
For a list of climate change mitigation actions and decarbonization levers, please refer to E1-3 – Actions and Resources in Relation to Climate
Change Policies.
6.2.1.8 E1-5 – Energy Consumption and Mix
As part of its commitment to sustainable operations, bpostgroup is focused on transitioning toward greener energy solutions for its buildings
and vehicle fleet.
For a detailed list of actions related to this topic, please refer to Section E1-3 – Actions and Resources in Relation to Climate Change Policies.
To provide an overview of bpostgroup’s energy performance, the following tables detail the total energy consumption and mix, energy
production, and energy intensity of our operations

137
Total Energy Consumption in MWh Related to Rwn Operations Disaggregated
ENERGY CONSUMPTION AND MIX 2024
(1) Fuel consumption from coal and coal products (MWh) 0
(2) Fuel consumption from crude oil and petroleum products (MWh) 224,671
(3) Fuel consumption from natural gas (MWh) 93,381
(4) Fuel consumption from other fossil sources (MWh) 0
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 36,820
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 354,872
Share of fossil sources in total energy consumption (%) 75
(7) Consumption from nuclear sources (MWh) 10,889
Share of consumption from nuclear sources in total energy consumption (%) 2
(8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of
biologic origin, biogas, renewable hydrogen, etc.) (MWh)
0
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 96,392
(10) The consumption of self-generated non-fuel renewable energy (MWh) 8,371
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) 104,763
Share of renewable sources in total energy consumption (%) 22
Total energy consumption (MWh) (calculated as the sum of lines 6, and 11) 470,525
In 2024, our energy consumption was mainly fuel-based, reflecting the operational demands of our sector and the still significant role of
conventional fuels in our operations.
However, 22% of our energy comes from renewable sources, demonstrating our commitment to integrating renewable energy into our
operations.
Overall, our total energy consumption for the year reached 470,525 MWh, highlighting the importance of continuing our efforts in energy
efficiency and the adoption of greener energies
Total Energy Production in MWh Related to Own Operations Disaggregated
ENERGY PRODUCTION 2024
Non-renewable energy production (MWh) 0
Renewable energy production (MWh) 11,399
Total energy production (MWh) 11,399
In 2024, we exclusively produced renewable energy. There was no production from non-renewable energy, reflecting our commitment to
supporting a greener energy mix and contributing positively to our overall sustainability goals.
Energy Intensity from Activities in High Climate Impact Sectors
ENERGY INTENSITY PER NET REVENUE 2024
Total energy consumption from activities in high climate impact sectors (MWh) 470,525
Net revenue from activities in high climate impact sectors (million euros) 4,003.6
Total energy consumption from activities in high climate impact sectors per net revenue from activities in high
climate impact sectors (MWh/million euros)
117.5
NET REVENUE 2024
Net revenue (million euros) from activities in high climate impact sectors used to calculate energy intensity 4,003.6
Net revenue (other) (million euros) 337.7
Total net revenue (million euros) 4,341.3
bpostgroup operates in sectors identified as having a high climate impact, as listed in NACE Section H: Transport and Storage. This includes
activities under H49.4.1 (Freight Transport by Road) and H53 (Postal and Courier Activities). Given the nature of its business model,
bpostgroup generates its revenue from these high-climate-impact sectors. As a result, the net revenue presented in the financial statements
is entirely attributable to the activities within these sectors. In 2024, we calculated our energy intensity per net revenue for the first time.
This measure will serve to highlight the energy efficiency of our operations and the importance on optimizing energy use in terms of business
performance.
The net revenue used to calculate energy intensity exclude revenue from Staci, as they are not yet integrated into the energy consumption and mix.

138
6.2.1.9 E1-6 – Gross Scopes 1,2,3 and Total GHG Emissions
bpostgroup is committed to ensuring that its GHG emissions reporting evolves in line with best practice and industry standards. Ongoing
evaluation of methodologies and categories aims to improve the completeness and accuracy of emissions data.
Scope
bpostgroup applies the operational control approach to define its organizational boundary, encompassing all subsidiaries under its
operational control. This year, the acquisition of Staci is noted as an exception, with plans to integrate Staci into the reporting scope starting
next year.
bpostgroup accounts for all relevant GHG emissions within its operational control, excluding GHG removals, carbon credits, and GHG
allowances from its calculations. Additionally, no biomass is used in bpostgroup’s operations or value chain, so no biogenic emissions are
reported.
Methodology
bpostgroup applies the Greenhouse Gas Protocol to collect activity data and calculate emissions, ensuring consistency and accuracy in its
methodology. Emissions are calculated using emission factors from five databases: DEFRA, AIB, IEA, IPCC AR5, and S&P. For AIB, residual
mix factors were used, but emissions are reported in CO
2
rather than CO
2
equivalent, as the latter is not available. For market-based Scope
2 emissions, the following order is applied: (1) Energy attribute certificates (2) Contracts for electricity (3) Supplier-specific emission factors
(4) Residual mix emission factors from AIB (5) Grid-average emission factors from IEA when no other data is available. In 2024, 55% of our
electricity consumption is covered by energy attribute certificates, while the remaining 45% is covered by residual mix and grid-average
emission factors. Scope 3 emissions for business travel, employee commuting, and upstream transportation and distribution are calculated
using Well-to-Wheel (WTW) emission factors. For air travel, emission factors exclude radiative forcing.
Significant Assumptions
In preparing the Sustainability Statement and determining certain metrics with respect to our greenhouse gas emissions, management made
use of assumptions, judgments and estimates that affect the amounts reported. As a result, there is an inherent uncertainty in certain of our
calculations.
More particularly, within our Scope 3 emissions, category 1 “purchased goods and services”, we utilized a combination of approaches:
• Supplier specific emission factors multiplied by financial spend
• Supplier average sector multiplied by financial spend
• Assessment of approximated financial spend to estimate total emissions related to the remaining portion of our spend.
The sector specific averages are calculated based on the whole cohort of suppliers within the same procurement category, i.e. transport,
where all transport companies with supplier specific emission factors contribute to a sector average that is used for the companies without
supplier specific emission factors.
Because we only have spend visibility on a part of our business at the time of closing the Annual Report, we resorted to extrapolating the rest
of the emissions footprint by multiplying the carbon footprint we calculated with what we estimate to be the non-covered part of spend. The
non-covered part of spend is calculated by subtracting the covered spend in the emissions model from the group’s total operating expenses.
By doing that we come to an extrapolation factor of 29,5%.
Extrapolation is highly subjective, therefore improvements in our estimation methods related to category 1 will be a priority in 2025.
Further details on the assumptions used for emissions calculations are covered earlier in this report in section Section 6.1.1 General Basis for
Preparation of Sustainability Statements.
Improvements to Carbon Footprint Calculation
This year, bpostgroup made several adjustments to improve the accuracy and completeness of its carbon footprint:
• Two new GHG emissions categories—fugitive emissions and capital goods—were added to provide a more comprehensive representation
of both operational and value chain emissions.
• The methodology for calculating emissions from purchased goods and services was enhanced.
• Emission factors for business travel, employee commuting, and upstream transportation and distribution were updated from Tank-to-
Wheel (TTW) to Well-to-Wheel (WTW), providing a full life-cycle perspective on emissions.
These updates align with evolving industry standards and enhance transparency. While these changes have led to an increase in reported
emissions compared to previous years, they demonstrate bpostgroup’s ongoing commitment to improving its reporting practices.

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Scope 3 Emissions Categories
bpostgroup continues to assess and refine the inclusion of Scope 3 emissions categories. Several categories have been excluded following a
thorough evaluation of their materiality and relevance to bpostgroup’s activities. A detailed explanation of these exclusions is provided in the
table below.
Exclusion by Scope
CATEGORY INCLUDED (Y/N) REASON FOR INCLUSION
SCOPE 1: DIRECT EMISSIONS
Stationary Combustion Yes
Mobile Combustion Yes
Fugitive Emissions Yes
Process Emissions No No manufacturing processes are involved in postal and transport services.
SCOPE 2: INDIRECT EMISSIONS FROM ENERGY
Purchased Electricity Yes
Purchased Heat, Steam, and Cooling Yes
SCOPE 3: OTHER INDIRECT EMISSIONS
Purchased Goods and Services Yes
Capital Goods Yes
Fuel- and Energy-Related Activities (not included
in Scope 1 or 2)
Yes
Upstream Transportation and Distribution Yes
Waste Generated in Operations Yes
Business Travel Yes
Employee Commuting Yes
Upstream Leased Assets No Emissions from leased assets are already in-cluded in scopes 1 and 2,
avoiding double counting.
Downstream Transportation and Distribution No bpostgroup mainly provides services (transpor-tation). The packaging
products sold have neg-ligible emissions as they are used directly in the post
centers or in our warehouses. Emis-sions from transportation performed
by our subcontractors are reported under “Upstream transportation and
distribution” in our Scope 3 report. Emissions from transportation by our
own fleet are reported under Scope 1 and Scope 2.
Processing of Sold Products No bpostgroup mainly provides postal and transport services, and packaging
products sold do not require processing.
Use of Sold Products No bpostgroup mainly provides postal and transport services, and packaging
products sold have no emissions during their use.
End-of-Life Treatment of Sold Products No bpostgroup mainly provides postal and transport services, and packaging
products sold, consisting mainly of paper and cardboard, have negligible
end-of-life emissions.
Downstream Leased Assets No bpostgroup does not lease assets to third par-ties, and emissions from
vehicles and buildings used are already included in scopes 1 and 2.
Franchises No bpostgroup does not operate under a franchise model.
Investments No Investments represent less than 1% of bpost-group's assets. Given their
negligible contribu-tion, this category has been excluded from the carbon
footprint.
The calculation methods used for the Scope 3 categories reported are as follows:
Purchased Goods and Services & Capital Goods: Emission factors are defined and calculated based on the most recent available data from
2023. These are calculated based on a supplier’s revenue and total Scope 1, 2 and 3 upstream emissions. These factors are then multiplied
by bpostgroup's 2024 expenses for each supplier to estimate emissions. The calculations are performed at the supplier level, using three
prioritized data sources:
1. Surveyed supplier-specific carbon emissions
2. Supplier-specific emissions from a third-party database
3. Sector-specific averages

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• Fuel- and Energy-Related Activities (Not Included in Scope 1 or 2): The average-data method is used, based on energy consumption and
average emission factors from DEFRA, IEA, and IPCC AR5.
• Upstream Transportation and Distribution: The distance-based method is used, factoring in the mass, distance, and mode of shipment
along with average emission factors from DEFRA.
• Waste Generated in Operations: The waste-type-specific method is employed, considering the type of waste, treatment methods, and
average emission factors from DEFRA.
• Business Travel: The distance-based method is used, factoring in the distance and mode of business trips along with average emission
factors from DEFRA.
• Employee Commuting: The distance-based method is applied, considering the home-work distance, the number of effective working days
and teleworking days, and the mode of transportation used for commuting, along with average emission factors from DEFRA.
The following table includes a detailed breakdown of bpostgroup’s carbon footprint.
Gross Scopes 1, 2, 3 and Total GHG Emissions
2019 2023 - REPORTED 2023 - UPDATED 2024 % N / N-1
SCOPE 1 GHG EMISSIONS
Total Gross Scope 1 GHG emissions (tCO
2
eq) 88,997 78,043 78,861 76,513 -3%
1. Stationary Combustion 21,014 18,039 18,046 18,511 3%
2. Mobile Combustion 67,983 60,004 60,343 57,356 -5%
3. Fugitive Emissions N/A N/A 472 646 37%
Percentage of Scope 1 GHG emissions from regulated
emission trading schemes (%)
0 0 0 0 0%
SCOPE 2 GHG EMISSIONS
Total Gross location-based Scope 2 GHG emissions
(tCO
2
eq)
N/A N/A 38,477 36,300 -6%
1. Purchased Electricity N/A N/A 38,413 36,212 -6%
2. Purchased Heat, Steam, and Cooling N/A N/A 65 88 36%
Total Gross market-based Scope 2 GHG emissions
(tCO
2
eq)
30,266 27,904 29,893 22,129 -26%
1. Purchased Electricity 29,794 27,840 29,828 22,041 -26%
2. Purchased Heat, Steam, and Cooling 472 64 65 88 36%
SIGNIFICANT SCOPE 3 GHG EMISSIONS
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq) 322,562 285,570 344,722 332,835 -3%
1. Purchased goods and services 76,260 96,569 102,210 108,016 6%
2. Capital goods N/A N/A 15,638 18,714 20%
3. Fuel and energy-related activities
(not included in Scope1 or Scope 2)
22,248 20,323 28,293 25,625 -9%
4. Upstream transportation and distribution 185,770 136,137 157,609 141,089 -10%
5. Waste generated in operations 3,932 4,768 4,768 2,373 -50%
6. Business travel 1,374 1,157 1,763 1,952 11%
7. Employee commuting 32,977 26,614 34,440 35,066 2%
TOTAL GHG EMISSIONS
Total GHG emissions (location-based) (tCO
2
eq) N/A N/A 462,061 445,648 -4%
Total GHG emissions (market-based) (tCO
2
eq) 441,824 391,517 453,477 431,477 -5%
In 2024, we continued to progress with our sustainability initiatives, making real progress in reducing our carbon footprint.
To ensure that our carbon footprint follows the latest best practice, we also updated our 2023 emissions to include some methodological
improvements:
• Switch to Well-to-Wheel emission factors
• Improved methodology for Purchased Goods and Services
• Introduction of a new category – Capital Goods
• Extension of the scope of Fuel & Energy Related Activities
These updates improve transparency by clearly demonstrating the impact of methodological changes, and enable a consistent comparison of
data between 2023 and 2024.

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Scope 1 GHG emissions
Stationary Combustion: Emissions from our buildings rose by 3% mainly due to higher natural gas consumption and the integration
of propane at certain sites. Despite this, we continued to improve efficiency by reducing fuel oil consumption and improving energy
management practices.
Mobile Combustion: We achieved a 5% reduction by expanding our LNG fleet and double-deck trailers, and significantly reducing the number
of petrol vehicles with the electrification of our Fleet (vans in Belgium and Company Cars)
Fugitive Emissions: This year, we introduced a new category, Refrigerant, which was not previously taken into account. This aims to provide a
more comprehensive and transparent approach by capturing all significant sources of emissions.
Scope 2 GHG emissions
Purchased Electricity: We achieved a significant reduction of 26% in Scope 2 emissions through a combined approach:
- Expanding our solar panel installations
- Expanding our use of Guarantees of Origin for green electricity across Europe
These initiatives have helped to reduce our carbon footprint while reinforcing our commitment to renewable electricity.
Scope 3 GHG emissions
Overall, we achieved a 3% reduction in Scope 3 emissions. This progress reflects our ongoing efforts to adopt more sustainable practices
across our supply chain and improve data accuracy.
Purchased Goods and Services: We implemented a new methodology that enhanced data quality and reliability. The increase of emissions in
2024 compared to 2023 is due to improvements in spend visibility which means that the portion of covered spend has decreased. This has in
turn led to an increase in overall emission as the extrapolated portion has increased.
Capital Goods: This year, we introduced a new category, Capital Goods, which was not previously taken into account. This aims to provide a
more comprehensive and transparent approach by capturing all significant sources of emissions.
Fuel and Energy Related Activities: The reduction in emissions is mainly due to lower fuel consumption.
Upstream Transportation and Distribution: We reduced our transport emissions by 10% through route optimization, improved data
accuracy and reduced activity for Radial US. We remain focused on finding additional opportunities to reduce these emissions as part of our
goal to operate more sustainably and efficiently.
Waste generated in operations: We significantly reduced our emissions by 50% through improved data collection and quality and
corrections to 2024 emissions factors, following an update in the DEFRA database.
Business Travel: We introduced class-specific emission factors and integrated travel by car, taxi and public transport. This improvement has
led to an increase in reported emissions, reflecting a more accurate and comprehensive approach.
Employee Commuting: We improved our data collection processes for more accuracy and updated our emission factors. As a result, our
emissions have increased, giving us a more accurate picture of our impact.
bpostgroup relies on primary activity data, such as purchase records, utility bills, or fuel consumption reports, whenever available, to
calculate its carbon footprint. However, for emission factors, we primarily use average data from reliable databases such as IEA and DEFRA.
These emission factors are not specific to the activities or our suppliers, and as such, qualify as secondary data.
As a result, the proportion of emissions calculated using both primary activity data and primary emission factors is limited, with exceptions in
categories like Purchased Goods and Services and Capital Goods.
To address this, bpostgroup is actively collaborating with its suppliers to enhance the availability and use of primary data. The current efforts
are focused on two main Scope 3 categories: Purchased Goods and Services and Upstream Transportation and Distribution.
Type and Share of Contractual Instruments
TYPE OF CONTRACTUAL INSTRUMENTS SHARE OF PURCHASED OR ACQUIRED ELECTRICITY, STEAM, HEAT, AND COOLING COVERED
Renewable Energy Certificates 0.7%
Power purchase agreements 0.0%
Guarantees of Origin 14.7%
Green electricity contract 35.9%
Supplier-specific emission rates 0.0%
Other Energy attribute certificates 1.2%

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Overall, in 2024, we are maintaining our commitment to renewable electricity, both through contractual instruments and self-generation of
electricity. A significant portion of our electricity is covered by green electricity contracts, supplemented by guarantees of origin.
In addition to these contractual choices, we also generated our own renewable electricity. This balanced strategy supports our efforts to
reduce our carbon footprint.
GHG Emissions Intensity
GHG INTENSITY PER NET REVENUE 2023 - UPDATED 2024 % N / N-1
Total GHG emissions (location-based) (tCO
2
eq) 462,061 445,648 -4%
Total GHG emissions (market-based) (tCO
2
eq) 453,477 431,477 -5%
Net revenue (million euros) 4,272.2 4,003.6 -6%
Total GHG emissions (location-based) per net revenue (tCO
2
eq/million euros) 108.2 111.3 3%
Total GHG emissions (market-based) per net revenue (tCO
2
eq/million euros) 106.1 107.8 2%
NET REVENUE 2023 2024
Net revenue (million euros) used to calculate GHG intensity 4,272.2 4,003.6
Net revenue (other) (million euros) 0 337.7
Total net revenue (million euros) 4,272.2 4,341.3
Despite a reduction in absolute GHG emissions, GHG intensity per net revenue increased slightly in 2024. This was mainly due to a more
pronounced decline in net revenue than in emissions.
The net income reported in the financial statements has been used to calculate the GHG emissions intensity, excluding revenue from Staci as
they are not yet integrated into the carbon footprint
The data used for the emissions covers the entire calendar year of 2024, and no significant events or changes in circumstances relevant to
GHG emissions occurred between the reporting date for bpost entities and the publication of bpostgroup’s financial statements.
6.2.1.10 E1-7 – GHG Removals and GHG Mitigation Projects Financed Through Carbon
Credits
At bpostgroup we do not include GHG removals or carbon credits as a means of achieving our GHG emission reduction targets.
6.2.1.11 E1-8 – Internal Carbon Pricing
Currently, bpostgroup does not have any internal carbon pricing schemes in place. However, we plan to analyze the opportunity of
implementing a carbon pricing system, a carbon budget, or a similar mechanism in the future to better link our projects, initiatives, and plans
with our carbon emissions targets.
6.2.1.12 E1-9 – Anticipated Financial Effects from Material Physical and Transition Risks
and Potential Climate-Related Opportunities
We plan to disclose the anticipated financial effects from material physical and transition risks, as well as potential climate-related
opportunities, in our next annual report for FY 2025.
We have recently completed Phase 1 of the climate risk assessment project for bpostgroup, where we identified significant climate-related
physical and transition risks, along with potential climate-related opportunities (see Sections 6.2.1.3 and 6.2.1.3). The next step will involve
quantifying the anticipated financial effects of these risks and opportunities over the course of 2025.

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6.2.2 ESRS E2 – Pollution
6.2.2.1 ESRS 2 IRO-1 – Description of the Process to Identify and Assess Material
Impacts, Risks and Opportunities
The IRO identification and assessment methodology is outlined in ESRS 2 and is extensively detailed in the internally and externally reviewed
DMA Memorandum.
Regarding pollution, bpostgroup, as a service company rather than a manufacturer, has not conducted a comprehensive pollution screening
or engaged in consultations with affected communities. However, its main Belgian sites have undergone a high-level screening as part of the
ISO 14001 certification process. The certification process concluded that these sites do not have a material impact on pollution.
As a result of the Double Materiality Assessment (DMA), it was determined that air pollution is a material issue within bpostgroup’s own
operations. The company’s delivery activities generate NO
x
emissions through fuel consumption, contributing to harmful smog in cities and
urban areas.
6.2.2.2 E2-1 – Policies Related to Pollution
The Environmental Policy was developed following stakeholder consultations conducted during the DMA—see ESRS 2 IRO-1—and
incorporates both internal and external input, including feedback from panelists such as Natuurpunt and bpost’s waste management
supplier, Renewi.
The Environmental Policy, detailed in the Climate Change Policy (E1-2), includes the following key elements related to air pollution within our
own operations:
1. Address Identified Adverse Impacts on Air Quality:
- Collect the necessary data to develop emission inventories for major pollutants associated with our activities.
- Quantify air pollution generated by our operations and products.
2. Implement Air Pollution Reduction Programs Through Our Decarbonization Strategy and Fleet Electrification:
- All newly leased vehicles must be equipped with a Euro 6 engine.
- From 2025, all diesel vehicles must have a particle filter installed (note: this is already the case for the vast majority of vehicles).
- Identify and assess opportunities for further actions to improve air quality.
3. Raise Awareness Through Transparent Communication:
- Conduct awareness campaigns to communicate emissions levels from our operations.
- Explain planned measures to reduce emissions.
Note: Investing in zero-emission last-mile deliveries and charging infrastructure will positively impact both GHG emissions reduction and air
pollution mitigation.
The Environmental Policy focuses on air pollution, as it is the only pollution-related sub-topic identified as material. Consequently, it does not
address water and soil pollution, substances of concern, substances of very high concern, or incident prevention, as these sub-topics have
been assessed as not material to bpostgroup. However, bpostgroup will continue to monitor these areas through its regular DMA updates and
ISO 14001 certification process.
The Pollution section of the Environmental Policy does not reference third-party standards.
As a logistics service provider, bpostgroup’s emissions primarily result from fuel consumption in its vehicle fleet. The company does not
directly process pollutants and complies with traffic restrictions in cases of poor air quality. Therefore, the Environmental Policy on Air
Pollution does not include specific measures for incident and emergency prevention.
The Environment Policy is available online.

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6.2.2.3 E2-2 – Actions Related to Pollution
Since air pollution is almost exclusively generated by fuel combustion in our vehicles and buildings, it is closely correlated with CO₂e
emissions. The actions we take to reduce CO₂e emissions also contribute to reducing air pollution. These actions include:
• 612 e-vans delivered in 2024, bringing the total share of e-vans to 22% of all bpost NV/SA vans.
• Expansion of Ecozones in Belgium, increasing from 14 in 2023 to 18 by the end of 2024, with a target of 25 by the end of 2025.
• Deployment of e-bike trailers, with 86 additional e-bike trailers delivered in 2024, bringing the total to 544, and 168 more ordered for
delivery in 2025 to support Ecozone expansion.
• 100% of new company cars are electric as of 2024.
The actions listed above resulted in a 5% reduction in CO₂ emissions in 2024 compared to 2023 from bpostgroup’s own fleet. It is expected
that NO
x
emissions have been reduced to a similar extent, contributing to improved air quality across Belgium and benefiting its citizens.
The primary measures to combat air pollution are covered under Climate Change (E1), particularly through investments in zero-emission
last-mile deliveries and charging infrastructure. In addition, bpostgroup implements specific air pollution reduction initiatives beyond these
core climate actions:
ACTION SCOPE SUB-DOMAIN KPIS ASSOCIATED TIME HORIZON
Euro 6d engine, ensure the case
for all new leasing of vehicles
Own operation for all entities in Europe Air pollution Share of new vehicle leasing contract
with Euro 6D
End 2026
Put end of life of all diesel vans
in operations with engine lower
than Euro 6
Own operation for all entities, all
geographies
Air pollution Share of all diesel vehicle being euro 6 End 2026
Note, allocated resources for the above action are not significant, hence not disclosed. The most significant allocated resources, contributing to mitigate air
pollution, are linked to Climate Change and described in part E1-3.
6.2.2.4 E2-3 – Targets Related to Pollution
Although the core targets for addressing air pollution are covered under Climate Change (E1), bpostgroup has also set additional, specific
targets related to air pollution within its own operations.
All targets outlined below are voluntary.
• For E1-related targets, see disclosure E1-4.
• For the E2-specific target, bpostgroup’s ESG team consulted and aligned with the bpost NV/SA fleet manager. The targets were defined
based on the bpost NV/SA fleet renewal plan, ensuring that vehicles are replaced with Euro 6-compliant or better models upon contract
expiration
According to PNAS, electric vehicles do not emit NO
x
as they operate without combustion. Additionally, data from the EEA Emission Factor
Data Viewer confirms that the latest Euro emission standards are designed to significantly reduce NO
x
emissions.
KPI SCOPE BASELINE (2024) TARGET TARGET RATIONALE TARGET YEAR POLICY GOAL
ASSOCIATED
Share of van being
electric (E1)
bpost NV/SA 22% 100% Electric Vehicles
emit no NO
x
–
Consistent with
Climate Mitigation
target
2030 The establishment
of program to
reduce air pollution
Scope 1 and 2 GHG
emission reduction
target
Share of new
company car being
fully electric (E1)
all entities 85% + (100% for
bpost NV/SA and
Belgian entities)
100% Electric Vehicles
emit no NO
x
–
Consistent with
Climate Mitigation
target
2030 The establishment
of program to
reduce air pollution
Scope 1 and 2 GHG
emission reduction
target
Share of all diesel
vehicle being euro 6
all entities 98,5% 100% Important role
in the overall
emissions control
strategy
2026 All diesel vehicles
must have particle
filter installed
Since air pollution is the only pollution-related sub-topic identified as material, these targets focus exclusively on air pollution. As a result, bpostgroup’s targets
do not address water pollution, soil pollution, substances of concern, or substances of very high concern, as these have been assessed as not material to the
company. However, bpostgroup remains committed to complying with all legal requirements, including through environmental permits, and will continue to
monitor these topics and take action whenever relevant.
Additionally, as a service company, specific air pollutant load measurements are not applicable and are therefore not addressed.

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This is the first year these targets have been established. Any changes to the targets in the coming year will be reported alongside our progress in the next
sustainability report.
All targets are expressed in relative terms (percentage of compliant vehicles).
6.2.2.5 E2-4 – Pollution Metrics
It is the first year bpostgroup reports on air pollution.
Scope
The focus is on bpost NV/SA, which accounts for more than 85% of Scope 1 emissions. As a result, the vast majority of fuel consumption within
bpostgroup’s operations—leading to NOx emissions—is attributed to this entity.
Formula and Emission Factor
bpostgroup calculates NOx emissions using the following formula: NOx emissions = Kilometers driven per vehicle type × Emission factors
A vehicle type is defined based on a combination of:
• Fuel type
• Gross vehicle weight
• European emission standards
The emission factors used are sourced from the European Environment Agency (EEA).
Method, Process and Assumption
Vans and Trucks
• The number of kilometers driven and vehicle types are recorded in FleetWave, bpost NV/SA’s fleet management software.
• Kilometers driven are determined by the difference in odometer readings between January 1st and December 31st. This data is collected
via telematics installed in each vehicle.
• If a vehicle’s Euro emission standard is incomplete (e.g., "Euro 6" without a letter suffix) or missing in FleetWave, it is assumed based on the
model year (also known as the registration year). The minimum Euro emission standard required for that year is applied.
Company Cars
• Car type and estimated kilometers driven are provided by the two leasing companies that bpost NV/SA partners with.
• If a company car is used for less than 12 months in 2024, its annual mileage estimate is adjusted pro rata temporis.
• For each leased vehicle, the Euro emission standard is determined based on the contract start year, applying the minimum mandatory Euro
standard for that year.
• All leased vehicles are new, as bpost NV/SA does not lease second-hand vehicles.
NOx Emissions in 2024
Based on the above methodology, bpostgroup estimates its total NOx emissions for 2024 at 74.3 metric tons, distributed as follows:
• 72.6 metric tons from the fleet of light- and heavy-duty vehicles
• 1.6 metric tons from the fleet of company cars
Among light- and heavy-duty vehicles:
• 20% of the fleet, which also represents 20% of the total kilometers driven, accounts for 60% of NOx emissions.
• Within this segment, 2,625 vehicles with older Euro emission standards -older than Euro VI for HDV and older than euro 6 a/b/c for LDV- are
responsible for 60% of NOx emissions.
• In 2025, over 2,000 vans (classified below Euro 6d) will be replaced with Euro 6e or electric vehicles.
• For heavy-duty vehicles, most Euro III and Euro IV trucks will be replaced by Euro VI E models.
These fleet upgrades will significantly reduce bpost NV/SA’s NOx emissions in 2025 and beyond.

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6.2.2.6 E2-5 – Substances of Concern and Substances of Very High Concern
Not material as per the DMA.
6.2.2.7 E2-6 – Anticipated Financial Effects from Material Pollution-Related Risk and
Opportunities
The DMA concludes there is currently no material risk and opportunities related to pollution.
6.2.3 ESRS E5 – Resource Use and
Circular Economy
6.2.3.1 IRO-1 – Description of the Process to Identify and Assess Material Impacts, Risks
and Opportunities
IRO Identification Methodology
The IRO identification methodology was carried out in three main steps:
1. Initial Double Materiality Assessment (DMA) in 2023:
- Conducted at an aggregated topic level.
- Included benchmarking against other postal (PostNL, La Poste, etc.) and logistics operators (e.g., DHL, FedEx, etc.).
- Involved stakeholder consultation (both internal and external) with qualitative and quantitative materiality assessments.
- Led to the initial identification of material topics at an aggregated level.
2. Review of DMA in 2024 post-STACI acquisition:
- Evaluated IRO materiality at a sub-subtopic level.
- Identified IROs at a sub-subtopic level among all previously identified aggregated topics.
- Analyzed IROs for sub-subtopics not previously identified by the DMA.
3. IRO scoring at the sub-subtopic level:
- Defined the scoring methodology.
- Applied the methodology to all previously identified IROs.
- Established material sub-subtopics via scoring thresholds.
The methodology is comprehensively detailed in the DMA Memorandum.
Resource Inflows, Including Resource Use
bpostgroup has identified resource inflows as a material issue due to the significant resources required for its operations. The company uses
and sells large quantities of paper and cardboard products to manage its mailing and logistics activities, assisting citizens and end users in
sending mail and parcels. Resource inflows are considered widespread because bpostgroup needs local resources in every country where it
operates. This issue is already affecting bpostgroup's operations and its upstream supply chain.
Starting in 2026, the Packaging and Packaging Waste Regulation (PPWR) will come into effect, requiring entities to comply with new standards
on recyclability and the emptiness rate of packaging. Non-compliance could result in fines and reputational risks.
However, resource inflows also present new opportunities. By optimizing packaging dimensions and materials, bpostgroup can reduce the
cost of purchasing packaging materials, decrease waste, and lower transport costs and related CO
2
e emissions. The company can also adopt
eco-design practices for packaging, such as using recycled or biodegradable materials, which can reduce waste management costs and
enhance brand image. Additionally, training staff to optimize resources and use materials efficiently can further support these efforts.

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Resource Outflows Related to Packaging
bpostgroup has identified resource outflows related to packaging, primarily consisting of cardboard and paper, as a material issue. This is due
to the extensive geographic scope of bpostgroup's fulfillment activities. Resource outflows are already negatively impacting bpostgroup's
operations and downstream processes, as increasing packaging outflows lead to higher waste production for end-users. However, this issue
is considered remediable with effort, particularly by encouraging the reuse of packaging through dedicated shipping solutions (as outlined in
the "packaging goals" of the Environment policy).
Opportunities related to resource outflows include new revenue streams and customer retention. Although bpostgroup is not responsible
for the packaging of the parcels it delivers, it is likely to play an active role in promoting the reusability of packaging. The new EU packaging
directive aims to increase the reusability of packaging. Similar to how retailers collect empty glass bottles, postal companies could collect
packaging from parcels. bpostgroup has already conducted some pilot projects in collaboration with customers to explore this potential.
However, there are also risks, such as the costs associated with complying with new regulations, which are expected to be implemented
between 2026 and 2030.
Waste
bpostgroup has identified waste as a material issue due to the significant amount generated, primarily from paper and cardboard products
used in its mailing and logistics activities. The company also uses large quantities of plastic, self-adhesive materials, and foam protection for
parcels in its 3PL activities. Minimizing and reusing packaging and operational waste is crucial, as waste negatively impacts the entire value
chain by causing soil and water pollution and necessitating the production of new products, especially when not recycled or recovered as
energy. This issue can be managed through dedicated policies (e.g., E5-1: Increasing sorted waste; Reducing plastic waste; Enhancing waste
recycling) and supported by specific actions (e.g., E5-2).
Opportunities in waste management include implementing waste reduction programs at the source and improving sorting, recycling, reuse,
and repair practices. These initiatives can help bpostgroup reduce waste disposal costs and enhance its reputation.
However, there are risks associated with the costs of complying with regulations and EU standards, which will come into effect as early as
2026 and could increase by 2028 if not properly anticipated. Additionally, the costs of setting up reusable packaging can be significant for
customers, along with transport costs. The new EU packaging directive aims to increase the reusability of packaging, making it essential to
address this issue.
6.2.3.2 E5-1 Policies Related to Resource Use and Circular Economy
Disclaimer
Currently, Waste & Packaging actions are managed at the subsidiary level, and there is no overarching Waste & Packaging policy at the
bpostgroup level. However, as a subdomain of the Environment domain, a new Waste & Packaging policy will be fully integrated into the
Environment policy (cf. E1).
The Environment policy will include two dedicated paragraphs outlining goals specific to Waste & Packaging. These goals were identified
through the DMA exercise for the IRO process, resulting in the identification of three material sub-subtopics: resource inflow, resource
outflow, and waste management (cf. E5.IRO-1).
Waste Management Goals
bpostgroup is dedicated to improving the recycling and reuse of waste generated by its operations, which primarily consists of paper,
cardboard, and plastics. The company is committed to the following initiatives:
• Increasing Sorted Waste: The goal is to increase the proportion of sorted waste within the total waste produced by the Group, significantly
enhancing recycling efforts. This involves adapting the products used (e.g., minimizing unsortable dual-component packaging) and
improving sorting infrastructures in warehouses, fulfillment centers, and distribution offices.
• Reducing Plastic Waste: Acknowledging the environmental impact of plastic, bpostgroup is committed to reducing plastic use in its
packaging wherever possible. When plastics are necessary, the company will prioritize recyclable options and collaborate with suppliers to
minimize plastic waste.
• Enhancing Waste Recycling: The aim is to increase the percentage of waste that is recycled, focusing specifically on paper, cardboard, and
plastic waste. bpostgroup plans to implement or enhance recycling programs at all facilities, ensuring that no recyclable waste is sent to
landfill. By 2030, the company aims to recycle 98% of its cardboard waste and 95% of its plastic waste.
These initiatives reflect bpostgroup's commitment to sustainability and environmental responsibility.

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Packaging Goals
We recognize that packaging significantly impacts our environmental footprint. Therefore, our objectives are focused on:
• Encouraging the Use of Reusable Containers for Internal Flows: bpostgroup is committed to minimizing packaging use within its
logistics areas by favoring reusable packaging (e.g., plastic boxes and containers). We already use reusable packaging exclusively for all
internal flows, including between sorting centers and distribution offices, in fulfillment facilities, and in exchanges with some recurring
customers.
• Encouraging Reusability: We are exploring ways to increase the reusability of our packaging. This includes piloting reusable packaging
solutions for certain shipping products and encouraging customers to reuse packaging when feasible.
• Maximizing Recyclability: We are committed to ensuring that most of our packaging is recyclable, currently at 99.37%. Our goal is
to achieve 100% recyclable content in our cardboard and envelope packaging by 2030. To address non-recyclable packaging, we will
progressively stop selling double-component packaging, aiming for zero by 2030.
• Increasing Recycled Content: We aim to steadily increase the percentage of recycled materials used in our packaging, focusing on the
cardboard and envelopes sold in our Belgian retail offices and used in our businesses. By sourcing packaging materials with a higher
proportion of recycled content, we reduce the demand for virgin materials and contribute to a more sustainable packaging supply chain.
These initiatives reflect our commitment to sustainability and reducing our environmental impact.
Consistency Between Waste & Packaging Goals and IRO’s Material Topics
IRO Material Topics Context
The IRO identified three material topics: resource inflows, resource outflows, and waste management (cf. E5.IRO-1). Consequently, the goals
mentioned above have been drafted to correspond to these material topics.
Waste
• Tracking and Reduction of Unsorted Waste: This goal focuses on improving the waste sorting process, enhancing preparation for waste
treatment, and increasing the volume of waste recovered from all waste produced (cf. E5-3 target: “Waste not sorted and not recycled”).
• Precise Tracking of Recycled Waste: Monitoring volumes and percentages of recycled waste (plastic and cardboard) aligns with
bpostgroup's aim to minimize its impact on resource use and comply with upcoming PPWR regulations (cf. E5-3 target: “Waste that is
recycled or reused or recovered as energy – plastic and cardboard”).
• Waste Hierarchy KPIs: bpostgroup closely follows KPIs related to sorting, reusability, and recyclability.
• Regulatory and Voluntary Goals: These goals are set within the framework of regulatory obligations (e.g., recyclable or reusable
packaging placed on the market; waste that is recycled, reused, or recovered as energy; recycled content in packaging) and a voluntary
reporting initiative aimed at improving the circularity of its value chain (cf. E5-3 target: “Reduction of double-component packaging”).
Packaging
• KPIs and Targets: A list of KPIs and targets has been defined (cf. E5-3) to ensure policy goals are met. bpostgroup has established four Key
Performance Indicators (KPIs) for packaging, with quarterly reviews and actions taken in case of deviations.
• Increasing Recyclable/Reusable Packaging: This goal aims to improve material circularity by minimizing the need for new packaging,
reducing the demand for primary resources, and lowering associated energy requirements (cf. E5-3 target: “Recyclable or reusable
packaging put in the market”).
• Increasing Recycled Content: By increasing the percentage of recycled materials in packaging, bpostgroup limits the need for primary
materials in the production process.
• Stopping the Sale of Double-Component Packaging: This objective aims to enhance consumers' ability to sort packaging, thereby
improving its downstream use in the value chain.
These goals and initiatives reflect bpostgroup's commitment to sustainability and aligning its Waste & Packaging policies with the identified
material topics.
6.2.3.3 E5-2 Actions Related to Resource Use and Circular Economy
List of Actions
bpostgroup's ambition is to significantly optimize the use of resources, energy and materials, via its packaging consumption and production
and via waste production. These goals are detailed within the Environmental Policy (increasing sorted waste; reducing plastic waste;
enhancing waste recycling; encouraging the use of reusable containers for internal and external flows; Encouraging recyclability; increasing
recycled content), and reinforced by dedicated KPIs and target associated (cf. ESRS E5-3)
To fulfil its goals in resource use and circularity, bpostgroup has identified a series of actions to implement within the next months and years.

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E5-2 Actions Related to Resource Use and Circular Economy
1
ACTION SCOPE SUB-DOMAIN KPIS ASSOCIATED TIME HORIZON ALLOCATED RE-
SOURCES (INCL.
FINANCIAL)
Carrying out an audit by
entity to understand the
sorting rate and the reasons
for the lack of sorting
Entities that contribute the most
to reach at least 90% of our non-
sorted waste (with focus on bpost
NV/SA and Radial US)
Waste Waste not sorted and not
recycled
Mid 2025 Man-days
from entities
managers
Modification of RFPs to take
greater account of the need
for circularity, recyclability
and reusability
bpost NV/SA (for packaging we sell
in our Belgian retail offices)
3PL BU for the packaging we use in
our 3PL activities, starting with the
biggest ones
Packaging
inflows and
outflows
Recyclable or re-usable
packaging put on the market
Recycled materials sourced in
packaging put on the market
End 2029 Man-days from
procurement
team
Identify a recyclable
alternative to double-
component bubble envelopes
bpost NV/SA Packaging
inflows and
outflows
Double-components
packaging
End 2026 Additional
purchase cost
associated with
the solution
identified
Identify and implement
fit-for-purpose packaging
processes (leading to
reduction of empty space and
packaging per delivery)
Fulfillment entities wherever it is
possible
Packaging
inflows and
outflows
Weight of packaging / shipped
parcel.
End 2029 Capex for
additional plant
and equipment
Generalize the use of waste
packaging to fill parcels as
part of fulfilment activities
Fulfillment entities wherever it is
possible
Packaging
inflows and
outflows
Waste
Recycled materials sourced
in packaging put in the
market
Weight of waste / revenues
Early 2030 Capex for
additional plant
and equipment
Evaluate the relevance of
a post-delivery cardboard
recovery program
(B2B and B2C)
All entities Packaging
inflows and
outflows
Waste
Recyclable or reusable
packaging put in the market
Weight of packaging / shipped
parcel
Weight of waste / revenues
End 2026 Man-days
from business
development
team
Relation Between Actions, Resource Use and Circularity
Waste
• Tracking and Reduction of Unsorted Waste: This aims to improve the waste sorting process, enhance preparation for waste treatment,
and increase the volume of waste recovered. A preliminary audit on the types of unsorted waste and the reasons for it is essential for
further actions.
• Generalizing the Use of Waste Packaging: Using waste packaging to fill parcels in fulfillment activities will reduce the volume of waste
packaging produced and improve packaging circularity by reusing products destined for disposal.
• Evaluating Post-Delivery Cardboard Recovery: Assessing the relevance of a cardboard recovery program (B2B and B2C) will validate the
reuse potential of cardboard placed on the market and not discarded by end users. A positive outcome would increase the reuse rate of
cardboard and reduce the volume of scope 3 waste.
Packaging
• Modification of RFPs: Adjusting Requests for Proposals (RFPs) for packaging sold in Belgian retail offices and used in 3PL activities to
emphasize circularity, recyclability, and reusability will ensure compliance with the PPWR by 2030. This will also ensure the selection of
suppliers offering optimal solutions for circularity and reusability.
• Identifying Recyclable Alternatives: Finding a recyclable alternative to double-component bubble envelopes will increase the
recyclability of packaging on the market and reduce downstream packaging waste.
• Implementing Fit-for-Purpose Packaging Processes: Developing packaging processes that reduce empty space and packaging per
delivery will decrease empty space in parcels, as required by PPWR, and reduce packaging intensity (weight of packaging per shipped
parcel), transport costs, and related emissions.
These actions are designed to enhance resource use efficiency and promote circularity within bpostgroup's operations.
1 This list of action will evolve based on regular review with business and data review vs targets.

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6.2.3.4 E5-3 Targets Related to Resource Use and Circular Economy
Reported KPIs at bpostgroup Level and Associated Targets
bpostgroup's ambition is to significantly optimize the use of resources, energy and materials, via its packaging consumption and production
and waste production. Consequently, bpostgroup has defined a series of KPIs on which to report in direct relation to its objectives defined at
group level.
E5-3 Targets Related to Resource Use and Circular Economy
DOMAIN KPI ENTITY BASELINE TARGET TARGET RATIONALE TARGET YEAR POLICY GOAL
ASSOCIATED
Packaging
(resource inflow
and outflow)
Recyclable or
reusable packaging
put in the market
Retail (bpost
NV/SA)
86.3% (2022) 100% Retention of the
target previously
applied, based on
the 2019 baseline
2030 Encouraging the
use of reusable
containers for
internal flows
Encouraging
Reusability
Maximizing
Recyclability
Fulfilment N/A (2024 is
our baseline)
100% 2030
Recycled materials
sourced in packaging
put in the market
Retail (bpost
NV/SA)
80.9% (2022) 80% Retention of the
target previously
applied, based on
the 2019 baseline
2030 Increasing Recycled
Content
Fulfilment N/A (2024 is
our baseline)
80% 2030
Double-component
packaging
(unsortable)
Retail (bpost
NV/SA)
N/A (2024 is
our baseline)
0% Target in line with
PPWR (article 6,
paragraphs 1 and 2)
2030 Increasing sorted
waste
Increasing Recycled
Content
Weight of packaging
/ shipped parcel (ie.
Packaging intensity
of the activity)
Retail +
Fulfilment
N/A (2024 is
our baseline)
TBD TBD TBD Encouraging
Reusability
(§24e) Waste Waste not sorted
and not recycled
Retail +
Fulfilment +
Delivery
N/A (2024 is
our baseline)
15% max (to
be refined in
2025)
Target in line
with Cooperation
Agreement on Waste
in Belgium)
2030 Increasing sorted
waste
Enhancing Waste
Recycling
Waste that is
recycled or reused or
recovered as energy
– plastic
Retail +
Fulfilment +
Delivery
N/A (2024 is
our baseline)
95% Target strictly above
on PPWR minimum
requirement and
adapted to current
bpost value (96.7%)
2030 Enhancing Waste
Recycling
Reducing Plastic
Waste
Waste that is
recycled or reused or
recovered as energy
– paper/cardboard
Retail +
Fulfilment +
Delivery
N/A (2024 is
our baseline)
98% Target strictly above
on PPWR minimum
requirement and
adapted to current
bpost value (99.7%)
2030 Enhancing Waste
Recycling
Weight of waste /
revenues (ie. Waste
intensity of the
activity)
Retail +
Fulfilment
N/A (2024 is
our baseline)
TBD TBD TBD Enhancing Waste
Recycling
Note: Except for the retail BU, the entities in the target scope for 2024 are bpost SA, Radial NAM, and AMP (including Aldipress). The goal is to expand the scope to all entities by 2030.
The Cooperation Agreement is a legal framework for the prevention and management of all types of packaging waste in Belgium, whether industrial/commercial or household. It applies
to companies that place more than 300 kg of household and industrial/commercial packaging on the Belgian market per year. The minimum overall targets, expressed as a percentage by
weight relative to the total weight of one-way packaging material placed on the Belgian market, are 80% for recycling and 85% for recovery, including incineration at waste incineration
plants with energy recovery.
KPI Review Process
bpostgroup will review the results of the KPIs versus targets on a quarterly basis. All actions already implemented or to be implemented to
reach these targets are detailed in Section E5-2 - Actions and resources related to resource use and economy. The progress made toward
targets will be reviewed as follows:
• Quarterly Review: The bpostgroup ESG team and ESG Steering Committee will review the KPIs quarterly to ensure progress and follow up
on actions.
• Monthly Operational Review: Implemented actions and their impact on KPIs will be reviewed during dedicated sessions with operational
teams on a monthly basis.
• Target and KPI Review: The targets and current values of the KPIs will be reviewed to validate bpostgroup's ability to achieve its
objectives.

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If there are difficulties in achieving the objectives, bpostgroup will take the following actions:
• Identification of Underperforming BUs/Entities: Identify business units or entities that are underperforming.
• Review of Actions in Progress: Identify actions currently in progress within the underperforming entities.
• Action Plan Development: Define an action plan and allocate resources to improve performance on the concerned KPIs.
This structured approach ensures continuous monitoring and improvement, helping bpostgroup stay on track with its sustainability goals.
Relation Between Targets, Resource Use and Circularity
Packaging
• Increasing the percentage of recyclable/reusable packaging helps to improve the circularity of materials by minimizing the need to produce
new packaging, limiting the need for primary resources, but also the associated energy requirements (production, transformation, etc.)
downstream of the value chain of bpostgroup subsidiaries.
• Similarly, increasing the percentage of recycled materials in bpost packaging limits the need for primary materials to be used in the
production process.
• Finally, the objective of stopping the sale of double-component packaging is to increase consumers' ability to sort this packaging, and
therefore to increase recyclability downstream in the value chain.
Waste
• The tracking and reduction of unsorted waste is aimed in particular at improving the waste sorting process, improving preparation for
waste treatment and therefore improving the volume of waste recycled or recovered from all waste produced.
• Finally, precise tracking of volumes and percentages of recycled waste (plastic and cardboard) is in line with bpostgroup's desire to
minimise its impact on resource use, and with the regulations soon to come into force under the PPWR.
• In waste hierarchy, KPIs closely followed by bpostgroup mainly refer to sorting, reusability and recyclability.
• These targets are set within the framework of both regulatory obligations (Recyclable or reusable packaging placed on the market; Waste
that is recycled, reused, or recovered as energy; Recycled content in packaging placed on the market) as well as a voluntary reporting
initiative by bpost aimed at improving the circularity of its value chain, both in its own operations and upstream and downstream in its
value chain (Reduction of double-component packaging; Percentage of waste that is unsorted and not recycled)
Methodology
The methodology to define the KPIs reported and tracked with targets by bpostgroup is the following:
• (A) Identification of KPI previously reported with dedicated targets on specific entities.
• (B) Identification of KPI included in dedicated regulation with adequate targets (eg. PPWR, Cooperation Agreement in Belgium).
• (C) Identification of material KPIs regarding specific bpostgroup activities
• (D) Identification of peers and public organizations’ KPIs
• Synthesis of (A) (B) (C) (D) to determine key KPIs for bpostgroup to set targets on
The methodology to define the target per KPI by bpostgroup is the following:
• (D) Identification of regulations
• (E) Review of direct and indirect benchmarking
• (F) Review of internal targets for dedicated KPIs
• Definition of targets based on (D) (E) and (F):
- Comparison with actions currently implemented (To link the targets with the underlying levers, as well as strategy and investments)
- Regular adjustment of intermediary targets as actions progress
The stakeholder’s involvement
To define the KPIs and targets based on this methodology, bpostgroup has involved several categories of stakeholders:
• Operational teams (packaging product managers, BU managers, etc.) to define the actions implemented or to be implemented
• External professional organisations to understand the impact of regulations
• bpostgroup ERM team, responsible for identifying bpostgroup's risks, impact and opportunities in terms of resource use and circularity
• bposgroup's ESG Steerco including Exco members, and ESG committee of the Board and the Board of Directors, responsible for validating
the KPIs and targets, in line with bpostgroup's risks, impacts and opportunities identified in the DMA
• bpostgroup ESG team, responsible for managing the process and methodology defined above, and for summarising all the stakeholders
These consultations were held throughout 2024.

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6.2.3.5 E5-4 Resource Inflows
Disclaimer
This section of disclosure requirement E5-4 - Resource inflows refers to packaging as our resource inflow. Products transiting through
bpostgroup's facilities are held by bpostgroup's customers and are therefore not the responsibility of bpostgroup. Consequently, bpostgroup
is only responsible for the packaging sold in its retail offices and secondary packaging in which bpostgroup packs the products sold by its
customers (e-fulfilment activities).
Description of Resource Inflows
bpostgroup is a company that is active in the mail and e-commerce logistics, encompassing a range of activities from e-fulfilment to postal
operations. In our operations, packaging is sourced from manufacturers and intermediate packaging providers.
(§30) Diving deeper into packaging as a resource inflow, several types of packaging are identified: cardboard, plastics, envelopes, pallets and
others.
Based on this identification of the resource inflows and qualitative assessment, detailed metrics have been calculated.
E5-4 Metrics on Resource Inflows (Packaging)
METRIC METRIC CALCULATION VALUE
(§31a) Total weight of products and technical and biological materials used (in kg) Sum(Weight of biological
material)
17,612,834
(§31b) Percentage of biological materials (and biofuels for non-energy purposes) used to
manufacture products and services (including packaging) that is sustainably sourced
= (Total weight of biological
packaging /
Total weight of packaging)*100
98.55%
(§31c) Absolute weight of non-virgin reused or recycled components, intermediary
products and materials used to manufacture products and services (including
packaging)
1
(in kg)
Total weight of recycled
packaging
1,268,641
(§31c) Percentage of non-virgin reused or recycled components, intermediary products
and materials used to manufacture products and services (including packaging)
= (Total weight of recycled
packaging/
Total weight of packaging)*100
7.1%
The total weight of the packaging amounts to 17,872,636.43 kg of which 98.55% are made of biological materials. This high percentage of
biological materials is due to the fact that the majority of the materials used in the packaging are paper, cardboard and wood.
As this is the first year bpostgroup has collected this data, there is no reference year for comparison. bpostgroup plans to track these metrics
annually to identify trends and evaluate progress in terms of sustainability and packaging efficiency.
Data and Evidence Gathering Process
Data Collection
To collect data on resource inflows, bpostgroup implemented a structured and transparent data-gathering process to obtain the required
information from all entities. This process was conducted on two designated occasions during the year (Half Year 1 2024 and Half Year 2 2024),
allowing entities to familiarize themselves with the data-gathering process ahead of the end-of-year period.
To ensure transparency, the following actions were taken:
• Division of Metrics: Metrics were divided into indicators to facilitate their calculation.
• Individual Data Provision: Each entity provided the indicators (i.e., raw data) directly to the bpostgroup ESG team, minimizing the need
for transformations and assumptions.
• Data Consolidation: All collected data were consolidated at the bpostgroup level.
Entities were also required to provide evidence of the correctness and completeness of the data, such as supplier invoices, relevant emails
with important information, or Excel files.
To enhance transparency, a data lineage was created for each entity, mapping out the entire data collection process. This data lineage shows
the complete journey that data goes through from its origin to its end use, describing how data moves through different systems, processes,
and transformations.
1 Note: This metric has not been split to maintain data integrity, as making assumptions during the split could compromise data quality.

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6.2.3.6 E5-5 Resource Outflows
Disclaimer
The outflows of bpostgroup consist of packaging and waste. However, this report will primarily focus on the waste aspect of resource
outflows since packaging is not modified in any way after inflows in bpostgroup’s facilities, so its nature remains unchanged (e.g. packaging is
folded only, with no material added or removed). Moreover, it has already been thoroughly addressed in Section E5-4 Resource Inflows.
Description Resource Outflows
Packaging outflow
(§35) The packaging that exits bpostgroup as a resource outflow enters bpostgroup as a resource inflow under the same conditions. As
mentioned in Section E5-4 Resource inflows documentation, only adjustments such as folding and filling occur in bpostgroup’s facilities.
Consequently, the characteristics of recyclability, use of biological materials, and potential for secondary reuse and recycling remain
unchanged as the packaging only moves through bpostgroup’s facilities. Extra details you can find in E5-4 Metrics on resource inflows
(packaging).
Waste outflow
(§38) Waste is generated at bpostgroup through various processes, such as removing plastic film from pallets, cardboard used in shipping
and distribution, electronic waste from faulty equipment.
Types of waste are the following:
• Aerosols
• Aggregates
• Average construction
• Batteries
• Brown goods
• Chemical waste
• Clothing
• Commercial and industrial waste
• Glass
• Household residual waste
• Insulation
• Metal
• Mineral oil
• Organic
(e.g. Food and drink, garden, mixed)
• Paper and board (e.g. Board, mixed, paper)
• Plastics
• Plastics: average plastic film
• Soils
• Waste from Electrical and Electronic
Equipment (e.g., fridges and freezers,
large, mixed, small)
• Wood
Each entity manages its waste differently. For instance, bpost NV/SA’s sorting centers utilize cardboard presses, and the compressed
cardboard is collected by a recycling company that converts it into energy or recycles it. On the other hand, all bpostgroup entities have their
own waste management companies. They all initially pre-sort waste before letting the waste management companies take it. However, the
degree of recycling varies significantly depending on the capabilities of the recycling companies, leading to notable differences between
entities. Moreover, bpostgroup's entities are spread over a wide geographical area (Europe, US, Australia, Asia), with different historical
reporting regulations. While some entities (e.g. Europe) have historically had a detailed data granularity given local legislation, others
(e.g. US) still have a lower level of data maturity. This leads to difficulties for some entities in providing data at the right granularity in 2024,
preventing reporting across the entire bpostgroup scope for certain metrics. However, best practices from top level entities are shared by
ESG teams to whole entities, in order to continuously improve the granularity of the data reported over the coming years
The following table describes what data bpostgroup obtained from waste with the corresponding figures.
Details on Resource outflows (waste)
DATA ABSOLUTE NUMBER IN KG PERCENTAGE
Hazardous or
non-hazardous
waste
Hazardous: 1,778,280
Non-Hazardous: 47,404,234
Hazardous: 3.62%
Non-Hazardous: 96.38%
Types of Waste
Commercial and industrial waste: 4,555,826 Commercial and industrial waste: 9.26%
Glass: 1,445 Glass: 0.00%
Household residual waste: 4,259,417 Household residual waste: 8.66%
Organic: 148,571 Organic: 0.30%
Plastics: 771,646 Plastics: 1.57%
Wood: 1,092,510 Wood: 2.22%
Mineral oil: 530 Mineral oil: 0.00%
Paper and board: 30,025,354 Paper and board: 61.05%
Batteries: 1,848 Batteries: 0.00%
WEEE
1
: 7,903,649 WEEE: 16.07%
Aggregates: 24,472 Aggregates: 0.05%
Soils: 11,205 Soils: 0.02%
1 Note: WEEE stand for Waste from Electrical and Electronic Equipment

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DATA ABSOLUTE NUMBER IN KG PERCENTAGE
Types of Waste
Insulation: 43,240 Insulation: 0.09%
Average construction: 900 Average construction: 0.00%
Clothing: 18,990 Clothing: 0.04%
Metal: 322,911 Metal: 0.66%
Diverted from
disposal
44,570,952 90.62%
Reason for
diversion
Recycling: 24,851,952
Other recovery operations: 6,009,600
Preparation for reuse: 13,709,401
Recycling: 50.53%
Other recovery operations: 12.22%
Preparation for reuse: 27.87%
Recycled waste
38,493,558 78.27%
Disposal type
Incineration: 679,087
Landfilling: 3,932,475
Incineration: 1.38%
Landfilling: 8%
Based on this identification of the resource inflows and qualitative assessment, detailed metrics have been calculated. The first table
contains an explanation on how the metrics were calculated.
Metric Explanations on Resource Outflows (Packaging and Waste)
CATEGORY METRIC METRIC CALCULATION
(§36c) Resource
outflows -
Packaging
Rates of recyclable content in products packaging = (Total weight of recyclable packaging /
Total weight of packaging)*100
(§37a 37b 37c
37d) Resource
outflows -
Waste
Total amount of waste generated from own operations (in kg) = Sum(Waste mass KG)
Total amount of hazardous waste diverted from disposal by weight (in kg)
by recovery operation type
= Sum(Hazardous waste if (diverted from disposal)) by
treatment type
Total amount of non-hazardous waste diverted from disposal by weight (in kg)
by recovery operation type
= Sum(Non-Hazardous waste if (diverted from
disposal)) by treatment type
Amount of hazardous waste directed to disposal by weight
(in kg) by waste treatment type
= Sum(Hazardous waste if (directed to disposal)) by
treatment type
Total amount of non-hazardous waste directed to disposal by weight (in kg)
by treatment type
= Sum(Non-Hazardous waste if (directed to disposal))
by treatment type
Percentage of non-recycled waste = (Total weight of waste not diverted from disposal /
Total weight of waste)*100
Total amount of non-recycled waste (in kg) = Sum(waste if (non-recycled))
(§39)
Hazardous
waste
Total amount of hazardous waste generated = Total amount of hazardous waste (Explosive,
Oxidizing, Flammable, Irritant, Harmful, Toxic,
Carcinogenic, Corrosive, Infectious, Teratogenic,
Mutagenic, Toxic for reproduction, Eco-toxic)
Based on the explanations outlined above, the following metrics were calculated.
Metric Results on Resource Outflows (Packaging and Waste)
CATEGORY METRIC VALUE
E5-5 36c Rates of recyclable content in products packaging 99.37%
E5-5 37a Total amount of waste generated from own operations (in kg) 49,182,514
E5-5 37b Total amount of hazardous waste diverted from disposal by weight (in kg) by recovery operation type 1,671,882
(i) Preparation for reuse 101
(ii) Recycling 1,375,051
(iii) Other recovery operations 296,730
E5-5 37b Total amount of non-hazardous waste diverted from disposal by weight (in kg) by recovery operation type 42,899,070
(i) Preparation for reuse 13,709,300
(ii) Recycling 23,476,900
(iii) Other recovery operation 5,712,870

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CATEGORY METRIC VALUE
E5-5 37c Amount of hazardous waste directed to disposal by weight (in kg) by waste treatment type 106,398
(i) Incineration 2,591
(ii) Landfilling 103,806
(iii) Other disposal operations -
E5-5 37c Amount of non-hazardous waste directed to disposal by weight (in kg) by waste treatment type 4,505,164
(i) Incineration 676,496
(ii) Landfilling 3,828,668
(iii) Other disposal operations -
E5-5 37d Percentage of non-recycled waste (in kg) 21.73%
E5-5 37d Total amount of non-recycled waste (in kg) 10,688,956
E5-5 39 Total amount of hazardous waste and radioactive waste generated by the undertaking, where radioactive waste is defined
in Article 3(7) of Council Directive 2011/70/Euratom [List]
2
1,778,280
The total weight of the waste is 49,182,514 kg, an increase of 5% compared to last year, mainly due to improved data collection.
Notably, 78.27% of the waste is recycled and 90.62% is diverted from disposal. Diverted from disposal includes recycling, recovery operations
and preparation for reuse. However, 3.932.475 kg or 8%, of the waste is still being landfilled, mostly by Radial NA .
Additionally, a portion of the waste (3.62%) is classified as hazardous waste mainly coming from activities from Dynagroup, such as batteries
and other electronic waste. 77.32% of the hazardous waste gets recycled.
bpostgroup has a high rate (99.37%) of recyclable content in their packaging. This is largely attributed to the nature of the products it sells.
With a significant percentage of its offerings consisting of materials such as paper, cardboard, and wood, the company is able to contribute to
circularity
Data Gathering Methodology
Methodology
To collect the data on resource outflows, the same structured and transparent data-gathering process as in Section E5-4 Resource inflows
was implemented. The following actions were followed/completed:
• The metrics were divided into indicators on which the entities provided us the data with the same Excel template that was made for the
packaging.
• Several meetings were held with the entities to ensure clarity and transparency.
• The entities were required to upload the various evidence in the sharepoint and create a data lineage (i.e.. process of tracking how data is
generated, transformed, transmitted, and used).
The different metrics on the packaging are shown in Table E5-4 Metrics on resource inflows (packaging). In Table E5-5 metric results on
resource outflows (packaging and waste) and Table metric explanations on resource outflows (packaging and waste), you can find the
different metrics for waste with the accompanying calculations.
Assumptions
In certain cases, we lacked qualitative data, such as information on whether waste is being recycled or not. In instances where we were
unable to obtain proof or specific data, we assumed the worst-case scenario. For example, regarding waste management, when no specific
treatment data was available, we assumed that this waste was entirely being sent to landfills.
Additionally, for some entities, we were unable to gather data for the last month of 2024. In these instances, we performed an extrapolation
based on the available data from previous months and previous year when it was available in order to estimate the missing figures.
The total percentage of assumptions made for the Level 1 entities is estimated to be 5.02% on waste data and 3.67% on packaging data.

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6.2.4 EU Taxonomy
6.2.4.1 Introduction
This section reports on the key performance indicators required under Regulation EU 2020/852
1
and the related Delegated Acts
2
(the EU
Taxonomy). The EU Taxonomy was enacted by the European Commission to support the objective of directing capital towards sustainable
activities. Reaching this objective is essential to meet the 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
environmentally sustainable activity is one that:
• Is included in the EU Taxonomy under one of the six environmental objectives (i.e., is considered a ‘Taxonomy-eligible’ activity);
• Meets the Technical Screening Criteria to prove Substantial Contribution to one or more environmental objectives (detailed in section
6.2.4.3.1);
• Does not significantly harm any of the other environmental objectives (detailed in section 6.2.4.3.2);
• Complies with the Minimum Safeguards
3
requirements, which address human rights, anti-corruption and anti-bribery, taxation and fair
competition).
An environmentally sustainable activity, also referred to as a ‘Taxonomy-aligned’ activity, is considered to make a substantial contribution to
one of the six environmental objectives of the EU Taxonomy, without doing any significant harm to any of the other objectives:
• 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, bpostgroup strives to reduce our impact on the environment on several levels, as described within
this chapter ‘6.2. Environmental Information’, specifically sections ‘6.2.1. Climate Change and ‘6.2.2 Air Pollution’; 6.2.3 Resource use and
Circular Economy’ of this report to inform our stakeholders where bpostgroup stands in our sustainable journey. In this section we look at
our contribution through the lens of EU Taxonomy, legislation which continues to evolve and for which no common interpretation yet exists
within the postal and logistics sector. In this third year of reporting, bpostgroup has chosen to continue its prudent approach to assess
Taxonomy-eligibility and alignment.
EU Taxonomy eligibility and alignment must be reported as financial Key Performance Indicators (KPIs), as percentages of a company's total
revenue, CapEx additions and OpEx. In the event that the total amount of OpEx is considered not material for the business model of the
company, that company is exempt from the requirement to calculate the numerator of the OpEx percentage, and instead should disclose
the numerator as being equal to zero and report the value of the denominator (total amount of OpEx). bpostgroup’s EU Taxonomy KPIs are
detailed in section 6.3.4.
6.2.4.2 bpostgroup EU Taxonomy eligibility assessment process
A ‘Taxonomy-eligible’ economic activity is one that is described in the EU Taxonomy. When an economic activity is ‘Taxonomy-eligible’, it has
the potential to be environmentally sustainable (i.e. 'Taxonomy-aligned') if it meets additional criteria (see section 6.2.4.3) laid out in the
related Delegated Acts.
The evaluation of our eligible activities under the EU Taxonomy involved the following steps:
1 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.
2 This includes the Climate Delegated Act (Commission Delegated Regulation (EU) 2021/2139 of June 4, 2021), the Disclosures Delegated Act
(Commission Delegated Regulation (EU) 2021/2178 of July 6, 2021), the Complementary Climate Delegated Act (Commission Delegated
Regulation (EU) 2022/1214 of March 9, 2022), the Environmental Delegated Act (Commission Delegated Regulation (EU) 2023/2486 of 27 June
2023) and all related Annexes.
3 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.

157
a) Looking for a match based on bpostgroup’s main NACE Code (H53.10 - Postal activities under universal service obligation). This
resulted in a match with activity 6.6 Freight transport services by road (contributing to the environmental objective of climate
change mitigation)
b) Reviewing the description of the activities under our NACE Code
4
.
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. All of the
identified activities contribute to the environmental objective of climate change mitigation:
i) 6.4 Operation of personal mobility devices, cycle logistics
ii) 6.5 Transport by motorbikes, passenger cars and light commercial vehicles
iii) 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 mapping exercise detailed above.
The identification of potential eligible activities for bpost has been performed considering the whole set of environmental objectives and we
did not identify any eligible activities that might contribute to multiple environmental objectives.
At this stage bpostgroup considers that, consistent with reporting in previous years, revenue-generating activities of Third Party Logistics
activities in Europe and North America and the major part of our Global X-Border activities are not in explicit scope of the activity descriptions
presented in the EU Taxonomy. Therefore, adopting a prudent approach, bpostgroup considers the activities of all of our e-commerce
fulfilment centres as non-eligible. This analysis has been made based on bpostgroup’s best interpretation efforts while maintaining the
prudent approach mentioned above, as the guidance from the EU on the interpretation of what is included or excluded in a specific activity is
limited. By adopting this prudent approach, the scope of this analysis focuses on the Belgian activities of the group. All activities were 100%
eligible in 2023 & 2024.
6.2.4.3 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, the Do No Significant Harm criteria
for that activity and the Minimum Safeguards requirements. Such an economic activity is considered environmentally sustainable
('Taxonomy-aligned').
The evaluation of our eligible 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 Safeguards.
6.2.4.3.1 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
examine 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 is 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. As these activities are inherently 'green', the substantial
contribution criteria are relatively straightforward: the activity must employ zero-emission personal mobility devices powered by the user,
4 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.

158
a battery or a combination of both, and the mobility devices must be legally permitted to operate on the same infrastructure as bicycles
or pedestrians. The bpostgroup activities identified as Taxonomy-eligible under this activity meet these Technical Screening Criteria. The
percentage of alignment in 2023 was 100%, and it remained 100% in 2024.
Medium-range delivery services
For somewhat 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. Taxonomy-eligible under Taxonomy activity 6.5 Transport by motorbikes,
passenger cars and light commercial vehicles, such delivery services are subject to a Technical Screening criterion 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.The percentage of alignment in 2023 was 0.3% due to strict criteria on electric engines & tires
regulation. This percentage evolved to 9.5% in 2024 thanks to more eletricification & larger adoption of compliant tires.
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 tractor-
trailers which includes one electric truck, and which is eligible under Taxonomy activity 6.6 Freight transport services by road. Additionally
none of the bpost group vehicles is dedicated to the transport of fossil fuels. However, the Technical Screening Criteria for Substantial
Contribution are stringent: heavy-duty vehicles (trucks/lorries and tractor-trailers falling under vehicle categories N1, N2 and N3) must
be either zero-emission or qualify as 'low-emission heavy-duty vehicles
5
' with specific CO2 emissions of less than half of the reference
CO2 emissions of all vehicles in their vehicle sub-group. Therefore, only the one electric truck meets this criterion. Taxonomy-eligible bulk
transport by conventional vehicles, which produce emissions that can be considered average for their vehicle sub-group, does not meet
the set emissions requirement. Because Taxonomy-alignment depends on the abovementioned Technical Screening Criteria which are
meant to be applied to the vehicle pulling the trailer, the positive impact of bpostgroup’s fleet of double-decker trailers is not reflected in
the Taxonomy-aligned revenue. Nevertheless, these trailers can be seen to have a significant impact, providing 60% increased load capacity
with translates into 40% lower carbon emissions for the amount of freight transported, as well as fewer trucks on the road, reducing traffic
congestion. The percentage of alignment in 2023 was at 0% given the stringent criteria on electric engines & tires regulation. In 2024, an
electric truck was acquired, meeting the technical criteria for electric engine, although this specific truck did not meet the tire criteria for the
tires. Therefore, the alignment in 2024 remains 0%.
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 logistics) are considered Taxonomy-
eligible under activity 6.15 Infrastructure enabling low-carbon road transport and public transport. 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 Taxonomy-eligible activities meet these Technical Screening criteria. The percentage
of alignment reported in 2023 was 100% based on an extrapolation from an analysis conducted for 1 large building. In 2024, due to a more
comprehensive analysis done on 51% of the infrastructure and the fact that, in a very prudent approach, only the analyzed buildings were
considered for alignment purpose, the alignment reaches 45%.
6.2.4.3.2 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. In Q4 2024, bpost group conducted the first phase of Global
Climate Risk Assessment plan covering the entirety of its buildings worldwide and updating , for the most critical buildings in Belgium, a prior
Belgian Climate Risk and Vulnerability analysis done in 2022 for the entire bpost NV/SA sites in Belgium. The vulnerability part of this global
analysis will be conducted in 2025 and adaptation plans will be built accordingly.
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 external rolling noise requirements, and must comply with one of the highest two classes (class A or B) for energy efficiency (rolling
5 As defined in Article 3, point (12), of Regulation (EU) 2019/1242 of June 20, 2019.

159
resistance). 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 qualify for Taxonomy-alignment.
Currently 46.7% of the electric vans are fitted with tires that meet the abovementioned do no significant harm requirement for pollution
prevention, an increase from just 2.5% in the previous year. Measures have been taken to ensure that all newly-purchased electric vans are
directly fitted with Taxonomy-compliant tires. For older e-vans that are still fitted with non-compliant tires, bpostgroup employs a prudent
approach to replace non-compliant tires with Taxonomy-compliant ones in the course of normal operations. As the tires on the electric van
fleet are replaced over time as a result of normal use, the percentage of Taxonomy-aligned revenue for this activity will continue to increase.
The one electric truck is currently not fitted with tires that meet the abovementioned Do No Significant Harm requirement for pollution
prevention. When the tires are due to be replaced, it is expected that compliant tires will be fitted.
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 if
required by the permit . 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.
The most strategic buildings (17 in total, covering 51% of total m² of transshipment activities) in Belgium were analyzed to understand
whether each environmental dimension from the DNSH (water, waste, pollution, noise, vibration, biodiversity) is addressed by reviewing
in details the permits to verify those dimensions are concretely addressed. For Biodiversity, a specific analysis using Ibat database was
conducted to identify the transshipment buildings located close to a biodiversity-sensitive areas and we paid attention to the Environmental
Impact Assessment in the permit or whether such an assessment was considered as not needed due to the nature of the activity. When the
permit required implementation of mitigation measures, we checked on the implementation of these.
17 buildings were selected representing 51% of the overall total m² of all supporting infrastructure. Taking a prudent approach, the
percentage of alignment is limited to the coverage of this selection. It was found that the selected buildings are aligned to 87% to the DNSH
criterions based on available documentation (we missed appropriate evidence of construction waste disposal for 1 building) . The selection
represents 51% of the full supporting infrastructure. Therefore, the final alignment was limited to 45%. bpostgroup has the intention to
extend the selection of buildings to expand the analysis, which will provide a more truthful representation of the alignment of the supporting
infrastructure, as the current alignment percentage is mostly limited due to the coverage of the selection, and not the actual measures
adopted throughout the supporting infrastructure.
6.2.4.3.3 Minimum Safeguards
To be compliant with the Minimum Safeguards requirements as set out in the EU Taxonomy, a company must implement procedures to ensure
its actions are conducted in accordance with the following international standards:
• 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, 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 requirements. The mininum safeguard assessment was
carried by cross-checking the international standards above with the internal practices of bpostgroup.
For more information, see the sections 6.3 Social information and 6.4 Governance information of bpostgroup's FY2024 Annual Report, and
bpostgroup’s Human Rights Policy.

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6.2.4.4 EU Taxonomy KPIs
6.2.4.4.1 Turnover
FINANCIAL YEAR 2024 YEAR SUBSTANTIAL CONTRIBUTION CRITERIA
DNSH CRITERIA
( 'DOES NOT SIGNIFICANTLY HARM')
ECONOMIC ACTIVITIES (1)
CODE (2)
TURNOVER (3)
MILLION EUR
PROPORTION OF TURNOVER, YEAR 2024 (4)
CLIMATE CHANGE MITIGATION (5)
CLIMATE CHANGE ADAPTATION (6)
WATER (7)
POLLUTION (8)
CIRCULAR ECONOMY (9)
BIODIVERSITY (10)
CLIMATE CHANGE MITIGATION (11)
CLIMATE CHANGE ADAPTATION (12)
WATER (13)
POLLUTION (14)
CIRCULAR ECONOMY (15)
BIODIVERSITY (16)
MINIMUM SAFEGUARDS (17)
PROPORTION OF TAXONOMY-ALIGNED (A.1.)
OR -ELIGIBLE (A.2.) TURNOVER, YEAR N-1 (18)
CATEGORY ENABLING ACTIVITY (19)
CATEGORY TRANSITIONAL ACTIVITY (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Operation of personal mobility
devices, cycle logistics
CCM
6.4
16.3 0.4% Y N/EL N/EL N/EL N/EL N/EL n.a. Y n.a. n.a. Y n.a. Y 0.3%
Transport by motorbikes,
passenger cars and light
commercial vehicles
CCM
6.5
109.4 2.5% Y N/EL N/EL N/EL N/EL N/EL n.a. Y n.a. Y Y n.a. Y 0.3%
Infrastructure enabling low-
carbon road transport and
public transport
CCM
6.15
305.9 7.0% Y N/EL N/EL N/EL N/EL N/EL n.a. Y Y Y Y Y Y 15.0% E
Turnover of environmentally
sustainable activities (Taxonomy-
aligned (A.1.)
431.6 9.9% 100.0% 0% 0% 0% 0% 0% n.a. Y Y Y Y Y Y 15.5%
Of which enabling 305.9 7.0% 70.9% 0% 0% 0% 0% 0% n.a. Y Y Y Y Y Y 15.0% E
Of which transitional 0.0 0.0% 0.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.0%
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Transport by motorbikes,
passenger cars and light
commercial vehicles
CCM
6.5
1,033.5 23.8% Y N/EL N/EL N/EL N/EL N/EL 28.5%
Freight transport services
by road
CCM
6.6
151.4 3.5% Y N/EL N/EL N/EL N/EL N/EL 3.1%
Infrastructure enabling low-
carbon road transport and
public transport
CCM
6.15
373.9 8.6% Y N/EL N/EL N/EL N/EL N/EL 0.0%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(A.2.)
1,558.9 35.9% 100.0% 0% 0% 0% 0% 0% 31.5%
Turnover of Taxonomy-eligible
activities (A.1. + A.2.)
1,990.5 45.9% 47. 0 %
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities
2,350.8 54.1%
TOTAL
4,341.3 100.0%
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.
In line with bpostgroup’s eligibility analysis, the numerator does not include revenue from e-fulfillment center activities. Third Party Logistics
North America and Europe and a major part of global Cross border activities turnover, hence a major part of bpostgroup turnover has been
excluded for eligibility and alignment upon the interpretation by bpostgroup of the EU legislation.
Double counting was avoided by following bpostgroup’s financial reporting process; each unit provided the information separately, based
on the classification of activities. Total net revenues were then aggregated and validated by the finance consolidation team. As the analysis
focused on bpost NV/SA, there was no intercompany transaction.

161
To calculate Taxonomy-eligible and Taxonomy-aligned revenue, the revenue associated with each Taxonomy-eligible activity must first
be identified. bpostgroup revenues are not grouped in a way that could allow for a straightforward allocation of revenue to the identified
Taxonomy-eligible activities. For this reason, a cost-based allocation key was used to assign revenues to the Taxonomy-eligible activities in
proportion to the costs that were incurred for those activities.
Denominator
The denominator is the total net turnover for the financial year 2024, as seen in the consolidated income statement included in the financial
consolidated statements.
Comments on the KPI’s
There is an increase in the proportion of the taxonomy aligned turnover from the activity “transport by motorbike, passenger car and light
commercial vehicle from 0.3%% to 2.5%. (% of total bpostgroup turnover). This reflects the extension of our fleet of electric delivery vans,
with all new vans equipped with taxonomy compliant tires. For perspective if all e-vans in the fleet were equipped with compliant tires, this
percentage would rise to 5.3%.
On the other hand we see a significant decrease in the proportion of taxonomy aligned revenue from the activity “infrastructure enabling
low-carbon road transport and public transport” from 15% to 7.0% (% of total bpostgroup turnover). As outlined above, this reflects the
more prudent approach to only consider the fully analyzed building covering 51% of our transshipment capacity for the alignment calculation
as opposed to the sample based extrapolation we used in previous years. This does not reflect a decrease in the sustainability of our
transshipment infrastructure especially as we build or renovate our buildings according to very high environmental standards (e.g. Evere mail
center case explained in this report) . For perspective, if the degree of alignment found on our the sample of transhipment buildings analyzed
(87%) was extrapolated to the entire population of buildings, the % of aligned revenue from this activity would rise to 13.6%.
6.2.4.4.2. CapEx
FINANCIAL YEAR 2024 YEAR SUBSTANTIAL CONTRIBUTION CRITERIA
DNSH CRITERIA
( 'DOES NOT SIGNIFICANTLY HARM')
ECONOMIC ACTIVITIES (1)
CODE (2)
CAPEX (3)
MILLION EUR
PROPORTION OF CAPEX, YEAR 2024 (4)
CLIMATE CHANGE MITIGATION (5)
CLIMATE CHANGE ADAPTATION (6)
WATER (7)
POLLUTION (8)
CIRCULAR ECONOMY (9)
BIODIVERSITY (10)
CLIMATE CHANGE MITIGATION (11)
CLIMATE CHANGE ADAPTATION (12)
WATER (13)
POLLUTION (14)
CIRCULAR ECONOMY (15)
BIODIVERSITY (16)
MINIMUM SAFEGUARDS (17)
PROPORTION OF TAXONOMY-ALIGNED (A.1.)
OR -ELIGIBLE (A.2.) CAPEX, YEAR N-1 (18)
CATEGORY ENABLING ACTIVITY (19)
CATEGORY TRANSITIONAL ACTIVITY (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Operation of personal mobility
devices, cycle logistics
CCM
6.4
4.9 1.9% Y N/EL N/EL N/EL N/EL N/EL n.a. Y n.a. n.a. Y n.a. Y 0.1%
Transport by motorbikes,
passenger cars and light
commercial vehicles
CCM
6.5
2.6 1.0% Y N/EL N/EL N/EL N/EL N/EL n.a. Y n.a. Y Y n.a. Y 0.1%
Infrastructure enabling low-
carbon road transport and
public transport
CCM
6.15
7.1 2.8% Y N/EL N/EL N/EL N/EL N/EL n.a. Y Y Y Y Y Y 31.6% E
CapEx of environmentally sustainable
activities (Taxonomy-aligned (A.1.)
5.7% 100.0% 0% 0% 0% 0% 0% n.a. Y Y Y Y Y Y 31.8%
Of which enabling 7.1 2.8% 48.6% 0% 0% 0% 0% 0% n.a. Y Y Y Y Y Y 31.6% E
Of which transitional 0.0 0.0% 0.0% n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.0%
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Transport by motorbikes,
passenger cars and light
commercial vehicles
CCM
6.5
24.7 9.7% Y N/EL N/EL N/EL N/EL N/EL 11.5%
Freight transport services
by road
CCM
6.6
12.6 4.9% Y N/EL N/EL N/EL N/EL N/EL 3.0%
Infrastructure enabling low-
carbon road transport and
public transport
CCM
6.15
8.6 3.4% Y N/EL N/EL N/EL N/EL N/EL 0.0%
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(A.2.)
45.9 18.0% 100.0% 0% 0% 0% 0% 0% 14.5%
CapEx of Taxonomy-eligible activities
(A.1. + A.2.)
23.7% 46.3%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible
activities
194.4 76.3%
TOTAL
254.9 100.0%

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Numerator
The numerator includes: (i) CapEx linked to the taxonomy-eligible and taxonomy-aligned activities listed in Section 6.2.4.4.1 above and (ii)
CapEx linked to expenses related to other taxonomy-eligible and taxonomy-aligned economic activities, following Section 1.1.2.2 of Annex
I of the Disclosures Delegated Act. Based on the description of the capex and its nature, the capex was assocatied with the corresponding
activities of the EU taxonomy. EAch capex is only associated to one activity. The total EU Taxonomy-eligible CapEx is mainly calculated from
the following economic activities:
• 6.2.4. 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.
Importantly , the numerator does not include large Capex amounts related to work in progress investments for the extension of our Fleurus
sorting center , the construction of our new Charleroi mail center and the refurbishment of our Vilvoorde mail center. This reflects a very
prudent approach in light of the taxonomy strict requirements ( DNSH and requirement for a formally approved Taxonomy Capex plan).
Those buildings, when finished , will meet very high environmental standards ( such as for the new Evere mail center) in line with bpostgroup
strategy. We plan to include them in the assessment for Taxonomy aligned revenue when they come in operation.
Denominator
The denominator is comprised of bpostgroup total CapEx (investments made in the financial year 2024) and additions of right-of-use assets,
as seen in the consolidated income statement included in the financial consolidated statements.
Comments
We see a decrease in the percentage of taxonomy eligible Capex in 2024 vs 2023 from 46.3% to 23.7% . Besides year on year fluctuations
in Capex , this reflects the exclusion of Capex related to the work in progress construction/renovation in Fleurus Sorting Center , Charleroi
Mail Center and Vilvoorde mail centers for an amount of about 26.5 million Euros. Should this Capex be considered eligible, the percentage
eligibility for 2024 would rise to 34%
We also see a decrease in the percentage of taxonomy aligned Capex in 2024 vs 2023 from 31,8% to 5.7%
This reflects the exclusion of Capex related to the work in progress construction/renovation work in Fleurus, Charleroi and Vilvoorde as
well as the more conservative approach taken for the alignment of the transshipment infrastructure as explained in section 6.2.4.3.2. and
netting to a 45% alignment. For perspective, Should we consider the Fleurus, Charleroi and Vilvoorde related investments as aligned and
extrapolated the 87% alignment achieved on the 17 buildings analyzed , the percentage Capex alignment for 2024 would rise to 18,7%

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6.2.4.4.3. OpEx
FINANCIAL YEAR 2024 YEAR SUBSTANTIAL CONTRIBUTION CRITERIA
DNSH CRITERIA
( 'DOES NOT SIGNIFICANTLY HARM')
ECONOMIC ACTIVITIES (1)
CODE (2)
OPEX (3)
MILLION EUR
PROPORTION OF OPEX, YEAR 2024 (4)
CLIMATE CHANGE MITIGATION (5)
CLIMATE CHANGE ADAPTATION (6)
WATER (7)
POLLUTION (8)
CIRCULAR ECONOMY (9)
BIODIVERSITY (10)
CLIMATE CHANGE MITIGATION (11)
CLIMATE CHANGE ADAPTATION (12)
WATER (13)
POLLUTION (14)
CIRCULAR ECONOMY (15)
BIODIVERSITY (16)
MINIMUM SAFEGUARDS (17)
PROPORTION OF TAXONOMY ALIGNED (A.1.)
OR ELIGIBLE (A.2.) OPEX, YEAR N-1 (18)
CATEGORY ENABLING ACTIVITY (19)
CATEGORY TRANSITIONAL ACTIVITY (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmental sustainable
activities (Taxonomy-aligned (A.1)
0 0% % % % % % % Y Y Y Y Y Y Y 0%
Of which enabling 0 0% % % % % % % Y Y Y Y Y Y Y 0% E
Of which transitional 0 0% Y Y Y Y Y Y Y 0% T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
0 0% % % % % % % 0%
OpEx of Taxonomy eligible activities
(A.1+A.2)
0 0% % % % % % % 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible
activities (B)
4,459.4 100%
TOTAL
4,459.4 100%
The EU Taxonomy follows a limited definition of OpEx. According to Section 1.1.3.1 of Annex I of the Disclosures Delegated Act, the only
expenses 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.
Within this limited EU Taxonomy definition, bpostgroup identifies short-term leases and maintenance and repair expenses (under the bpost
accounts ‘rent and rental costs’ and ‘maintenance and repairs’, respectively).
According to Section 1.1.3.2 of Annex I of the Disclosures Delegated Act, companies are exempted from the calculation of the numerator of
the OpEx KPI in the event that the OpEx figure is not material for the business model. The OpEx numerator should be thereby be disclosed as
being equal to zero. For FY2024 the total value of the OpEx denominator as per the EU Taxonomy definition of OpEx specified in Section 1.1.3.1
of Annex I of the Disclosures Delegated Act equals 226.2 mEUR. This amount is small compared to the total bpostgroup operating expenses
and the total size of the bpostgroup business and is therefore considered not material for bpostgroup's business model. Major contributors
to bpostgroup’s business model are payroll costs, interim costs and transport costs which are not part of the definition of OpEx within EU
Taxonomy. Employing this exemption from the calculation of the OpEx KPI numerator, the OpEx numerator is disclosed as zero.

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6.2.4.5 Mandatory disclosure on Nuclear and Gas
Article 8(6) and 8(7) of the Disclosures Delegated Act (Commission Delegated Regulation (EU) 2021/2178 of July 6, 2021) requires companies to
disclose on nuclear- and gas-related activities, using the mandatory table provided In Annex 3 of the Complementary Climate Delegated Act
(Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022).
bpostgroup does not engage in any nuclear energy or fossil gas related activities.
ROW NUCLEAR ENERGY RELATED ACTIVITIES
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity
generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
YES/NO
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity
or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety
upgrades, using best available technologies.
YES/NO
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as
their safety upgrades.
YES/NO
FOSSIL GAS RELATED ACTIVITIES
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
electricity using fossil gaseous fuels.
YES/NO
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power
generation facilities using fossil gaseous fuels.
YES/NO
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that
produce heat/cool using fossil gaseous fuels.
YES/NO

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6.3 Sociale Information
6.3.1. ESRS S1 - Own Workforce
6.3.1.1 S1 SBM-2 – Interests and Views of Stakeholders
Description of Own Workers
Our workforce from operations, value chain and business relationships affected by material impact are included and detailed extensively in
ESRS 2, along with other key bpostgroup's stakeholders.
bpostgroup's Own Workers include all types of workers who could be materially impacted by its operations, spanning direct employees,
fixed-term contract workers, temporary personnel, and individuals provided by third-party contractors. Approximately 92% of bpostgroup's
workforce holds full-time contracts, with temporary personnel accounting for about 8%—below the OECD average of 16%.
Temporary and part-time staff are primarily used for momentary internal worker shortages, which adds flexibility to meet short-term
needs without destabilizing long-term employment. bpostgroup ensures that temporary workers (e.g. fixed-term contracts) receive social
protections and benefits in line with local requirements, helping mitigate risks.
6.3.1.2 S1 SBM-3 – Material Impacts, Risks and Opportunities and their interaction with
Strategy and Business Model
Actual Impacts on our Own Workers
Nature and Beneficiaries of Positive Impact Actions
bpostgroup actively creates a safer working environment by equipping its workforce with safer vehicles and strengthening protective
measures, which boost workplace safety and employee satisfaction. The company's commitment to fair compensation, labor rights, and
employee engagement across all levels enhances its reputation as a responsible employer and contributes to productivity gains.
By respecting freedom of association and participating in constructive collective bargaining, bpostgroup fosters trust and mutual respect
between management and employees. Additionally, the company promotes employability and retention through skills-focused training, job
rotation, and subsidies for low-skilled workers to build technical skills, ensuring the workforce is well-prepared for sustainable transitions.
Initiatives to promote gender equality, equal pay, and gender-neutral image of the sector further position bpostgroup as an inclusive
employer, expanding its talent pool and supporting diversity.
These positive impacts are evident across all regions where bpostgroup operates, with specific programs tailored to meet regional needs and
regulatory requirements.
Actions' Negative Impact Identification and Materiality
No widespread or systemic issues like child or forced labor within its operations were identified. However, certain isolated risks could
materially impact workforce well-being, operations, and reputation. Exposure to heavy machinery, moving equipment, and night shifts
may lead to health costs, litigation, and work disruptions. Cultural differences across the global workforce can create misalignment in
safety priorities and labor regulations, increasing accident risks. The physical demands of some roles also raise healthcare, insurance, and
absenteeism costs, with repetitive tasks and high turnover impacting retention and stability.
Low-skilled workers are especially vulnerable due to language barriers and limited job-specific training, which can lead to misunderstandings
and accidents. Misconduct or disrespectful behavior create a risk of legal action and reputational damage. Limited diversity in top
management, which remains predominantly male, might affect bpostgroup's attractiveness and retention of diverse talent, with a lack of
diversity weakening business resilience and exposing reputational risks.
Overall, while these impacts are not widespread across the company, isolated incidents and context-specific risks indicate areas where
bpostgroup is focusing on continuous improvement in labor practices, safety standards, and workforce diversity to strengthen operational
and reputational resilience.
bpostgroup holds personal data but does not currently handle highly sensitive employee information. Materiality may evolve with
developments such as AI integration or an increase in cyberattacks.
The implementation of the GDPR policy is closely monitored by the Data Privacy Officer (DPO), ensuring compliance and proactive risk management.

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Specific Workforce Risk factors and Their Management by bpostgroup
bpostgroup's diverse workforce includes individuals from a wide range of nationalities, backgrounds, cultures, and educational levels, with
75% of its workforce having a minimal educational background. This diversity brings both strengths and challenges, as cultural differences
and language barriers can sometimes lead to varied understandings of safety practices and labor regulations. Low-skilled workers, who may
face a higher risk of accidents due to language misunderstandings, require additional safety support and training.
Additionally, bpostgroup addresses a range of Health and Safety (H&S) risks associated with specific roles, from road safety for drivers and
postal carriers to the physical demands of lifting heavy loads, meeting tight delivery times, and managing night shifts in warehouses. Through
robust social dialogue, bpostgroup fosters open communication between management and staff, ensuring worker concerns are addressed
and that all employees benefit from protections tailored to their roles and associated risks. This commitment enhances employee well-being
and promotes a safe and respectful working environment for all.
Risks and Opportunities Related to bpostgroup Actions
Workforce-related Risks and Opportunities
bpostgroup encounters workforce-related risks that, while manageable given current labor availability, could impact operations and
reputation. Turnover (18.2%) and potential skill shortages, especially among low-skilled workers, increase accident risk and necessitate
enhanced safety measures.
Repetitive tasks and mental pressures further challenge retention, with risks of burnout and absenteeism affecting productivity. Potential
strikes or disputes with trade unions present additional risks of service disruption and increased operational costs. Ensuring compliance with
freedom of association and collective bargaining is essential to safeguarding bpostgroup's reputation and mitigating legal risks.
Privacy Related Risks
bpostgroup faces risks of cyber-attacks that could damage networks and systems, disrupting critical physical and digital infrastructure.
Phishing emails and social engineering attacks may result in fraud and operational harm. Cyber incidents can incur costs, including
remediation, business interruption, legal penalties, and lawsuits. Failure to address these risks effectively could damage reputation, erode
stakeholder trust, and endanger critical infrastructure and public safety.
Risks Related to Operational Workers
bpostgroup's workforce comprises diverse age groups, skill levels, and cultural backgrounds, presenting specific risks and opportunities.
Notably, low-skilled workers, who represent a large segment of the workforce, face higher risks of accidents (cf. above). Operational
dependency on roles such as drivers, postal carriers and warehouse workers introduces high-impact risks in the event of health crises,
potentially disrupting essential services.
6.3.1.3. S1-1 – Policies related to Our Own Workers
Policies to Manage Material Impacts, Risks, and Opportunities Related to Our Own Workers
bpostgroup has an Enterprise Risk Management (ERM) Policy with an ERM framework containing an evaluation of the different material risks
including the ones linked to the workforce.
On top of this ERM risk policy, bpostgroup is adopting a robust Policy framework, which ensures effective management of material impacts,
risks, and opportunities related to the workforce by providing a structured approach for policy creation, validation, and implementation
across the group. The framework supports the development of policies including compliance, employee well-being, health and safety,
diversity, and risk management.
The Governance framework applies to all employees, as well as relevant coworkers (ie external staff). It ensures that policies are developed,
validated, and communicated across all levels of the group, ensuring comprehensive coverage of workforce-related material impacts.
Policies typically cover all employees within the organization, but specific policies may target particular employee categories (e.g., senior
management or specific business units).
The Policy Owner is responsible for drafting, validating, and implementing these policies, engaging key stakeholders across different stages.
The Policy Owner must consult with relevant stakeholders (e.g., HR, Compliance, Risk, and Legal) during policy creation to ensure alignment
with business needs and compliance requirements.
Policies undergo validation by the relevant senior management forum (e.g., ExCo) and, where needed, the Board. Local employee
representatives, such as unions, may also be consulted. After validation, the policy is communicated to the target audience, and training is
provided if necessary.

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In summary, bpostgroup's policies address impacts, risks and opportunities for its workforce comprehensively, engaging appropriate
stakeholders, and covering all employees or specific groups as relevant to each policy.
Alignment of Workforce Policies with International Standards
Workforce policies are explicitly aligned with the United Nations Universal Declaration of Human Rights (UDHR) and the Principles of the
United Nations Global Compact (UNGC). These frameworks serve as the foundation for the company's code of conduct and operational
guidelines, ensuring adherence to globally recognized human rights and labor standards.
While the policy is based on the UDHR and UNGC Principles, these are directly linked to the United Nations (UN) Guiding Principles on
Business and Human Rights, the International Bill of Human Rights, and the International Labor Organization (ILO) Declaration.
The International Bill of Human Rights builds upon the UDHR by formalizing its principles into legally binding covenants. Similarly, the UN
Guiding Principles on Business and Human Rights rely on both the International Bill of Human Rights and the ILO's labor standards to define
corporate responsibilities. Additionally, the UNGC Principles explicitly incorporate ILO conventions, ensuring alignment with international
labor rights.
As a result, while the company's workforce policies are based on the UDHR and UNGC, they inherently align with the broader framework of UN
Guiding Principles, the International Bill of Human Rights, and the ILO Declaration, ensuring consistency with global human rights and labor
standards.
Our Own Workforce-related Policies
Namely, bpostgroup's policies related to its own workforce include:
1. Human Rights Policies
2. Code of Conduct
3. Speak Up Policy
4. Escalation Policy
5. Diversity Policy (NB: this policy relates to bpost NV/SA but other entities in the group can adapt it for their organization, accordingly to their
country legal framework).
6. Stakeholders Policy
Scope and accountability for each policy are gathered in the following table:
Our Own Workforce-related Policies list
POLICY NAME VALUE CHAIN SCOPE ENTITIES SCOPE ACCOUNTABLE PERSON / GROUP
Human Rights Policy Own Workforce bpostgroup
Cf S1-1 §1
Policies undergo validation by
the relevant senior management
forum (e.g., ExCo) and, where
needed, the Board. Local employee
representatives, such as unions, may
also be consulted.
Code of Conduct Own Workforce bpostgroup
Speak Up policy Own Workforce bpostgroup
Escalation Policy Own Workforce bpostgroup
Diversity Policy Own Workforce bpost NV/SA (based on Code of Conduct)
Stakeholders Policy Own Workforce bpostgroup
NB: description of each policy is detailed below
Human Rights Policy and Code of Conduct
bpostgroup commits to respecting international human rights standards, including the UN Guiding Principles on Business and Human Rights,
the ILO Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises. These principles
are integrated into the company's code of conduct and operational guidelines, ensuring a robust adherence to globally recognized human
rights and labor standards.
The Company ensures compliance through its governance framework, including external assessments of its compliance maturity, and
alignment with legal standards. It addresses issues such as forced labor, child labor, human trafficking, fair working conditions, and equal
opportunities through risk management and transparent operational practices.
To ensure continuous alignment with UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles
and Rights at Work and the OECD Guidelines for Multinational Enterprises, those policies are frequently reviewed to reflect the latest
developments in global human rights and labor standards.

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The company emphasizes collective bargaining rights by engaging with unions and worker representatives, on a very frequent basis. It fosters
interaction and open communication and collaboration through different means: proactively via Pulse Surveys and reactively via platforms
such as Speak Up.
Speak Up Policy and Escalation Policy
Speak Up is a confidential and anonymous platform where employees can ask questions about ethics, compliance, or company policies,
report workplace concerns such as financial irregularities or harassment, and track their submissions
Inclusivity and diversity are key pillars of bpostgroup's human rights approach, ensuring all voices are heard in decision-making processes
that affect workplace policies and conditions. These principles underpin bpostgroup's commitment to providing a safe and respectful
environment for all workers
bpostgroup offers grievance mechanisms, such as confidential reporting channels for employees, to raise concerns about human rights
impacts. Investigations are conducted promptly, and remedial actions range from corrective measures to disciplinary actions, including
termination of relationships with offending parties. The policy ensures accountability and compliance with legal frameworks.
Specifically, the Speak Up Platform is used to flag and investigate all impacts on Human Rights reported by workers.
Health & Safety Related Policies (Workplace Accident Prevention)
bpostgroup does not have an aggregated policy for workplace accident prevention at group level, due to strong differences in local
legislation. However, entities developed local policies. We present below the examples of bpost NV/SA and Radial North America, accounting
for 90% of total employees:
Example 1: bpost NV/SA
In bpostgroup's Belgian activities, the employees' Health & Safety policy is based on the Federal Government's Act of August 4, 1996 on
well-being of workers in the execution of their work. This policy is driven by a dynamic risk management system: the structural planned
approach to prevention based on the general principles of prevention that results in the preparation of a global prevention plan (covering 5
years) and an annual action plan; The management system is based on a monthly reporting (Safety Performance Barometer) on health and
safety leading indicators, with 14 indicators guiding the preventive policies of operational management. These 14 indicators include namely
accidents severity rate, training volumes over first 10 days at work, or accident frequency rate.
Example 2: Radial North America
Regarding Radial North America & India branches, the Section 10.1 of the employee handbook relates to Health & Safety management, for
the United States, Canada and India. At Radial North America, safety is the mutual responsibility of the Company and its employees. The
Company strives to provide a safe, clean, and hazard free working environment. Employees must do everything possible to safeguard co-
workers, visitors, and themselves against accidents. Employees are responsible for observing safe work practices and notifying the Company
immediately (through any manager) of any observed or perceived unsafe condition. Failure to observe safety rules, regulations and/or posted
directions may result in disciplinary action, up to and including termination.
Diversity, Equity & Inclusion Related Policies
bpostgroup has a global Code of Conduct, which includes some guidance related to diversity. The code of conduct clearly mentions a series
of prohibited and non-tolerated conducts (harassment and discrimination; violence and threats, etc.), as well as expected behavior and list of
diversity criteria. There is zero-tolerance regarding any form of discrimination, inappropriate or prohibited behavior.
Moreover, the Speak-up & Escalation Policies at bpostgroup level clearly states a procedure to report inappropriate behavior with several
possibilities. The escalation policy at bpostgroup ensures the confidential handling of reported concerns by assigning cases to designated
case managers, implementing escalation rules to prevent conflicts of interest, and restricting information disclosure to what is strictly
necessary for the investigation.
On the other hand, it does not have a specific aggregated policy for diversity, equity & inclusion at group level, due to differences in local
legislation and specific actions per entity.
However, entities developed local policies. We present below the example of bpost NV/SA and Radial North America, accounting for 90% of
total workforce:
Example 1: bpost NV/SA
Diversity Policy Content
bpost NV/SA has specific policies aimed at eliminating discrimination, including harassment, and promoting equal opportunities, as well
as advancing diversity and inclusion. These policies are detailed in the company's Code of conduct and Diversity Policy and the various
measures outlined in the Diversity Brochure.

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Diversity Policy Criteria
The bpost NV/SA Diversity Policy refers to bpostgroup Code of Conduct, which explicitly refers to the following criteria regarding
discrimination: alleged race, skin color, nationality, descent or national or ethnic origin, disability, philosophical or religious convictions,
sexual orientation, age, financial means, civil status, political convictions, union membership, state of health, physical or genetic
characteristics, birth, social origin, gender and language. There is zero-tolerance regarding any form of discrimination, inappropriate or
prohibited behavior.
Diversity Policy Commitments Related to Inclusion of Groups at Risk and Dedicated Actions
bpost NV/SA's Diversity Policy focuses on a culture of inclusion. Our vision is to develop an inclusive working environment in which everyone
feels respected.
bpost subscribes to a broad-based definition of diversity. Diversity covers differences in gender, age, language, ethnicity, family composition,
education, skills, abilities, religion, sexual orientation, socioeconomic status, ways of working and behaving and others
In more detailed information sources on the intranet, bpost NV/SA has more information that concern specific groups with directives and
procedures to follow related to:
• Pregnancy and parenthood
• Gender
• Gender identity
• Generations
• Disabilities
• Ethnicity
• Sexual orientation
Diversity Policy Implementation Procedures
bpost NV/SA has established procedures to implement its policies aimed at preventing, mitigating, and addressing discrimination, as well as
promoting diversity and inclusion within the company, with for example:
• Training on diversity & discrimination for HR managers
• Language courses
• Manager led tool to enforce a respectful and inclusive team environment
• Deontological code for recruitment
• Specific procedure on recruitment & reasonable accommodation request for people with disabilities and partnership with Diversicom to
support in the recruitment of integration of people with disabilities
• Flexible work possibilities (in line with the legal framework in Belgium), for instance work-from-home policy
• Sensibilization campaigns around our ambition "100% respect" and material to further promote "100% respect" such as posters, stickers,
badges
Example 2: Radial North America
Diversity & Inclusion Related-Policies Content
Radial North America is committed to providing a work environment that is free from unlawful discrimination or harassment, and that is
detailed for several location of the entity within their employee handbook (cf. United States, Section 3.4 of employee handbook; Canda,
Section 3.4; India, Section 3.3). In keeping with this objective, the entity maintains a strict policy prohibiting conduct which treats employees
differently based on any status protected by law, such as race, color, religion, gender, physical or mental disability, pregnancy, medical
condition, national origin, ancestry, age, sexual orientation, gender identity, gender expression, genetic information, or marital status. Forms
of harassment and discrimination may include, but are not limited to, verbal (suggestive, insulting or derogatory comments, etc.) physical
(assault, unwanted physical contact, interference with movement, etc.), or visual (text messages, posters, cartoons, objects, etc.)
Diversity & Inclusion Related-Policies Criteria
All Radial North America Diversity & Inclusion policies subscribe to local law, with dedicated Sections in employees handbook for sub entities
(e.g. such as race, color, religion, gender, physical or mental disability, pregnancy, medical condition, national origin, ancestry, age, sexual
orientation, gender identity, gender expression, genetic information, or marital status).
Policy Commitments Related to Inclusion of Groups at Risk and Dedicated Actions
Radial North America developed both the Discrimination Policy which covers prevention as well as the Equal Opportunity Policy which states
the entity is committing to promoting, hiring, compensating employees based on qualifications regardless of their characteristics and then
provides allowances for accommodations related to legally covered elements

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Policies Implementation Procedures
Radial North America policies outline the procedures for reporting discrimination, the company's commitment to investigating these claims,
the expectation that substantiated claims will result in corrective action (up to and including termination), as well as retaliation prohibition.
Stakeholders Policy
Stakeholder engagement is currently outlined and detailed in a Stakeholder Policy. The policy describes how commitment to stakeholder
should be established and moreover, how stakeholder engagement should be integrated with governance, strategy and operations..
However, this policy is being reviewed and will gradually be replaced or potentially phased out as its content will be covered by other, more
targeted policies, including the Public Affairs Policy, Communication Policy, and Relationship Agreement. Additionally, the governance
structure and responsibilities associated with this policy will be reassessed.
6.3.1.4 S1-2 – Processes for Engaging with Own Workers and Workers' Representatives
About Impacts
bpostgroup does not have a Global Framework Agreement (GFA) at group level, nor a uniformized engagement process for engaging with Own
Workers and workers' representative at group level, due to strong differences in local legislation as internal organization. However, entities
developed local processes. We present below the example of bpost NV/SA and Radial North America, being the two most material entities and
representing 90% of materiality:
Example 1: bpost NV/SA
Engagement with Our Own Workforce
At bpost NV/SA, engagement occurs through continuous feedback and discussions, particularly with operations managers, supported by
regional staff and performance management processes. This feedback loop is formalized through mechanisms like the social dialogue,
where trade union delegates convey staff input. Relevant feedback is compiled into actionable files for adapting postal regulations, which are
subsequently reviewed and approved by the Joint Committee.
To support these processes, bpost NV/SA has established a dedicated well-being team, comprising experts in DEI, absenteeism, well-being,
and a director of well-being. This team collaborates with institutions like the Antwerp Management School to enhance well-being policies.
Tools such as the "My Voice" survey and expertise centers provide structured platforms for gathering and interpreting employee feedback. HR
Business Partners (HRBPs) work alongside management to review and communicate results, facilitating informed decision-making. Managers
are supported by training and expertise, ensuring they possess the necessary skills to navigate complex team dynamics effectively. This
framework underscores bpost NV/SA's commitment to integrating workforce views into impactful decisions (cf. S1-17 – Incidents, complaints
and severe human rights impacts).
As a direct consequence, workforce views significantly influence decision-making processes regarding the management of impacts. The
company employs a multi-faceted engagement strategy tailored to its diverse workforce, incorporating feedback mechanisms and structured
planning frameworks. For blue-collar workers, hiring controls have been implemented to mitigate potential job losses, particularly in
response to changes like press concession losses. For white-collar employees, workforce planning is guided by a structured budgetary
framework, with HRBPs and CHRO oversight. A dedicated manpower planning team ensures comprehensive checks on contracts (fixed-term
contracts, open-ended contracts and interim), coupled with structured follow-ups.
Impact of Engagement with Workforce on Decision or Activities
The company places a strong focus on workforce planning (focused on blue collars so far, to be extended to white collars), upskilling, and
reskilling as part of its commitment to employee development and well-being, fostering a "consensus culture" where all stakeholders,
including social partners, are actively consulted.
Pulse surveys are shared across all levels of the company and analyzed in dedicated focus groups to identify key areas of improvement.
Employee input has directly shaped significant decisions, including the declaration of vacant contractual positions and the reinstatement
of part-time work at 40% for medically challenged employees—proposals that were formalized and included in the agenda for management
approval.
Beyond these efforts, the company encourages engagement through Speak Up policies and regular audits, ensuring that employee voices are
heard and acted upon. Starting in 2025, the well-being survey score will be integrated into the Short-Term Incentive Plan (STIP) to reinforce
the commitment to tangible outcomes (To qualify for the STIP, you must be employed on December 31st of the reference year and have at
least six months of service within that year. Eligibility is limited to specific employee levels, including managers, statutory employees with
a mandate, trainees, and statutory or baremic contractual employees at the H level).). This comprehensive approach also includes regular
dialogue with social partners, structured discussions, and initiatives to promote employee well-being. For example, the introduction of
flexible work arrangements following union advocacy has significantly enhanced work-life balance. Thus, the company ensures that its
workforce planning, well-being, and engagement initiatives are impactful and sustainable.

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Deep-Dive on Vulnerable Workers Categories
bpost NV/SA takes specific steps to understand and address the perspectives of vulnerable or marginalized groups within its workforce, such
as women, migrants, and people with disabilities:
• Feedback Mechanism (regular bi-annual employee surveys and focus groups to gather employees' insights, including a question related to
respect and fairness)
• Internal support structure (psychosocial team is trained to give support to all employees and bring support to make sure employees feel
supported) + Internal networks (Young @ bpost, Pride2b, X and Y, etc.)
• Collaboration with External Organizations (Partnerships with DIVERSICOM and EMINO & Duo for a Job Program & TADA/TAJO)
Internal Parties Involved on Engagement with Workforce and Operational Responsibilities
bpost NV/SA's approach to managing impacts on its workforce is shaped by a combination of direct engagement with employees and
collaboration with workers' representatives, fulfilling both legal obligations and organizational values. The company consults unions when
appropriate, ensuring alignment with established labor rights. Beyond compliance, the company recognizes the value of engaging with
unions and managers to test and refine initiatives before implementation, reflecting a commitment to thoughtful decision-making.
Employee well-being is prioritized through structured processes, including individual well-being interviews with managers, which provide
a platform for employees to express concerns, share feedback, and identify necessary adjustments to their roles. This personalized
engagement is complemented by broader organizational efforts, such as surveys conducted at the team, entity, or organization level,
capturing workforce sentiment and identifying trends across the company.
In parallel, employee representatives play a key role in amplifying workers' voices. Employees can raise questions, concerns, or suggestions
with their representatives, who then address these issues during monthly consultation meetings or through informal channels. Regular
dialogue in various joint subcommittees ensures that these inputs are systematically reviewed and acted upon.
Responsibility for ensuring workforce engagement and informed decision-making typically falls under the role of managers, supported by
specific teams and processes. Managers play a key role in addressing workforce concerns and escalating relevant issues, with input from HR
Business Partners (HRBPs), well-being teams conducting surveys, and Health & Safety teams focusing on psychological safety. Workforce
planning, along with structured feedback mechanisms, ensures employees are engaged and their voices are heard. However, no dedicated
training has been assigned to this role.
Engagement on Environmental Transition
bpostgroup actively engages with its workforce on the impacts of its transition to greener operations, particularly regarding electrification
and carbon reduction initiatives. The shift towards professional electric vehicles has required employees to adapt to new technologies,
prompting targeted training programs.
This engagement ensures that workforce concerns are considered in the green transition strategy, with structured training minimizing
negative impacts and facilitating workforce adaptation. The structured dialogue with the CPPT further integrates employee feedback into
decision-making on safety and operational adjustments linked to new vehicle technologies.
Engagement Effectiveness Assessment
The company assesses the effectiveness of its engagement with the workforce through several mechanisms. It employs continuous feedback
groups, communication sessions, surveys such as the biannual well-being survey "My Voice". These tools measure factors like personal well-
being and provide insights into workforce concerns. The results are shared and discussed with unions through regular joint commissions
at different levels. Additionally, workforce engagement is integrated into the performance objectives of people managers and is monitored
through key indicators like turnover rates. When processes highlight significant exceptions, they are reviewed to ensure alignment with
employee needs.
Agreements with Workers' Representatives
At bpost NV/SA, several agreements (such as the Administrative, Monetary and Trade Union Statute, as well as Labor Regulations) have been
negotiated by the company with its trade unions in the competent consultative body and subsequently approved in the Joint Committee of
bpost NV/SA. These lay down a number of (human) rights of the employees, including in terms of remuneration, working hours, well-being at
work, etc. Moreover, on a yearly / bi-yearly basis, the company negotiates a company collective labor agreement with the Trade Unions, which
also provides for a number of rights for the workforce.
Example 2: Radial North America
Engagement with Our Own Workforce
Employee engagement is managed collaboratively across all levels of management, with dedicated support from HR professionals.
Workforce views are gathered through regular engagement activities. This feedback is integrated into decision-making processes to improve
organizational impact, ensuring that decisions align with employee needs and perspectives.

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Impact of Engagement with Workforce on Decision or Activities
Radial North America engages on a regular basis with its workforce to ensure appropriate decision-making process.
Radial NA invites all employees to participate in a biannual well-being survey; based on results, focus groups may be warranted in order to
detail specific issues or solutions and also invites fulfillment employees to provide more frequent survey results through "Workstep", a survey
tool inviting workers to respond at set intervals throughout their employment journey.
Additionally, Radial NA encourages all employees to provide feedback to their managers, executives or HR partners throughout the year for
continuous improvement purpose.
Results of these surveys in the form of themes are shared back with employees.
Deep-Dive on Vulnerable Workers Categories
Radial North America has several feedback mechanisms to support all employees including biannual surveys which include, among others,
questions surrounding belonging, inclusion, and trust. Radial North America also conducts more frequent Voice of the Associate sessions in
which employees are encouraged to provide feedback to on-site leadership.
The Radial North America Human Resources Team is trained in Mental Health First Aid in order to provide real-time support for employees in
mental health crises.
Radial North America provides access to ERGs (Employee Resource Groups) ensuring that diversity, equity, and inclusion are shared to
management and embedded into all aspects of Radial (including Women's Initiative Network, Mental Health and Wellness, Veterans and Allies
Network, and Pride.)
Internal Parties Involved on Engagement with Workforce and Operational Responsibilities
The views of the workforce play a significant role in influencing decisions about managing impacts on them. Feedback gathered through well-
being surveys "Workstep" and one-to-one discussions is actively considered. It informs action planning at both the team and company levels,
ensuring that individual voices are heard, providing a collective perspective. These approaches help align company actions with workforce
needs and expectations.
Responsibility for ensuring workforce engagement and informed decision-making typically falls under the role of managers, supported by
specific teams and processes. Managers play a key role in addressing workforce concerns and escalating relevant issues, with input from HR
Business Partners (HRBPs and HR conducting surveys. Engagement tools, along with structured feedback mechanisms, ensure employees are
engaged and their voices are heard. Managers have received training on how to interpret results and develop action plans.
Engagement Effectiveness Assessment
As for bpost NV/SA, Radial North America assesses the effectiveness of its engagement with the workforce through several mechanisms. It
employs continuous feedback groups, planning sessions, surveys such as the annual well-being survey "My Voice", and pulse surveys. These
tools measure factors like stress levels and provide insights into workforce concerns. Additionally, workforce engagement is integrated
into the performance objectives of managers and is monitored through key indicators like turnover rates. When processes show significant
exceptions, they are reviewed to ensure alignment with employee needs.
6.3.1.5 S1-3 – Processes to Remediate Negative Impacts and Channels for Own Workers
to Raise Concerns
bpostgroup does not have uniformized channels for remediating negative impacts for Own Workers at group level. However, entities
developed local channels. We present below the example of bpost NV/SA and Radial North America, being the two most material entities and
representing 90% of materiality.
Example 1: bpost NV/SA
General Approach for Negative Impact Remediation
The company addresses and remedies significant negative impacts on its workforce through a structured approach centered on social
dialogue and risk analysis. Remedying measures are implemented through the mechanisms outlined in the Trade Union Statute and its
associated Guidelines, ensuring employee engagement and adherence to formal procedures. The effectiveness of these remedies is assessed
using the 'My Voice' survey, which gathers employee feedback. Additionally, the company collaborates with its Enterprise Risk Management
(ERM) team to identify and mitigate workforce-related risks proactively. By integrating reskilling trajectories (eg. external mobility), flexible
planning, and engagement initiatives into its workforce strategy, the company aims to improve skills management and minimize risks.

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Available Channels to Raise Concerns
The company provides different channels for its workforce to raise concerns or needs. Primarily, workforce can seek support through
team managers. Secondly, staff members can seek support from confidential counsellors employed by the Prevention and Psychosocial
department. This support is available on the Intranet, in the "wellbeing" Section.
Then, the company uses its "Speak up" policy as a secondary mechanism for addressing concerns. These channels are managed internally by
the company and are designed to ensure employees have multiple avenues to voice their needs and receive support.
Grievance Handling Mechanism – Principle and Availability
Each HR related issue has a dedicated grievance handling process, with specific hierarchical chain to follow and instance to reach. For
example, Performance Management Process (PMP) offers workforce an opportunity to challenge evaluation scoring.
Furthermore, in addition to tools and policies (Code of Conduct, Speak Up and Escalation Policy), any staff member can raise any issue with
the company through managers.
bpost NV/SA ensures availability of channels to raise concerns via its compliance and audit teams, and complaints processes are regularly
updated and shared to employees (either via mail, communication sessions or Intranet, depending on workforce category)
Grievance Handling Mechanism – Effectiveness Assessment
Privacy and Compliance team provides quarterly reports on compliance matters to the ExCo and the Board's Audit, Risk, and Compliance
Committee (ARCC), including issues raised by our workforce.
Within the framework of the Speak up program, management takes action when a reported issue requires attention. For other workforce-
related concerns, bpost NV/SA has a dedicated team focusing on well-being and prevention. This team ensures that appropriate steps are
taken to support our workforce by implementing relevant actions.
Workforce Awareness and Trust's Assessment Regarding Implemented Grievance Handling Mechanism
Available channels for raising concerns are shared with employees through the Code of Conduct. To ensure all recipients have received the
information, each recipient must confirm receipt of the Code of Conduct. Through various tools already used, bpost NV/SA has an overall view
of the trust of different channels by workforce.
Workforce Protection Against Retaliation for Using Grievance Handling Mechanism
The company has policies in place to protect individuals, including workers' representatives, who use the available channels from retaliation.
The Speak Up policy ensures that people reporting are protected, with confidentiality guaranteed for all cases, including those related to
prevention management. Additionally, the Trade Union Statute explicitly safeguards union delegates from dismissal for actions directly tied
to their duties. The anonymity of employees using the Speak Up process is further guaranteed, with designated trusted people, such as social
assistants, bound by professional secrecy to uphold confidentiality.
Example 2: Radial North America
General Approach for Negative Impact Remediation
Concerns raised by employees may come through surveys, focus groups or direct feedback. Leaders create tracking that is shared with
employees on what concerns are raised and the actions being taken to remedy any negative impact.
Available Channels to Raise Concerns
Radial North America provides channels for its workforce to raise concerns or express needs. Employees can report issues anonymously
through the company's ethics hotline, ensuring confidentiality and security. Additionally, they can address concerns directly with HR
representatives, offering a personal and approachable option. These channels are established internally by the company to create a
supportive environment where employees feel empowered to voice their concerns.
Grievance Handling Mechanism – Principle and Availability
The company developed a complaint handling mechanism specifically for employee matters. This complaint mechanism includes but is not
limited to HR Central, management, HR Business partners with the employee handbook outlining the complaints procedures. Employee
concerns are evaluated in collaboration with the HR department. If necessary, these concerns are investigated further through interviews
conducted by an HR representative, ensuring a fair and thorough process for addressing employee issues.

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The company ensures that its workforce has access to channels for raising concerns or needs by maintaining an ethics hotline (cf above).
Those channels are also communicated on on-site materials such as posters and handouts, provided in yearly trainings, and send by
reminders from HR and management. Employees are regularly trained on how to use the hotline effectively, fostering awareness and
confidence in the process. This proactive approach ensures that staff is equipped with a reliable and confidential mechanism to report
concerns
Grievance Handling Mechanism – Effectiveness Assessment
The company ensures that issues raised by its workforce are tracked and monitored effectively through regular reviews of complaints by the
appropriate owners in HR and Legal departments. These reviews evaluate the legitimacy, accessibility, and transparency of the complaint
channels to ensure they align with human rights standards. Insights gained from this process are used to improve the complaint mechanisms
and proactively prevent future issues.
Here are a few results coming from the survey result:
• Top Priority Survey Result – Appreciation
Local initiative to remedy: Increased engagement and communications. Awards ceremony scheduled for August 2024 to recognize
associates for their performance and attendance along with random giveaways across all shifts. Sunday Funday implemented with lunches
or snacks along with prize giveaways weekly. A family day is scheduled for October 2024 at the site to give associates the opportunity to
bring family members to the site for Trunk or Treat events and facility tours. Trade Port Times newsletter published monthly and displayed
in breakrooms on table-toppers.
• 2
nd
Priority Survey Result – Accountability for Team Performance
Local initiative to remedy: Daily and weekly feedback being provided from leadership with both a recognition and rewards program in place
as well as re-training opportunities as applicable. Collectively, results are shared daily and weekly towards our Safety, Quality, Delivery and
cost results against our goals. Quarterly business updates now also being shared.
• 3
rd
Priority Survey Result – Inclusion
Local initiative to remedy: Hosted Pride Parade at the site in conjunction with a wear pink day, honored veterans with a luncheon on
Veteran's Day and have included our agency partners in Town Hall events. Have recently identified bilingual ambassadors to help support
our ESL population. DEI training for leaders is scheduled for August 2024.
Workforce Awareness and Trust's Assessment Regarding Implemented Grievance Handling Mechanism
The company ensures that its workforce is aware of and trusts the available channels for raising concerns by regularly communicating
information about these channels. Additionally, survey responses are shared with employees, providing transparency and reinforcing trust
in the process. By openly sharing survey feedback, the company demonstrates its commitment to maintaining effective communication and
addressing concerns.
Workforce Protection Against Retaliation for Using Grievance Handling Mechanism
Radial North America has policies in place to protect individuals who use the available channels from retaliation. This is explicitly outlined in
the company's handbook, which includes a non-retaliation policy to ensure a safe environment for reporting concerns without fear of adverse
consequences.
6.3.1.6 S1-4 – Taking Action on Material Impacts on Own Workforce and Approaches
to Mitigating Material Risks and Pursuing Material Opportunities Related to Own
Workforce, and Effectiveness of Those Actions
bpostgroup does not have uniformized actions to remediate negative impacts or to deliver positive impacts, given strong operational
differences between entities. However, entities developed local actions and processes to prevent, mitigate and remediate negative material
impacts on its own workforce, as well as to achieve positive material impact on its own workforce. bpostgroup has not yet taken any action
regarding 'privacy' & 'collective bargaining' due to timing constraints but plans to do so in the coming years. We present below the examples
of bpost NV/SA and Radial North America, being the two most material entities and representing 90% of materiality:
Example 1: bpost NV/SA
Actions Identification Process
bpost NV/SA identifies actions needed to address negative impacts on its workforce by first assessing the materiality of the impact and
determining the appropriate response. The company engages in discussions with unions when the materiality of the issue and its potential
impact on employees warrant collaborative dialogue. This process involves a wide variety of potential measures such as workforce
planning, upskilling, and reskilling. Stakeholder feedback, gathered through mechanisms like employee pulse surveys, plays a crucial role in
understanding workforce concerns and guiding decisions.

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As a specific example, to address absenteeism, bpost NV/SA launched an improvement plan in 2023, reviewed in 2024 with operational units,
and already showing results. Key proactive measures include:
• Monitoring well-being through pulse surveys
• Enhancing workplace atmosphere and HR support
• Leveraging data-driven insights to track absenteeism
• Promoting healthy lifestyles, including a comprehensive smoking policy
• Clarifying management roles and increasing stakeholder involvement
• Improving workplace conditions
By continuously refining our approach, we aim to reduce absenteeism, strengthen workforce resilience, and enhance overall well-being.
Actions to Deliver Positive Impact
The company has taken additional actions to deliver positive impacts for its workforce by focusing on clear performance monitoring and
fostering open communication.
Objectives are set as part of the performance cycle, with mechanisms such as bonuses and development plans to incentivize achievement
and align individual goals with organizational priorities. Additionally, management plays a dual role in supporting employees by facilitating
social dialogue to identify and address workplace issues proactively. Moreover, Attract to Onboard team prioritizes internal hiring over
external recruitment.
The company is actively pursuing opportunities to develop and enhance the skills of its workforce in response to evolving needs in the
postal sector and broader market trends. With logistics skills becoming increasingly important, initiatives are underway to upskill and reskill
employees, particularly those transitioning from other activities. Efforts include exploring opportunities for secondments to subsidiaries,
addressing workforce imbalances across entities, and facilitating external mobility initiatives. For example, statutory and contractual
employees may be seconded to organizations such as public transport, offering them the chance to gain new experience. These actions aim
to ensure the workforce remains agile, skilled, and well-positioned for future challenges (cf. S1-17 – Incidents, Complaints and Severe Human
Rights Impacts). You can find bellow a list of actions bpostNV/SA is taking to deliver positive impact.
Diversity, Equity & Inclusion (DE&I)
Pride2B
Pride2B, bpost NV/SA's LGBTQIA+ and allies' network, strengthened its foundation by formalizing its board, mission, and objectives. The
group hosted "Let's Drag It Up – Trivia Edition," drawing nearly 70 colleagues for a night of drag performances and LGBTQI+ awareness.
Pride2B also participated in Brussels and Antwerp Pride as part of the Open@Work network. Key priorities include raising awareness,
building community connections, and strengthening non-discrimination policies. In honor of Pride Month, a panel discussion highlighted
LGBTQIA+ workplace inclusion, with employees sharing experiences on corporate allyship and identity.
XandY
XandY and Women's Initiative Network are bpostgroup's women's leadership networks dedicated to women's empowerment. In 2024, XandY
hosted an interactive session on managing mental load and stress, featuring insights from experts in, HR, and workplace well-being. This
session was part of a broader initiative focusing on stress management, self-control through meditation, and building mental resilience.
Another event organized in 2024 was dedicated to menopause.
Young
Young, an ERG for employees aged 40 and below,
expanded to 450 members and hosted key events,
including a meet-and-greet with ExCo, a visit to Staci's
Belgian facility, and networking afterwork gatherings.
An online touchpoint was launched to gather member
feedback and ensure alignment with evolving needs.
Learning & Development
Diversity and Antidiscrimination Training
bpostgroup expanded its Diversity & Discrimination
Training, developed with UNIA, to include HR Business
Partners alongside HR managers and recruiters.
Additionally, new hires receive DE&I training on Welcome
Day, reinforcing bpost NV/SA's commitment to an
inclusive workplace.
The Young community visited
the Staci's Belgian facility

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FutureMe
FutureMe is a 2–3-year program in Belgium that
enables participants to earn a secondary school
diploma through distance learning and 12 in-person
courses per year. Covering general education subjects
like languages, IT, mathematics, and science, it
includes assignments, exercises, study tasks, a
final year project, and an internship. Running from
September to June, it not only supports personal
success but also creates opportunities for career
advancement or further studies. Since 2012, there have
been 327 graduates (including 11 in June 2024), and in
2024, 40 new enrollments across Belgium.
Actions to Mitigate Negative Impacts
The company has taken proactive steps to mitigate significant negative impacts on its workforce by focusing on reskilling initiatives, internal
and external mobility programs. For example, dedicated reskilling tracks have been developed to help employees, such as postal carriers
and sorting agents, transition into roles like truck drivers and commercial profiles within retail, equipping them with the appropriate skills.
Additionally, the company has boosted internal and external mobility opportunities, including white-collar, to facilitate career growth and
evolution in a fast-changing postal market environment. While these activities emphasize capacity building and opportunity creation, the
company also tracks outcomes, such as turnover rate or actual number of training hours, to validate the application and results of these
actions.
The company has taken action to address and provide remedies for actual significant negative impacts on its workforce. This has been
achieved through a comprehensive strategy involving workforce planning actions (cf.S1-2 – Processes for Engaging with Own Workers'
Representatives about Impacts). Furthermore, HR Business Partnering Professionals (HRBPP) are responsible for monitoring implementation
and quantifying the impact of actions taken. Finally, actions are monitored regularly through surveys to ensure effectiveness. Key measures
include initiatives for re-skilling and up-skilling employees, fostering internal mobility to enhance career development opportunities. These
actions are designed to mitigate negative impacts, support workforce stability, and promote long-term employee growth and satisfaction (cf.
S1-17 – Incidents, Complaints and Severe Human Rights Impacts). You can find bellow a list of actions bpost NV/SA is taking to mitigate negative
impact.
Health and Safety
Points Mobile Reporting Tool
To enhance workplace safety
and efficiency, Points, a
mobile reporting tool, enables
postal workers to share critical
route information, such as
risks, difficult mailboxes, and
parking issues. This improves
safety, service quality,
and confidence, especially
for new and replacement
workers. It also ensures smooth
transitions during absences and
operational changes.
Safety Register
In 2024, bpost NV/SA expanded its unified safety register, tracking machines, transport means, and certified personnel qualifications. The
system automates inspections, training follow-ups, and work permits, ensuring high safety standards across all entities.
Safety Games
The Safety Games engage over 10,000 employees, making safety training interactive and effective. By integrating fun elements, they foster
daily safety awareness and reinforce best practices across all operational units.

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Ergonomy Optimization
A comprehensive ergonomic assessment was conducted to enhance workplace safety and comfort, followed by
awareness training and workstation adjustments to prevent musculoskeletal disorders (MSDs). A structured lifting
techniques training program using the train-the-trainer method covered key departments, with 549 internal
trainers trained through 142 sessions in collaboration with external prevention services. An inventory of
ergonomic aids ensured availability and proper use, supported by procedural improvements. To reinforce safe
workplace practices, an educational film on ergonomics was distributed across all business units of bpost NV/SA.
Collaboracœurs
During the busiest time of the year, between the Black Friday and the holiday season, nearly 500 colleagues from the support services team
in Belgium rolled up their sleeves with great enthusiasm to help manage the incredible volumes and give support in operations. They put
their hearts and souls into tasks such as collecting, encoding, sorting, and distributing letters and parcels, demonstrating their unwavering
commitment and teamwork.
Diversity, Equity & Inclusion
Women@Sorting – 100% Respect
As part of "All Unique, all bpostgroup," a targeted action
plan was developed to combat sexism and promote
workplace respect in operations. A 100% Respect
manual was introduced for managers, featuring guided
team discussions and training sessions.
Brave Conversations
The "Brave Conversations" series tackled well-being
in a diverse workforce, led by James Edge, CEO of
Global Cross Border. Panelists explored equitable well-
being approaches across age, gender, disability, and
socioeconomic backgrounds.
Focus on Actions to Mitigate Negative Impacts from
Green Transition
The shift towards electrification, such as the adoption of professional electric vehicles, has required employees to adapt to new technologies.
To facilitate this transition, the company provides targeted training courses for postal carriers, provided by the FRAC ("Formation Rationnelle
et Accélérée des. Conducteurs") and supervised through the Comité de Prévention et Protection du Travail (CPPT), an official consultation
body responsible for overseeing mandatory training programs. These efforts ensure that employees are equipped to handle changes,
minimizing negative impacts on the workforce while addressing external risks associated with dependency on traditional technologies.
Actions to Mitigate Dependencies on Own Workforce
bpost NV/SA has implemented actions to mitigate material risks related to its workforce by bringing in, under the applicable legal
frameworks, interim workers and fixed-term contracts workers in case of full-time internal workforce shortage, thus enhancing the flexibility
of its core workforce. By developing a flexible staffing model that combines permanent employees with a "flexible shell" of interim workers
and temporary internal workers, the company ensures operational adaptability while reducing reliance on external labor.
Actions Effectiveness' Tracking and Assessment Processes
The company tracks and assesses the effectiveness of its actions and initiatives for its workforce through a structured and
hierarchical system. Objectives and Key Results (OKRs) are defined in a top-down manner, with managers setting OKRs for workers and the
board setting OKRs for managers, ensuring alignment with organizational goals. This structured approach allows the company to evaluate
performance consistently and determine appropriate bonus levels based on OKRs outcomes. Regular follow-up within the hierarchical chain
of command ensures that objectives are met, and performance is assessed effectively.
Example 2: Radial North America
Actions Identification Process
The company tracks and assesses the need for actions and initiatives for its workforce through regular employee feedback surveys, as well
as focus groups, which provide insights into workforce satisfaction with company efforts. These surveys help identify areas for improvement
and measure the success of initiatives in delivering positive outcomes. Additionally, the feedback informs strategies to prevent and reduce
negative impacts, ensuring that employee concerns and priorities are addressed effectively.

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It also monitors external labour market conditions to anticipate potential challenges and implement proactive or reactive measures as
needed. Workforce-related risks, such as employee turnover and external labour market pressures, are integrated into the company's overall
risk management processes to ensure a comprehensive approach to addressing dependencies and impacts on its workforce effectively.
Actions to deliver positive Impact and mitigate negative Impact & Risk
Radial North America employees who are not working in a distribution site are provided the opportunity to work a flex schedule that allows
them to work from home all or part of their work week. Employees have responded on employee engagement and exit surveys that they
experience and appreciate the work flexibility that improves their work-life balance.
Moreover, Radial North America has implemented family planning benefits that support extended healthcare benefits for many life
milestones including IVF (In Vitro Fertilization) treatment, adoption, pregnancy, menopause and more. As a result of these more inclusive
benefits and other efforts, many focused-on women in the workplace, Radial was recognized as a Great Place to Work for Women in 2024.
Radial North America is committed to pursuing material opportunities related to its workforce by ensuring compliance with regulatory
wage requirements and actively monitoring market trends. This includes planning wage adjustments to align with both market conditions
and business needs. In 2024, several roles benefited from market wage adjustments, reflecting the company's dedication to maintaining
competitive and equitable compensation practices.You can find bellow a list of actions Radial NA is taking to mitigate negative impact
Health & Safety
Mental Health and Wellness ERG
The Mental Health and Wellness ERG of Radial North America organized two major wellness challenges in 2024. The "Little Things Campaign"
in January promoted small, daily actions for mental well-being, resulting in 460 activities logged. In May, the "Miles for Mental Health"
challenge encouraged participants to walk, run, or bike 100 miles, with 39 members covering a total of 4,855.98 miles.
Mental Health First Aid Certification
The Radial NA HR team introduced a Mental Health First Aid Certification program through the National Council for Mental Wellness.
Employees were trained to recognize and respond to colleagues facing mental health or substance use challenges, ensuring a supportive and
safe workplace.
Diversity, Equity & Inclusion
Veterans and Allies Network
In 2024, the Veterans and Allies Network proudly created a special edition Radial Challenge Coin to honor the bravery and dedication of our
veterans and active service members. In celebration of Veterans Day, they distributed 175 of these unique coins, each symbolizing unity,
pride, and a deep respect for those who have served. Rooted in military tradition, challenge coins represent camaraderie and achievement,
and through this gesture, we reaffirm our commitment to supporting and celebrating the strength and resilience of our military community.
Best Place for Management to Work
In 2024, Radial proudly earned a spot on Forbes' prestigious "America's Best Employers for Women" list. This recognition highlights our
ongoing commitment to fostering an inclusive and supportive work environment where women are empowered to thrive. We are dedicated to
advancing diversity and equity across all levels of our organization, and this acknowledgment reflects the progress we have made in creating
a workplace that values and promotes the contributions of women. This achievement is a testament to the hard work of our team and our
continued efforts to ensure a positive, inclusive culture for all employees.
Training Skills and Development
Service Delivery Associate Development Team
Radial launched a dedicated Service Delivery Associate Development Team to support the learning and career growth of Service Delivery
Associates, who make up more than half of the workforce and have limited access to company devices. This team focuses on enhancing their
professional journey within Radial.
Actions Effectiveness' Tracking and Assessment Processes
The company tracks and assesses the effectiveness of its actions and initiatives for its workforce through regular employee feedback surveys,
as well as focus groups, which provide insights into workforce satisfaction with company efforts. These surveys help identify areas for
improvement and measure the success of initiatives in delivering positive outcomes. Additionally, the feedback informs strategies to prevent
and reduce negative impacts, ensuring that employee concerns and priorities are addressed effectively.

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It also monitors external labor market conditions to anticipate potential challenges and implements proactive or reactive measures as
needed. Workforce-related risks, such as employee turnover and external labor market pressures, are integrated into the company's overall
risk management processes to ensure a comprehensive approach to addressing dependencies and impacts on its workforce effectively.
6.3.1.7 S1-5 – Related to Managing Material Negative Impacts, Advancing Positive
Impacts and Managing Material Risks and Opportunities
Process to Set and Track Targets, as well as Identifying Lessons Learned
bpostgroup does not have a general, standardized process for setting targets at group level; instead, target-setting processes are typically
determined on an ad hoc basis, with each domain or area of expertise establishing its own specific targets.
The level of workforce involvement in target-setting varies depending on the topic or area in question. In some cases, engagement can
be minimal, such as through information sharing or consultation, while in other instances, it can be more active, with employees or their
representatives being directly included in the process. When relevant, unions or employee representatives are involved in discussions about
the targets, particularly when these targets are impactful to the workforce.
Additionally, in the Belgian distribution department, there is a separate HR process for setting individual objectives, which may include input
from regional managers or Mail Center Manager (MCMs), but this is distinct from the broader process for setting group targets.
The tracking process is similar to the target-setting process, with no standardized group methodology. It is ad hoc and varies depending
on the specific KPI. Different tracking methods are used, and the frequency of tracking can range from yearly to monthly, depending on the
target. Similarly, workforce & workers' representative involvement in the tracking process depends on the specific topic. Engagement can
range from minimal information sharing to active participation, based on the relevance of the KPI and its impact on the workforce.
Finally, bpostgroup's process for identifying lessons or improvements based on performance follows a similar approach to target-setting
and tracking, with no standardized group methodology. The process is ad hoc and varies depending on the specific KPI, leading to different
corrective actions being implemented. Engagement of internal workforce can range from sharing information to active participation in
developing corrective actions, depending on the relevance of the KPI and its impact on the workforce.
For example, ESG targets are set by identifying KPIs based on factors such as historical performance, legal requirements, current group
objectives, and benchmarks against peers. ESG targets are tracked by local relevant operational teams, collected, computed and analyzed
by group sustainability team and reported to ESG steerco and ESG Committee of the Board, with quarterly board meetings dedicated
to reviewing performance and improvements - for instance, accident rates and absenteeism metrics at bpost NV/SA are retrieved from
dedicated dashboards, owned by relevant teams and regularly reported and discussed in the different mentioned committees. In the case of
ESG KPIs, the process to identify key lessons and improvements involves:
• Identifying underperforming Business Units (BUs) and entities
• Reviewing actions in progress within those BUs and entities
• Defining an action plan to improve performance on the concerned KPI
• Tracking progress made
bpostgroup tracks the effectiveness of policies through a strong commitment to social dialogue, structured reporting processes, and active
engagement with worker representatives. We foster open communication with employees, ensuring their voices are heard and considered in
decision-making. Regular assessments and feedback mechanisms help us identify areas for improvement, while transparent reporting allows
us to monitor progress and compliance.
Workforce Related Targets
KPI ENTITY BASELINE TARGET TARGET RATIONALE TARGET YEAR IN RELATION WITH
POLICY
Frequency rate bpost NV/SA
Radial NA
28
4.75
24
<10
Retention of the
target previously
applied, based on
the 2019 baseline
2025
Workplace accident
prevention policy
Women in
management (%)
bpostgroup 37.8% 45% Retention of the
target previously
applied, based on
the 2019 baseline
2025 Diversity and
inclusion policy
Absenteeism rate
(%)
bpost NV/SA 9.09% 8.6% Retention of the
target previously
applied, based on
the 2023 baseline
2025
Workplace accident
prevention policy

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bpostgroup has not yet established any targets for the following disclosures: S1-6, S1-7, S1-8, S1-13, and S1-16 due to timing constraints. In
2025, we will initiate a target-setting process for all disclosures, including those currently without targets as well as the existing targets, all of
which are focused on the year 2025.
The frequency rate metric is performing better than target across both entities, reflecting our continued commitment to workplace safety and
risk prevention.
Absenteeism remains stable, preventing us from moving closer to the target. Despite the initiatives implemented to improve attendance,
additional efforts will be required to drive meaningful progress. We will continue to assess and strengthen our actions to achieve our objectives.
Despite the efforts made, the progress achieved in increasing the proportion of women in management is not sufficient to meet the set
objective. Aware of the importance of this issue and the opportunity it represents in the context of our transformation, and based on the
integration of new entities in the group, we will revisit and update the target during the course of 2025 and implement a strengthened action
plan to accelerate progress in this area.
Frequency rate is a bpost specific metric that is further detailed in the S1-14 Health and Safety Section.
6.3.1.8 S1-6 – Characteristics of Employees
Number of Employees per gender
GENDER NUMBER OF EMPLOYEES (HEADCOUNT)
Male 21,480
Female 11,084
Other 0
Not reported 159
Total Employee Headcount 32,723
Number of Employees per Country
COUNTRY NUMBER OF EMPLOYEES (HEADCOUNT)
Belgium
26,628
United States of America
3,649
Number of Employees per Contract Type
FEMALE MALE OTHER ( *1 ) NOT DISCLOSED TOTAL
Number of employees (headcount) 11,084 21,480 0 159 32,723
Number of permanent employees (headcount) 10,355 19,757 0 158 30,270
Number of temporary employees (headcount) 729 1,723 0 1 2,453
Number of non-guaranteed hours employees (headcount) 106 121 0 75 303
Turnover
BPOSTGROUP
Number of person who left
5,898
Number of new employee hire
3,717
% of employee turnover
18.02%
New employee turnover
11.36%
bpostgroup recorded a slight decrease in the overall number of employees, primarily due to a reorganization within the US entities. Despite
this, the distribution between male and female employees, as well as between temporary and permanent contracts, remains largely
consistent with last year’s report.

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bpostgroup takes pride in the fact that a significant portion of its workforce holds permanent contracts, providing stability and security to its
employees. Additionally, many of our workers have limited formal qualifications, yet they find meaningful and long-term employment within
the company. This reflects bpostgroup’s strong social commitment to inclusivity, job security, and creating opportunities for all
For reporting purposes, employees on non-guaranteed hours contracts are categorized as ‘temporary,’ which may lead to a double count in
some figures in Table Number of Employees per Contract Type..
At the group level, employee turnover registered a slight decrease compared to the previous year, reflecting ongoing efforts to enhance
retention and workforce stability. This positive trend underscores bpostgroup’s commitment to fostering a more sustainable and engaged
work environment.
bpostgroup reports workforce data at the end of the reporting period (EOY) to capture an accurate, point-in-time snapshot of both employee
and non-employee numbers.
All figures are collected through workforce management systems, and there is no average across the reporting period; this provides a clear
and precise count of active employees and non-employees at a specific moment in time. By avoiding estimates as much as possible and
relying on actual headcounts, bpostgroup ensures the reported data accurately reflects its workforce composition. Extrapolation are used to
breakdown the headcount for gender & contract type for 0.3% of employees.
bpostgroup includes all types of workers who could be materially impacted by its operations in this report, spanning direct employees, fixed-
term contract workers, and individuals provided by third-party contractors. Approximately 90% of bpostgroup's workforce holds full-time
contracts, with temporary personnel (e.g. fixed-term contracts) accounting for about 10%—below the OECD average of 16%.
Temporary and part-time roles are primarily filled to support short-term project requirements, rather than as replacements for permanent
positions.
As of the reporting date, the total number of employees stands at 32,723, while the financial statements report 36,527 employees. The
difference arises from the integration of STACI, which is included in the financial statements but not yet reflected in this CSRD report. STACI
will be integrated into the CSRD report in the next reporting period.
6.3.1.9 S1-7 – Characteristics of Non-employee Workers in the Own Workforce.
The total number of non-employees contributing to bpostgroup's operations is 9,533.
bpostgroup reports workforce data at the end of the reporting period (EOY) to capture an accurate, point-in-time snapshot of both employee
and non-employee numbers.
All figures are collected through workforce management systems, and there is no average across the reporting period; this provides a
clear and precise count of active employees and non-employees at a specific moment in time. By avoiding estimates and relying on actual
headcounts, bpostgroup ensures the reported data accurately reflects its workforce composition. bpostgroup does not rely on estimates for
reporting the number of non-employees within its workforce, as detailed in the employee data collection Section.
bpostgroup employs external workers primarily to manage for temporary absences (e.g. illness). This approach provides the necessary
flexibility to meet short-term operational needs while maintaining stability in long-term employment. External workers (e.g. interim) are
provided with social protections and benefits in line with local requirements, mainly via their interim agency with whom they have an
employment contract, ensuring they are supported even during brief employment periods.
Our reporting on non-employees is based on end-of-year (EOY) figures, reflecting the workforce composition at that specific point. As the
use of external staff aligns with consistent absence trends (e.g. illness), there has been no significant fluctuation from the previous reporting
periods. Additionally, all figures reported are based on actual data, without reliance on estimates.
6.3.1.10 S1-8 – Collective Bargaining Coverage and Social Dialogue
The policies related to the 'collective bargaining and social dialogue' are detailed in Section S1-1 – Policies Related to Own Workforce (ie.
Human Rights, Code of Conduct etc.), while the corresponding actions are outlined in Section S1-4 – Taking Action on Material Impacts
on Own Workforce and Approaches to Mitigating Material Risks and Pursuing Material Opportunities Related to Own Workforce and the
Effectiveness of Those Actions.

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Collective Bargaining Coverage and Social Dialogue
COLLECTIVE BARGAINING COVERAGE SOCIAL DIALOGUE
COVERAGE RATE EMPLOYEES – EEA (FOR COUNTRIES WITH >50
EMPL. REPRESENTING >10% TOTAL EMPL.)
EMPLOYEES – NON-EEA (ESTIMATE FOR RE-
GIONS WITH >50 EMPL. REPRESENTING >10%
TOTAL EMPL)
WORKPLACE REPRESENTATION (EEA ONLY) (FOR
COUNTRIES WITH >50 EMPL. REPRESENTING
>10% TOTAL EMPL)
0 -19 %
United States
20 -39 %
40 -59 %
Belgium
60 -79 %
80 -100 %
Belgium
The overall percentage of bpostgroup employees that are covered by collective bargaining agreements is 77.9%, with 90.8% in the European
Economic Area (EEA) countries and 1.53% in non-EEA countries.
The percentage of employees covered by collective bargaining agreements1 is calculated using the following formula:
Number of employees covered by collective bargaining agreements/ Total number of employees ×100
Regarding social dialogue, we report the percentage of employees who are employed in establishments where employees are represented
by workers' representatives. An establishment is defined as any location where the company conducts a non-transitory economic activity
involving human resources or goods.
The formula used is: Number of employees working in establishments with workers’ representatives/ Total number of employees × 100
Across bpostgroup, 42.3% of employees are covered by workers’ representatives, while 49.36% of employees in EEA countries are covered by
workers’ representatives. For all data presented above, extrapolation isare used for 0.3% employees.
NB: There is no agreement with employees for representation by European Works Council (EWC), Societas Europaea (SE) Works Council, or Societas
Cooperativa Europaea (SCE) Works Council
6.3.1.11 S1-9 – Diversity Metrics
The policies related to the 'diversity' are detailed in Section S1-1 – Policies related to own workforce (i.e. Diversity Policy, Code of conduct
etc.), while the corresponding actions are outlined in Section S1-4 – Taking Action on Material Impacts on Own Workforce and Approaches
to Mitigating Material Risks and Pursuing Material Opportunities Related to Own Workforce and the Effectiveness of Those Actions (ie. our
Enterprise Resource Groups (ERG) like Pride2B, XandY and Young, Brave conversations, Best Places for Management to Work (Radial), DEI
trainings for HR business partners)."
The target linked to ‘% of women in management’ is detailled in S1-5.
Additionally, bpostgroup measures the gender distribution in management as a voluntary metric. This ensures a broader and more
sustainable impact across the organization by increasing diversity at multiple levels of leadership, creating a foundation for a long-term,
systemic improvement journey.
Gender distribution
FEMALE MALE OTHER ( *1 )
Gender distribution in top management (in headcount) 126 274 4
Gender distribution in top management (in percentage) 31.19% 67.81% 1%
Gender distribution in management (in headcount) 1,204 1,920 43
Gender distribution in management (in percentage) 38.01% 60.63% 1.36
In 2024, women made up 31.19% of our top management, while men accounted for 67.81%. Across all management levels, 38.01% were
women and 60.63% were men.

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Age
AGE HEADCOUNT PERCENTAGE
<30 5,210 16.10%
30-50 15,365 46.97%
>50 12,148 36.93%
TOTAL
32,723 (100%)
In 2024, our workforce comprised 32,723 employees, with 16.10% (5,210 employees) under the age of 30, 46.97% (15,365 employees) between
30 and 50, and 36.93% (12,148 employees) over 50.
As a part of the CSRD, bpostgroup is using its own Top Management definition which is the following:
Top management includes GTM (Group Top Management) & GLT (Group Leadership Team): GTM = exco and direct reports of exco members if
at least banding 3.1 for bpost NV/SA
GLT = bpost NV/SA: banding 3.2 and up or 3.1 with at least N-2 of Exco
Affiliates: defined monthly by HRD’s, typically MCo’s of affiliates and Senior directors and VP’s of bigger affiliates (Radial North America)
6.3.1.12 S1-13 – Training and Skills Development Metrics
The policies related to the ‘Training and skills development’ are detailed in Section S1-1 (i.e. Diversity policy). There is no group level policy on
training.
The corresponding actions are outlined in Section S1-4 (i.e. DEI training for HR Business partners at bpost NV/SA).
Performance Reviews
UNIT FEMALE MALE
OTHER/
NOT DISCLOSED TOTAL
Number of employees that participated in performance review Headcount 6,441 6,155 179 12,774
% of employees that participated in performance review
1
% 58.29% 28.74% 113% 39.16%
Number of executed reviews Number 6,498 6,306 179 12,983
Number of agreed reviews Number 7,102 6,913 192 14,207
Number of executed reviews/number of agreed reviews (%) % 91.78% 91.50% 93.48% 91.67%
Number of performance reviews per employee Number 0.59 0.29 1.13 0.40
The performance review process includes both active and inactive employees. Employees who have undergone at least one performance
review during the year are included in the data.
A regular performance review is defined as a review based on criteria known to the employee and their superior undertaken with knowledge
of the employee at least once a year. The review can include an evaluation by the individual’s direct superior, peers, or a wider range of
employees, it can also involve the human resources department.
It is important to note that the performance review process varies depending on the level within the defined hierarchy. For instance, postmen
participate in a different evaluation process tailored to their specific role and responsibilities. The fact that women are more represented in
the higher levels of hierarchy, where performance reviews are done, explained the difference observed between men and women.
Training Hours
UNIT FEMALE MALE
OTHER/
NOT DISCLOSED TOTAL
Sum of training hours Number 293,672 593,513 1,492 888,677
Number of employees
2
(headcount) Number 11,084 21,480 158 32,723
Average number of training hours per employee Number 26.58 27.72 9.44 27.24
1 The numerator includes employees that performed performance review (both active and inactive on Dec 31st, 2024) while the denominator
only includes the number of active employees.
2 Just like above, the sum of training hours includes all training hours for active and inactive employees on Dec 31st, while the average is
calculated based on the number of active employees on that date.

184
The above data provides a breakdown of total training hours, employee headcount, and average training hours per employee across the
different gender categories. The overall average training hours per employee is 27.24, with male employees (27.72 hours) receiving slightly
more training on average than female employees (26.58 hours). Extrapolation is used for 0.3% of employees for which no data was available.
In 2025, new targets will be established regarding the number of training hours per employee.
6.3.1.13 S1-14 – Health and Safety Metrics
The policies related to the 'Health and safety" are detailed in Section S1-1 – Policies Related to Own Workforce (ie. workplace accident
prevention policy). There is no group level policy on Health and Safety.
The corresponding actions are outlined in Section S1-4 – Taking Action on Material Impacts on Own Workforce and Approaches to Mitigating
Material Risks and Pursuing Material Opportunities Related to Own Workforce and the Effectiveness of Those Actions (ie. our Safety Register,
the Safety Games, Points, Virtual Walking Challenge, Collaboracoeurs, Mental Health First Aid Certification, ...).
Health and Safety Metrics
EMPLOYEES
The percentage of Own Workers who are covered by the undertaking's health and safety management system 98.13%
The number of fatalities resulting from work-related injuries 1
The number of recordable work-related accident 1261
The rate of recordable work-related accidents 27.0
The number of days lost from work-related accidents 27,625
Severity Rate and Absenteeism
SEVERITY RATE
Accident Severity rate 0.59
Accident frequency rate 17.07
Absenteeism due to sickness (bpost NV/SA) 9.13
127 work-related accidents are still under review, which may result in slight adjustments to the final reported numbers. Ensuring accuracy in
our reporting remains a priority as we continue to monitor and validate these cases.
In line with our commitment to transparency, adherence to industry best practices, and to ensure consistency with prior reporting and
targets outlined in Section S1-5 – Targets Related to Managing Material negative Impacts, advancing positive Impacts and Managing Material
Risks and Opportunities, bpost NV/SA has adopted the frequency rate as a reliable and essential metric for reporting work-related accidents
and evaluating workplace safety performance.
The frequency rate is calculated by multiplying the number of work accidents with at least one day of absence by 1,000,000 and dividing the
result by the total hours worked.
This metric focuses on work-related accidents that result in significant impact, defined as at least one day of absence, for bpost NV/SA, the
frequency rate for this year is 21.85.
The frequency rate plays a key role in enhancing workplace safety, promoting proactive solutions, and benchmarking our performance
against industry peers in Belgium, driving continuous improvement.
The severity rate is a key indicator of the impact of workplace accidents, measuring the total number of lost workdays per thousand hours
worked. This metric helps assess not only the occurrence but also the consequences of work-related incidents, guiding our efforts to minimize
risks and support employees in their recovery.
This year, the introduction of new CSRD methodologies has led to shifts in scope of some reported figures.
Despite these methodological adjustments, our commitment to reducing workplace incidents has yielded positive results. The frequency rate
targets for our two largest entities have been successfully met and exceeded,(i.e. target of 24 for bpost NV/SA and 10 for Radial NA, and 2024
numbers being 21.85 for bpost NV/SA and 3.4 for Radial NA) demonstrating the effectiveness of our safety initiatives and reinforcing our focus
on accident prevention.

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Absenteeism at bpost NV/SA is monitored as a specific metric, distinct from group-wide reporting. While the target has not yet been met,
ongoing initiatives aim to improve attendance and support employee well-being, reinforcing our commitment to a resilient and engaged
workforce.
The wellbeing score for bpostgroup is 3.7 (out of five), based on a survey completed by employees across the group, measuring overall
satisfaction, work-life balance, and workplace support.
The overall score for employee wellbeing at bpostgroup reflects our strong commitment to creating a positive and supportive work
environment. This metric remains a top priority as we continuously invest in initiatives that promote health, balance, and satisfaction among
our workforce.
6.3.1.14 S1-16 – Compensation Metrics
The policies related to the 'Compensation metrics' are detailed in Section S1-1 – Policies Related to Own Workforce (i.e. Diversity policy, Code
of conduct ). While those policies are encouraging gender equality in regards to pay, they do not particularly address equal pay.
The corresponding actions are outlined in Section S1-4 – Taking Action on Material Impacts on Own Workforce and Approaches to Mitigating
Material Risks and Pursuing Material Opportunities Related to Own Workforce and the Effectiveness of Those Actions.
Gender Pay Gap
BPOSTGROUP
Unadjusted Gender Pay Gap
-0.64%
Annual total remuneration ratio
84.3
All employees are included in the workforce data, calculated using the ESRS-prescribed formula: (average gross hourly pay of men - average
gross hourly pay of women) / average gross hourly pay of men.
Currency conversions are conducted using the end-of-year (EOY) exchange rate, aligning with financial reporting standards.
The annual total remuneration ratio reflects the evolving remuneration landscape and the impact of a new methodology, leading to a
significant difference compared to last year’s figure.
This year's calculation is based on actual remuneration, which has led to exceptional cases among top-paid employees, significantly
impacting the ratio. Since the ratio is calculated on a global scale, this has strongly contributed to its increase.
At bpostgroup, the gender pay gap remains close to zero, supported by a structured and closely monitored salary framework. In Belgium,
standardized pay scales (barèmes) further ensure equitable compensation. bpostgroup takes pride in this achievement, reinforcing its
commitment to fairness and equal pay.
The global gender pay gap does not fully reflect disparities across different roles; bpostgroup has a higher percentage of women in
management positions compared to other roles, resulting in a slightly negative gender pay gap globally.
6.3.1.15 S1-17 – Incidents, Complaints and Severe Human Rights Impacts
bpostgroup places significant importance on integrity and compliance with laws, regulations, the code of conduct, and other corporate
policies. Upholding integrity and complying with legal standards are not only essential for maintaining bpostgroup's reputation, credibility,
and trust among employees, the public, and other stakeholders, but they are also crucial for mitigating potential exposure to financial risks.
Speak Up
bpostgroup's specific Speak Up Policy outlines the reporting channels available within bpostgroup to confidentially, and without fear of
retaliation, report any situation that they become aware of, which may constitute or appear to constitute a violation. For more information on
who can report an incident, please refer to the Table below.

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Individuals Eligible to Report Incidents under bpostgroup's Speak Up Policy
CATEGORY DESCRIPTION
Employee An individual who is in an employment relationship with bpostgroup
according to national law or practice.
Former Employee or Future Employee Individuals who have worked or will work for bpostgroup.
External Collaborator Individuals collaborating with bpostgroup but not directly employed.
Subcontractor or Supplier Personnel Individuals working for a subcontractor or supplier of bpostgroup.
Shareholder Individuals holding shares in bpostgroup.
Management or Supervisory Body Member Members of the management or supervisory body, including non-executive
directors.
Volunteers Individuals offering services voluntarily.
Paid or Unpaid Trainees Individuals undergoing training, whether paid or unpaid.
Individuals are encouraged to report concerns as such:
• Abuse of company assets and resources
• Bribery
• Bullying, workplace violence, or sexual harassment: those wishing to file a complaint for any psychosocial risk at work are encouraged to
use the internal reporting channels which are communicated to respective teams.
• Conflicts of interest
• Discrimination
1
• Fraud
• Inaccurate reporting or recordkeeping of financial and other data
• Insider trading
• Misappropriation of funds, products, supplies or equipment
• Misuse of personal data and violation of privacy
• Money laundering or violations of sanction laws
• Retaliation against someone who has reported a concern in good faith under this policy
• Violation of any company policies including: The Code of Conduct, Supplier Code of Conduct, Stakeholder Policy, Human Rights Policy,
Diversity Policy and other related policies.
1
• Violation of competition law
The reporting procedure must be followed, which includes (i) internal reporting through the Speak Up tool, the telephone hotline, or a
registered letter to the reporting manager of the local entity, (ii) external reporting to the competent authority, or (iii) public disclosure.
Handling of Reported Concerns and Actions Taken
When a concern is reported via the Speak Up tool or the telephone hotline, it is received by the Compliance department of bpostgroup, which
acknowledges receipt within 7 days. If the concern relates to a subsidiary, it is transferred to the competent person or entity within that
subsidiary for follow-up, investigation, and feedback. The Compliance department oversees this transfer.
Concerns reported by registered letter to the local reporting manager are managed directly by that manager, who acknowledges receipt
within 7 days, unless the report is anonymous.
The Compliance department or the local reporting manager can take the following decisions regarding the reported concern:
• The report is inadmissible if the concern does not fall within the scope of this policy.
• The follow-up is stopped if the concern is unfounded, lacks sufficient evidence for further investigation, or has already been reported and
investigated.
• The reported concern requires further investigation to verify it.
• Actions are proposed to management if the reported concern contains sufficient evidence to conclude the investigation.
The Compliance department or the local reporting manager will inform the reporting party of the investigation's progress within 3 months of
the acknowledgment of receipt of the reported concern. If possible, they will also inform the reporting party via the Speak Up tool about the
outcome of the investigation if this was not already done in the initial follow-up (after 3 months).
1 As of 2025, these topics will be excluded from the Speak-Up Program and handled by our Department of Preventing Psychosocial Risks at Work
at bpost NV/SA.

187
Reported concerns will be investigated independently, fairly, and impartially, with respect for all parties involved and in accordance with
relevant laws and principles (including due process). Detailed information about the concern, the identity of the reporting party, and the
identity of anyone mentioned in the report will be kept confidential during and after the investigation and shared only with those who need
the information.
For incidents of discrimination and harassment, immediate actions are taken to protect the affected individuals and prevent further
occurrences. This may include disciplinary actions against the perpetrators, training programs to raise awareness, and revising policies to
close any gaps. For other complaints, such as those related to compliance with laws, employee relations, and safety concerns, bpostgroup
implements corrective measures to address the issues.
S1-17 103a Number of Incidents of Discrimination, Including Harassment Reported via the Speak Up Tool
ISSUE TYPE
NUMBER OF REPORTED CONCERNS
BPOSTGROUP*
NUMBER OF REPORTED CONCERNS
RADIAL NA
NUMBER OF REPORTED CONCERNS
LANDMARK US
Discrimination 7 9 0
Harassment 31 9 0
Sexual harassment 9 1 0
*excluding the entities located in the United States (Radial NA & Landmark US)
The total amount of material fines, penalties, and compensation for damages as a result of incidents and complaints of discrimination,
including harassment, reported during the reporting period is €0.
S1-17 103b Number of Complaints Filed by the Own Workforce, Excluding Discrimination and Harassment Reported via
the Speak Up Tool
ISSUE TYPE
NUMBER OF REPORTED CONCERNS
BPOSTGROUP*
NUMBER OF REPORTED CONCERNS
RADIAL NA
NUMBER OF REPORTED CONCERNS
LANDMARK US
Abuse of Power, Authority, or Control 6 2 0
Compliance with Laws, Rules, and
Regulations
1 0 0
Employee Relations 12 0 0
Hostile Work Environment 0 2 0
Undocumented Worker 0 4 0
Policy Violation 6 3 0
Protection of Privacy and Personal
Data, and Security of Network and
Information Systems
2 0 0
Retaliation 0 1 0
Safety Concerns 2 2 0
Unfair Treatment 0 7 0
Unprofessional Behavior 5 13 0
Wrongful Termination 0 2 0
Security Policies and procedures 1 0 0
*excluding the entities located in the United States (Radial NA & Landmark US).
The total amount of material fines, penalties, and compensation for damages as a result of number of complaints filed by the own workforce,
excluding discrimination and harassment reported via the Speak Up tool during the reporting period is €0.
During the reporting period, the number of complaints filed to the National Contact Points for OECD Multinational Enterprises was 0.
Consequently, the total amount of material fines, penalties, and compensation for damages resulting from this period is €0.

188
Initiative: Speak Up Policy: 2024 Highlights and Updates
In 2024, the monthly cases reported through the Speak Up tool
saw a notable rise, averaging eight cases per month, with the
majority involving harassment or employee relations issues.
To mark its one-year anniversary, the Speak Up program has
undergone a review, leading to updates that ensure compliance
with legal standards and improve the tool's effectiveness.
Additionally, initiatives have been launched and are planned to
increase awareness of the Speak Up Policy, such as the 2024 Global
Ethics Day and the upcoming 2025 Global Whistleblowing Day.
Next year, the revised Speak Up Policy will be reviewed with trade
unions before being translated and distributed across all entities
of bpostgroup.
Comprehensive Approach to Managing Psychosocial Risks at bpostgroup
While the Speak Up Policy is open to a wide range of stakeholders (as detailed in Table Individuals Eligible to Report Incidents under
bpostgroup's Speak Up Policy) for reporting concerns related to integrity and compliance, bpostgroup also recognizes the importance of
addressing psychosocial risks within its Belgian operations. To this end, the bpost NV/SA Psycho-Social team has established comprehensive
procedures to manage and mitigate these risks, ensuring employee well-being and workplace safety. These measures are specifically tailored
for the Belgian entity and are inspired by Belgian law.
Based on Chapter Vbis of the Act of 4 August 1996 on well-being of workers in the performance of their work, modified most recently by the laws
of 28 February 2014 and 28 March 2014, Belgian law defines psychosocial risks at work as professional risks that can cause psychological and
potentially physical harm to employees. These risks may also impact workplace safety and the proper functioning of companies. Employers
are required to take the necessary measures to:
• Prevent psychosocial risks at work.
• Prevent harm resulting from these risks, OR
• Mitigate the harm caused by these risks.
The sources of these risks can be found in:
• Interpersonal relationships at work
• Organisation of work
• Content of the work
• Working conditions
• Living conditions at work
• General
In our commitment to employee wellbeing, we have implemented both formal and informal procedures for managing psychosocial risks in
the workplace. These complementary approaches allow us to respond flexibly and effectively to concerns ranging from everyday stressors to
more complex issues, all while providing employees with accessible support options and legal protections where needed.
The informal procedure is designed as an accessible, and confidential approach for employees to address concerns like stress, interpersonal
conflicts, and harassment without the need for formal escalation. Employees initiate this process by contacting either a Confidential
Counsellor or a Prevention Advisor specializing in psychosocial matters. Through a supportive and confidential discussion, the advisor listens
to the employee's concerns, provides guidance, and explores informal resolution options. Often, this process includes facilitated dialogue
between involved parties or practical adjustments to the employee's environment, tailored to the specific situation. The informal procedure
prioritizes privacy and flexibility, making it less intimidating and more approachable for employees. It also enables faster problem resolution,
addressing issues before they escalate and fostering a workplace culture of open communication and early problem-solving. This serves as an
effective means to manage everyday concerns while promoting a proactive and supportive environment.
On the other hand, the formal procedure is a structured and legally recognized process tailored to address severe or complex cases that
cannot be managed informally, such as incidents involving harassment or violence. This procedure begins when an employee submits
a written complaint to the Prevention Advisor for psychosocial aspects, who is employed within the internal service for prevention and
protection at work. This ensures that the process is internal and independent from management, providing an unbiased intervention.
Following an initial assessment, a formal investigation may proceed, during which evidence is gathered, witnesses are interviewed, and
comprehensive documentation is compiled to ensure impartiality and accountability. The Prevention Advisor then submits a detailed report
to the employer, outlining findings and recommending corrective measures. Based on these recommendations, an action plan is developed
and implemented, with regular follow-ups to ensure effectiveness. Unlike the informal procedure, the formal approach includes legal
safeguards, protecting the employee from dismissal or adverse employment changes for up to twelve months. This rigorous process aligns
with legal standards, ensuring transparency, accountability, and consistent handling of complex cases. While this approach is more time-
intensive, it is essential for handling incidents with legal implications, protecting employee rights, and addressing issues that may impact the
broader organizational culture.
bpos tgroup — Spe ak up Policy 1/18
Speak up
Policy
1.
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and regulations as well as the code of conduct and other
company policies to be extremely important. Integrity
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the term “concern” to refer to such misconduct or potential
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and we encourage you to come forward and speak up. This
policy will guide you in using the reporting channels. As an
international group, bpostgroup must comply with various
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conduct and other company policies.

189
Together, these formal and informal procedures create a balanced framework for managing psychosocial risks, empowering employees
with accessible support options while ensuring that serious issues are handled with the rigor and protection they warrant. Through these
channels, we uphold our commitment to maintaining a safe, supportive, and adaptable workplace that prioritizes both individual and
collective well-being.
The advisor may refuse a request if it is unrelated to workplace psychosocial risks, and specific procedures apply to cases involving violence
or harassment.
S1-17 103a Number of Incidents of Discrimination, Including Harassment Filed Through Internal Procedures in
bpost NV/SA (Belgium Only)
ISSUE TYPE NUMBER OF REPORTED CONCERNS BPOST NV/SA
Discrimination 18
Harassment 224
Sexual harassment 33
We have considered as harassment the following reported issues: Aggression/robbery on postman (pension, parcels, etc.), Hold up, Severe
verbal aggression by third parties (e.g. death threats), Physical aggression by third parties, Violence at work, harassment, Verbal aggression
by third parties. We have considered as sexual harassment the following reported issues: Sexual harassment and inappropriate behaviour.
S1-17 103b Number of Complaints Filed by the Own Workforce, Excluding Discrimination and Harassment Reported
via the Psychosocial Risks at Work
ISSUE TYPE NUMBER OF REPORTED CONCERNS BPOST NV/SA
Adjustment difficulties at work (adherence to procedures, behaviour, unlawful absence ...) 13
Nature of task (variation, complexity, frequent changes in task content, physical strain) 48
Work equipment 11
Autonomy or lack of autonomy 5
Burnout 46
Communication (lack of communication between colleagues and hierarchy, lack of information) 35
Contract type, pay conditions 15
Clarity in tasks and roles (unclear job description, organisation chart) 12
Clarity of roles 7
Emotional strain, contact with third parties (customers, suppliers, verbal aggression per customer) 28
Workplace design (open space, ergonomics, lack of light, noise) 12
Internal relations with colleagues and co-workers (working atmosphere, collegiality) 186
Internal relations with the hierarchical line / line management 195
Difficult relationships with colleagues from other departments 30
Work organisation, way of dividing tasks (horizontally or vertically), work procedures MRS (Mail Retail
Solutions)
17
Employee participation in the decision-making process (participation, consultation) 5
Strategy and structure of the organisation (mergers, reorganisations, impact of liberalisation, mission
and vision)
8
Stress 110
Future prospects (job insecurity, lack of training, recruitment policy, promotion opportunities,
reaffectation)
57
Safety and health protection 14
Work schedule, flexibility, work-life balance, leave 61
Work pace (workload, lack of staff) 23
Other - Mainly collective in nature 1

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S1-17 104a Number of Severe Human Rights Issues and Incidents
ISSUE TYPE
NUMBER OF REPORTED CONCERNS
BPOSTGROUP
NUMBER OF REPORTED CONCERNS
RADIAL NA
NUMBER OF REPORTED CONCERNS
LANDMARK US
Severe Human Rights Issues and
Incidents
0 0 0
Non-respect of UN Guiding Principles
on Business and Human Rights
0 0 0
Non-respect of ILO Declaration on
Fundamental Principles and Rights
at Work
0 0 0
Non-respect of OECD Guidelines for
Multinational Enterprises
0 0 0
*excluding the entities located in the United States (Radial NA & Landmark US)
There were no severe human rights issues or incidents connected to our workforce during the reporting period. This includes no cases of non-
respect of the UN Guiding Principles on Business and Human Rights, the ILO (International Labor Organization) Declaration on Fundamental
Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises. Consequently, there were no fines, penalties, or
compensation for damages related to severe human rights incidents during the reporting period.
6.3.2. ESRS S2 – Workers in the Value
Chain
6.3.2.1. S2 SBM-2 – Interests and Views of Stakeholders
Description of Value Chain Workers
bpostgroup ensures that all value chain workers who can be materially impacted are included in the scope of disclosure under ESRS 2. This
approach enables us to effectively address and mitigate potential
risks.
We categorize value chain workers subject to material impacts
into the following types:
• Workers of our subcontractors and transporters. They can be
directly impacted, as they execute similar work as our own
employees, on our premises and during delivery and transport.
• Workers of our suppliers.
While we have not yet identified specific groups within our value
chain workers who face greater risks, we recognize the importance
of continuous assessment. Furthermore, we recognize that
value chain workers may encounter different material impacts
depending on their geographic location. Our supply chain risk
management system, EcoVadis, analyzes the country risk, taking
into account aggregate country performance in the areas of
Environment, Health and Social, Human Rights and Governance. This along with the other EcoVadis scorecard components, that will be
detailed further on, allow us to have a better understanding of how companies treat their own workforce.
The health, safety, and wellbeing of our workers, as well as those of our suppliers and subcontractors, have always been of utmost
importance to bpostgroup. This is why we prioritize it. Additionally, we have identified various risks and opportunities associated with this
aspect.

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6.3.2.2. S2 SBM-3 - Material Impacts, Risks and Their Interaction with Strategy and
Business Model
Actual Impacts on Our Value Chain Workers
Negative impact including:
• Health and Safety
Workers may face significant risks such as physical strain from heavy loads, challenging conditions, and tight delivery deadlines.
Warehouse, manufacturing, or logistics employees working for bpostgroup's suppliers may encounter additional hazards, including night
shifts, repetitive tasks, and inadequate safety measures.
• Collective Bargaining and Freedom of Association
Disregard for workers' rights to collective bargaining and freedom of association by suppliers could lead to strikes or labor disputes,
disrupting the supply chain and increasing operational costs.
Suppressing these rights could damage bpostgroup's reputation as a socially responsible company, potentially resulting in lost customers
and business partners who prioritize ethical labor practices.
• Social Dialogue
Failure to respect workers' rights to social dialogue could result in labor disputes, causing supply chain disruptions and heightened
operational costs.
Suppression of social dialogue could tarnish bpostgroup's reputation, leading to customer distrust and loss of ethically driven business
partnerships.
• Gender Equality and Equal Pay for Work of Equal Value
Non-compliance with gender equality principles among suppliers could harm bpostgroup's reputation, undermining customer trust and
stakeholder confidence.
Delays in adhering to EU due diligence legislation on gender equality could pose compliance risks, while breaches of confidentiality could
result in legal consequences or public scandals.
• Measures Against Violence and Harassment in the Workplace
Ensuring safe and respectful working environments is essential. Suppliers failing to address workplace violence or harassment may face
reputational damage, particularly if incidents become public.
Delayed implementation of EU due diligence laws or breaches of confidentiality on this matter could lead to compliance risks, legal
liabilities, and stakeholder concerns.
• Diversity
Upholding diversity is critical to fostering an inclusive and innovative value chain. Supplier mismanagement or unethical behavior could
harm bpostgroup's reputation, causing loss of trust among customers and partners.
Failure to meet EU diversity requirements or breaches of confidentiality may exacerbate legal and operational risks.
Positive impact include:
• Health and Safety
Supporting the creation of healthier and safer working conditions can reduce accidents and delays, leading to lower operational costs and
improved efficiency.
bpostgroup addresses both the positive and negative impacts on workers in the value chain through various strategies and policies. While the
seven identified risk areas—Health and Safety, Collective Bargaining and Freedom of Association, Social Dialogue, Gender Equality and Equal
Pay, Measures Against Workplace Violence and Harassment, and Diversity—may affect these workers, they have not been found to cause
widespread or systemic issues in the contexts where bpostgroup engages with its suppliers.
bpostgroup does not yet have a formal mechanism to assess how workers with specific characteristics in certain contexts may face greater

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risks. However, our Supplier Agreements (Supplier Code of Conduct, Subcontractor Policy, and General Terms and Conditions) require
suppliers to safeguard worker health and safety and adapt measures as needed. bpostgroup is actively assessing mechanisms to identify and
assess heightened risks for workers in specific contexts, in line with CSRD requirements on due diligence and impact assessment.
6.3.2.3 S2-1 – Policies related to Value Chain Workers
Policies to Manage Material Impacts, Risks, and Opportunities Related to Value Chain
Workers
At bpostgroup, we have implemented comprehensive policies to address the material impacts, risks, and opportunities concerning our value
chain workers. These policies are crafted to ensure the well-being and fair treatment of all workers within our value chain. Our key policies
include:
1. Human Rights Policy
2. Speak Up policy
3. Supplier Code of Conduct
4. Diversity policy
5. Subco Policy
Human Rights Policy
bpostgroup has always been committed to the highest standards of ethical behavior in the protection and promotion of human rights,
including compliance with applicable laws and regulations.
Key Contents of Policy
bpostgroup conducts its business and activities in a manner that respects human rights and their underlying principles. In that respect,
bpostgroup and its corresponding Human Rights Policy respects and supports the following core principles:
1. Diversity and inclusion: bpostgroup strives to be a highly diverse company in terms of its workforce and is committed to creating and
supporting a collaborative workplace culture. bpostgroup has designed and adopted a Diversity Policy aimed at creating diversity and
inclusion awareness within the group. The purpose of this Diversity Policy is to support bpostgroup employees and management in
building a culture where diversity and inclusion are a daily practice. bpostgroup does not tolerate disrespectful or inappropriate behavior,
unfair treatment or retaliation of any kind.
2. Freedom of association and collective bargaining: bpostgroup respects its employees' right to join, form or not join a labor union, or to
have legally recognized employee representation in accordance with local law;
3. Forced labor, human trafficking and modern slavery: all employment within bpostgroup is voluntary. bpostgroup prohibits the use of
all forms of forced labor whatsoever, any form of human trafficking or modern forms of slavery;
4. Child Labor: bpostgroup does not use child labor in any of its operations or facilities. bpostgroup fully respects all applicable laws
establishing a minimum age for employment, in order to support the effective abolition of child labor worldwide;
5. Decent work hours, remuneration and benefits: bpostgroup compensates its workers accordingly.
Within bpost NV/SA, for the workers of our subcontractors and transporters, we conduct regular assessments, controls and audits allowing us
to identify and mitigate any potential human rights violations.
Scope and Exclusions
This Human Rights Policy applies to all people involved in the bpostgroup's business, in the context of all decisions, strategies, operations,
activities, projects and other business of the group.
Disclosure of Third-Party Standards or Initiatives That Are Respected Through Implementation of Policy
The Human Rights Policy sets out the fundamental principles embedded in bpostgroup business operations, strategy and culture to:
• the United Nations Universal Declaration of Human Rights (UDHR);
• the core fundamental instruments identified by the International Labor Organization (ILO);
• the Principles of United Nations Global Compact (UNGC)
• UN Guiding Principles on Business and Human Rights
• the OECD Guidelines for Multinational Enterprises
While we have aligned our human rights policy with these standard frameworks, we acknowledge that we do not yet have a specific
systematic way to monitor compliance regarding these frameworks specifically for workers in the value chain. As we move forward, we are
committed to developing and implementing robust monitoring systems to ensure adherence to these international standards.

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Description of Most Senior Level in the Organization That is Accountable for Implementation of Policy
The most senior level accountable for the implementation of this policy is the Board of Directors of bpost NV/SA. They are responsible for
adopting and updating the Human Rights Policy, ensuring that it aligns with the company's values and ethical standards.
Description of Consideration Given to Interests of Key Stakeholders in Setting Policy
In setting this policy, bpostgroup has taken into account the interests of key stakeholders, including, colleagues, employees, suppliers,
value chain workers, business partners, international standards and non-governmental institutions (as mentioned in Scope and Exclusions),
shareholders and society at large. The policy reflects our commitment to maintaining healthy and safe workplaces for all of our employees
and value chain workers. Stakeholder engagement is an ongoing process and their input is considered crucial for aligning the policy with their
expectations and needs.
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who
Need to Help Implement It
The Human Rights Policy is available on the bpostgroup website. Additionally, the Human Rights are an integral part of the Supplier Code of
Conduct, a document that suppliers sign and agree to at the beginning of their business relationship with bpostgroup.
If any concerns arise, workers can refer and report them using our Speak Up tool. Workers, including value chain workers, can report
violations or potential violations of laws and regulations which fall under the scope of the national whistleblowing rules (see the country
annex), as well as violations or potential violations of bpostgroup's code of conduct and other company policies.
In 2024 bpostgroup did not have any cases of non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on
Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises that involved value chain workers.
Speak Up Policy
Key Contents of Policy
In 2021, Belgian authorities initiated investigations into alleged labor law violations within the parcel delivery sector. These investigations
uncovered systemic gaps in compliance with labor regulations, especially among subcontractors working under tight deadlines and cost
constraints.
As a result of these investigations, bpostgroup decided to implement more robust due diligence mechanisms to report legal, policy and
other related violations. If any concerns arise, workers can refer to our Speak Up Policy, which describes the reporting channels available at
bpostgroup. This policy ensures that workers can report any situation that violates or seems to violate laws, regulations, the Code of Conduct,
or other company policies in confidence and without fear of retaliation.
Scope and Exclusions
The Speak Up Policy applies to bpostgroup and its subsidiaries, except in the USA where specific reporting channels apply. It covers reporting
channels available for raising concerns about violations or potential violations of laws, regulations, the code of conduct, or other company
policies. It is accessible for employees, former employees, external collaborators, or persons working for a subcontractor or supplier of
bpostgroup.
Description of Most Senior Level in the Organization that is Accountable for Implementation of Policy
The Speak Up Policy is part of the Code of Conduct. The Board of Directors of bpost NV/SA are responsible for adopting and updating the Code
of Conduct, ensuring that it aligns with the company's values and ethical standards.
Description of Consideration Given to Interests of Key Stakeholders in Setting Policy
In setting this policy, bpostgroup has carefully considered the interests of key stakeholders, including employees, former employees,
external collaborators, subcontractors, suppliers, and the broader community. The Speak Up Policy underscores our dedication to integrity,
compliance, and the protection of all stakeholders' rights. By providing a confidential and secure channel for reporting concerns, we aim to
foster a culture of transparency and trust.
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who
Need to Help Implement It
The Speak Up Policy is available on our bpostgroup website and through the Speak Up tool. Each concern is handled by our compliance
department, ensuring confidentiality and preventing retaliation as outlined in Section S1-17 Incidents, Complaints, and Severe Human Rights
Impacts. For more specific information on Speak Up and how the tool works, please refer to Section S1-17 – Incidents, Complaints and Severe
Human Rights Impacts.

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Supplier Code of Conduct
1
Key Contents of Policy
bpostgroup has implemented a Supplier Code of Conduct that suppliers are required to adhere to. The Supplier Code of Conduct is an
integral part of our general terms and conditions. The Supplier Code of Conduct is the foundation of the relationship between bpostgroup
and its suppliers - creating a mutual understanding of bpostgroup's core values and beliefs. The purpose of the Supplier Code of Conduct is
to outline our expectations according to the law and our company's core values and beliefs, especially as it pertains to sustainability and our
sustainability strategy – ensuring consistent compliance from our suppliers.
We require our suppliers to fully comply with all laws, rules, and regulations applicable in their country of operation and locations where
bpostgroup entities are located. Suppliers are required to be ethical in all aspects of their business, practices, operations, and relationships.
The Supplier Code of Conduct is an instrument to guide appropriate governance of these issues and risks. For this purpose, bpostgroup
expects its suppliers to adhere to the Supplier Code of Conduct which will form an integral part of the contractual relationship with the
relevant bpostgroup entity/entities. The principles expressed in this Supplier Code of Conduct also comprise an important component of
supplier selection and evaluation during the tender process.
The Supplier Code of Conduct reflects bpostgroup's commitment to sustainability and ethical business practices across three main areas:
Environment:
• Suppliers are expected to measure and reduce their carbon footprint, adopt science-based emissions reduction targets, and continuously
improve environmental performance. Compliance with local and international environmental laws is mandatory, with efforts focused on
minimizing resource consumption and emissions.
Social:
• Suppliers must ensure safe and healthy work environment, respect labor rights including freedom of association and fair compensation
and reject child or forced labor. They are also required to promote diversity and inclusion, provide equal opportunities and reject any form
of discrimination. Respect for human rights is essential, aligning with principles like the Universal Declaration of Human Rights.
Governance:
• Ethical business practices are critical, with zero tolerance for bribery, corruption, or fraudulent activities. Suppliers must implement
anonymous grievance mechanisms, avoid conflicts of interest, and support compliance through annual assessments. Non-compliance or
failure to improve may lead to contract termination.
This code serves as the foundation for sustainable collaboration, guiding suppliers to align with bpostgroup's societal and environmental
goals. Key suppliers
2
must undergo an annual assessment by an independent organization, such as Ecovadis or an equivalent, to ensure
compliance with the Supplier Code of Conduct. They are expected to continuously improve and meet at least the sector benchmark level each
year. Our procurement department conducts an annual screening using the Ecovadis tool to detect and monitor any infringements. If any are
found, the procurement department requests corrective actions with the supplier. Moving forward, we will continue to leverage our Supplier
Code of Conduct to enhance our screenings and audits where relevant.
Scope and Exclusions
The Supplier Code of Conduct currently applies only to bpost NV/SA. However, our new Supplier Code of Conduct will be validated by the
board and will be implemented across the entire bpostgroup in 2025.
The new Supplier Code of Conduct applies to all tiers of suppliers, including manufacturers, distributors, and service providers, who deliver
goods or services procured by bpostgroup. It also covers subcontractors and agents working on behalf of these suppliers. Suppliers are
expected to ensure that their own suppliers and subcontractors are aware of and comply with the standards set forth in this Code.
We disclose the number and nature of any cases of non-respect of these principles and guidelines that involve value chain workers. This
transparency helps us maintain accountability and continuously improve our practices. Currently there are no active cases. More details on
the reporting can be found in Section S1-17 – Incidents, Complaints and Severe Human Rights Impacts.
1 In alignment with the Corporate Sustainability Reporting Directive (CSRD), bpostgroup has developed an improved supplier policy aimed at
enhancing our sustainability practices. This policy is scheduled to be implemented early to mid 2025.
2 Key suppliers = 80 % top spend
Currently, we have a valid supplier policy that addresses the material topics for bpostgroup. The new policy will further close gaps and
strengthen our commitment to sustainable and responsible sourcing. This initiative underscores our dedication to continuous improvement in
our Environmental, Social, and Governance performance, ensuring that we meet and exceed regulatory requirements while fostering a more
sustainable supply chain.

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Disclosure of Third-Party Standards or Initiatives That Are Respected Through Implementation of Policy
Although the current Supplier Code of Conduct does not explicitly reference any third-party standards, the new Supplier Code of Conduct, to
be validated in early 2025, will. The following third-party standards will be included in the new Supplier Code of Conduct:
1. Environmental Standards:
- Science Based Targets initiative (SBTi)
- ISO 14001 (Environmental Management System)
- GHG Reporting Standards
2. Social Standards:
- Universal Declaration of Human Rights (UDHR)
- ILO Declaration on Fundamental Principles and Rights at Work
- United Nations Global Compact (UNGC)
- Convention on the Rights of the Child
3. Governance Standards:
- General Data Protection Regulation (GDPR)
- ISO 27001 (Information Security Management)
- ENISA (Cybersecurity Standards)
Description of Most Senior Level in the Organization that is Accountable for Implementation of Policy
The Board of Directors of bpost NV/SA are responsible for adopting and updating the Supplier Code of Conduct, ensuring that it aligns with
the company's values, ethical standards and evolving market and regulatory requirements.
Description of Consideration Given to Interests of Key Stakeholders in Setting Policy
In setting this policy, bpostgroup has taken into account the interests of key stakeholders, including colleagues, employees, Procurement,
suppliers, value chain workers, subcontractors and other related parties. This Supplier Code of Conduct reflects our commitment to
constantly improving and striving towards better supplier relationships and quality of service.
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who
Need to Help Implement It
The Supplier Code of Conduct is a mandatory document that suppliers must acknowledge and sign before entering into a business
relationship. It is furthermore made publicly available on our bpostgroup website.
If any concerns arise, workers can refer and report them using our Speak Up tool. Workers, including value chain workers, can report
violations or potential violations of laws and regulations which fall under the scope of the national whistleblowing rules (see your country
annex), as well as violations or potential violations of bpostgroup's code of conduct and other company policies.
Diversity Policy
Key Contents of Policy
bpost NV/SA's Diversity Policy takes a broad view on diversity. Diversity encompasses, inter alia, differences in backgrounds, gender, age,
language, ethnic origin, parental status, education, skills, abilities, religion, sexual orientation, socio-economic status, work and behavioral
styles.
Promoting diversity and developing a culture that values differences are now a core principle and will be reflected in all bpost NV/SA activities,
including recruitment, training, promotion, talent development, skills enhancement, retention of talent, flexible work arrangements available
to employees and group policies and procedure. We request our subcontractors, transporters and suppliers to adhere to the same principles.
Scope and Exclusions
The Diversity Policy is specifically designed and tailored for bpost NV/SA.
Group subsidiaries incorporate Diversity into their daily practices in different ways, such as Radial North America which is committed to
providing a work environment that is free from unlawful discrimination or harassment, and that is detailed for several location of the entity
within their employee handbook (cf. United States, Section 3.4 of employee handbook; Canada, Section 3.4; India, Section 3.3). In keeping
with this objective, the entity maintains a strict policy prohibiting conduct which treats employees differently based on any status protected
by law, such as race, color, religion, gender, physical or mental disability, pregnancy, medical condition, national origin, ancestry, age, sexual
orientation, gender identity, gender expression, genetic information, or marital status. Forms of harassment and discrimination may include,
but are not limited to, verbal (suggestive, insulting or derogatory comments, etc.) physical (assault, unwanted physical contact, interference
with movement etc.), or visual (text messages, posters, cartoons, objects, etc.)

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Description of Most Senior Level in the Organization that is Accountable for Implementation of Policy
The most senior level accountable for the implementation of this policy is the Board of Directors of bpost NV/SA. The Board of Directors
assesses annually whether diversity within bpost NV/SA management has improved. Workshops are organized for teams investing in diversity
and inclusion awareness and/or dealing with specific topics within the diversity and inclusion framework.
Description of Consideration Given to Interests of Key Stakeholders in Setting Policy
In setting this policy, bpostgroup has taken into account the interests of key stakeholders, including colleagues, employees, suppliers,
customers, business partners, shareholders, and society at large. The policy reflects our commitment to maintaining and growing a diverse
workforce because individuals from different backgrounds, cultures, perspectives and experiences enhance work culture.
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who
Need to Help Implement It
Diversity is integrated in our Supplier Code of Conduct, a mandatory document suppliers must acknowledge and sign. The policy is also
publicly available on the bpostgroup website.
If any concerns arise, workers can refer and report them using our Speak Up tool. Workers, including value chain workers, can report
violations or potential violations of laws and regulations which fall under the scope of the national whistleblowing rules (see your country
annex), as well as violations or potential violations of bpostgroup's code of conduct and other company policies.
Subco Policy
Key Contents of Policy
At bpost NV/SA, we recognize the need to ensure that our practices not only meet but exceed legal and ethical standards. In response, we
conducted a thorough assessment of the transport subcontractor landscape to evaluate the alignment of their practices with our values
and commitments in Belgium and in the Netherlands. This was followed by a detailed audit in 2022 to examine compliance across our supply
chain. As a result, a robust subcontractor policy was developed, providing clear guidelines to:
1. Clear Guidelines to Uphold Labor Laws
The policy establishes strict requirements for subcontractors (subco's) to ensure compliance with labor laws. Key elements include:
- Verification of Legal Documents: Subco's must provide proof of valid transport permits, insurance (e.g., Third-party liability insurance
for vehicles, Carrier's Liability Insurance, Work accident insurance ), and compliance with labor regulations (e.g., valid employment
contracts, work permits for non-EU drivers).
- Criminal Record Check: Subco's and their directors must submit criminal record extracts to ensure no serious violations (e.g., human
trafficking, illegal employment, or tax fraud) are present.
- Daily and Ad Hoc Controls: Regular checks are conducted to ensure drivers have valid licenses, work permits, and comply with labor
laws during transport operations.
This ensures that all subco's and their employees adhere to legal standards, preventing labor exploitation and illegal practices.
2. Promote Ethical Employment Practices
The policy promotes ethical practices by:
- Prohibiting Illegal Subcontracting: Subco's are generally prohibited from further subcontracting transport tasks unless explicitly
approved by bpost NV/SA. This prevents unethical practices like labor exploitation or underpayment by unauthorized third parties.
- Ensuring Fair Working Conditions: Subco's must provide proof of valid employment contracts, insurance, and fair treatment of
workers. Drivers must be either employees or legally recognized self-employed individuals with proper documentation.
- Monitoring and Reporting: Regular ad hoc controls and reporting mechanisms ensure that subco's maintain ethical standards
throughout their operations.
By enforcing these measures, bpost NV/SA ensures that subco's treat their workers fairly and ethically.
3. Reinforce Social Responsibility
The policy reinforces bpost NV/SA's commitment to social responsibility by:
- Avoiding Exploitative Practices: The policy explicitly aims to prevent underpayment, illegal employment, and labor exploitation in the
transport sector.
- Transparency and Accountability: Subco's must provide detailed documentation (e.g., proof of insurance, solvency, and compliance with
labor laws) during onboarding and ongoing operations. This ensures transparency and accountability in the supply chain.
- Supporting Legal and Ethical Subco's: bpost NV/SA prioritizes working with subco's that comply with legal and ethical standards,
creating a "reliable pool" of transporters.
These measures demonstrate bpost NV/SA's commitment to being a socially responsible organization that sets high standards for its partners.

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4. Setting a Higher Standard
The policy goes beyond basic legal requirements to set a higher standard by:
- Strict Onboarding Process: Subco's must undergo a rigorous onboarding process, including verification of transport permits, insurance,
solvency, and capacity. Only compliant subco's are allowed to work with bpost NV/SA.
- Proactive Monitoring: Regular daily and ad hoc controls ensure ongoing compliance with the policy. Subco's that fail to meet standards
face consequences, including contract termination.
- Limiting Subcontracting Layers: The policy restricts subco's from further subcontracting tasks, ensuring bpost NV/SA maintains control
over the entire supply chain and prevents unethical practices.
By implementing these measures, bpost NV/SA sets a higher standard for ethical and responsible business practices in the transport
sector.
A fundamental part of our subcontractor policy entails a rigorous control plan. Our daily controls and ad hoc controls, which puts us in direct
contact with the workers of our subcontractors offers the possibility for the workers to engage with our employees and our controllers.
bpost NV/SA aims to use a clear policy to engage a "reliable pool" of subcontractors for its transport assignments.
Scope and Exclusions
The policy guidelines and conditions apply to all subco's engaged by bpost NV/SA for transport assignments. This means that the policy
must be respected when bpost NV/SA engages subco's for the transportation of mail and goods, including parcels, and when the contracted
subco's in turn engage third-party subco's for transport assignments on behalf of bpost NV/SA.
The policy does not apply to intra-group services where entities of the bpostgroup provide services to other entities within the bpostgroup.
Any deviations from this policy, depending on the circumstances and/or complexity of operational activities, must be coordinated with the
Transport Compliance Department of bpost NV/SA.
Description of Most Senior Level in the Organization that is Accountable for Implementation of Policy
The Transport Compliance Department at bpost NV/SA is responsible for the implementation of the subcontractor policy and reports to
Transport Governance Board, Exco Belgium, and the Audit & Risk Committee.
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who
Need to Help Implement It
The policy document can be accessed on the bpost NV/SA intranet and is also available from the Transport Compliance Department. All
departments, including those of subsidiaries, that engage external carriers are expected to strictly apply this policy in practice. The policy is
communicated to all relevant stakeholders to ensure they understand and adhere to the guidelines and conditions set forth.
If any concerns arise, workers can refer and report them using our Speak Up tool. Workers, including value chain workers, can report
violations or potential violations of laws and regulations which fall under the scope of the national whistleblowing rules (see your country
annex), as well as violations or potential violations of bpostgroup's code of conduct and other company policies.
Significant Changes to our Policies
Supplier Code of Conduct
In early 2025, bpostgroup plans to develop and implement new procedures to ensure the Supplier Code of Conduct can be applied
uniformly across all group entities. These procedures will also introduce a supplier self-assessment mechanism, enabling suppliers to
evaluate their compliance and identify areas for improvement. The revised code, aligned with the Corporate Sustainability Reporting
Directive (CSRD), will clearly categorize all principles as either "Minimum Requirements" or "Aspirations."
- Minimum Requirements are mandatory standards that suppliers must meet to ensure compliance.
- Aspirations outline recommendations designed to help suppliers go beyond basic compliance and enhance their practices over time.
Looking forward, these updates will strengthen bpostgroup's ability to foster transparent, consistent, and sustainable practices
throughout its value chain while preparing for a comprehensive rollout of supporting procedures in the coming years.
Types of Communication of Policies
We communicate our policies through various channels, including:
• Publication on our website
• In bpost NV/SA General Terms and Conditions
• Annexes of our supplier contracts

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6.3.2.4 S2-2 – Processes for Engaging with Value Chain Workers About Impacts
Disclosure of Whether and How Perspectives of Value Chain Workers Inform Decisions or Activities
Workers in our Value Chain are important for bpostgroup.
• In 2024 we focused on the most critical part of our value chain, the workers of our transport subcontractors. We established controls for
safety and human rights at several levels of engagement.
• For the workers of our key suppliers, we have implemented regular reactive screening via EcoVadis. EcoVadis is a tool for supplier
performance management that we use post-contract to evaluate suppliers. Once the contract begins, suppliers must perform an
assessment with EcoVadis or equivalent. EcoVadis is a minimum requirement for key suppliers.
Looking ahead to 2025, we aim to extend the scope of controls for our workers, specifically focusing on the transport sector.
Engagement with Value Chain Workers or Their Representatives
We engage with value chain workers or their legitimate representatives directly, or through credible proxies, to gather insights and feedback.
This engagement provides us an understanding of their needs and concerns. For 2024 no concerns were addressed.
Disclosure of Stage, Type, and Frequency of Engagement
Engagement with value chain workers occurs at various stages, including:
• Onboarding:
- Our transport subcontractors are screened during the onboarding process from a compliance perspective.
- During onboarding bpost NV/SA's suppliers are provided with our Supplier Code of Conduct which entails Health & Safety requirements,
whistle blowing/grievance processus and our control processus. We are currently developing a renewed bpostgroup Supplier Code of
Conduct, which will be implemented in 2025 for bpostgroup as a cornerstone of our Third-Party Risk management plan.
- Representatives of the workers can provide feedback and raise concerns during the onboarding process.
• During the relationship:
- With our transport subcontractors we perform daily controls and ad hoc audits as described in our general terms and conditions.
- The individuals workers can express their feedback, concerns during the direct interaction during the controls (daily, ad hoc annual
controls).
Disclosure of Function and Most Senior Role Responsible for Engagement
The operational responsibility for ensuring engagement with value chain workers and that the results inform our approach lies with various
roles within the organization. Please note that the specific functions and roles may evolve as our processes and organizational structure
develop.
Disclosure of Global Framework Agreement or Other Agreements
bpostgroup is committed to respecting the human rights of workers as stated in S2-1: Policies Related to Value Chain Workers under the title
"Human Rights Policy".
Disclosure of How Effectiveness of Engagement is Assessed
We assess the effectiveness of our engagement with value chain workers through two distinct approaches:
• Subcontractors:
Our permanent control plan includes daily on-site controls, ad hoc controls, and ad hoc on-site audits to track and trace possible
infringements. These controls are monitored monthly. Any infringements are discussed during the business review with the subcontractor
and may result in corrective actions.
• Key Suppliers:
The annual screening of our key suppliers, using the EcoVadis tool, enables our procurement department to detect warnings of possible
infringements. If a supplier's EcoVadis score is below 45 points, our procurement department requests general improvements. For scores
between 44 and 25 points, a mitigation plan is set up, and progress is assessed to achieve the sector average within 24 months. For scores
between 0 and 24 points, on-site audits may be conducted, and reassessment within 12 months is required. If the supplier's actions are
inadequate, the Sustainability Steering Committee can decide to delist the supplier.
Statement on General Process for Engagement
At present, our engagement with value chain workers is limited. We are in the early stages of developing more comprehensive processes to
ensure their well-being and compliance with our standards. For that we have controls for the safety, well-being and human rights in place. As
we progress, we aim to implement more robust measures and improve our engagement strategies.

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Disclosure of Timeframe for Adoption of General Process
As part of our third-party risk management program, we will ensure that the Value Chain Workers process is integrated into the framework
addressing suppliers' responsibilities on this matter. The plan will include drafting a policy and defining the varying levels of involvement
expected from third parties, depending on compliance requirements. This plan is scheduled for implementation in 2025.
6.3.2.5 S2-3 – Processes to Remediate Negative Impacts and Channels for Value Chain
Workers to Raise Concerns
Processes for Remediation
At bpostgroup, our Speak Up tool is open to a wide variety of employees and stakeholders, internal and external (for more information on
individuals eligible to report under bpostgroup's Speak Up Policy – please refer to S1-17 – Incidents, complaints and severe human rights
impacts). As such it enables workers in our value chain to raise concerns which may have negative impacts on them. Our Speak Up tool is
generally available and accessible via our website.
All concerns are processed according to our Speak Up Policy. The Compliance department will acknowledge receipt within 7 days via the
Speak Up Tool. Monitoring is done by our Compliance department or local entity reporting manager, which informs on the decisions within 3
months from the acknowledgement of receipt. Our Speak Up Policy ensures confidentiality as well as protection from retaliation.
Recognizing that certain workers in our value chain may be particularly vulnerable to negative impacts or marginalized due to their working
conditions, socio-economic status, or other factors, we are actively working to enhance our understanding of their perspectives. We are
currently developing structured engagement mechanisms to assess whether these workers are aware of, have access to, and trust the Speak
Up process. This includes gathering direct feedback, conducting awareness-raising initiatives, and evaluating barriers that may prevent them
from reporting concerns. These efforts aim to ensure that our grievance mechanisms are inclusive, effective, and responsive to the needs of
value chain workers, particularly those who may be at greater risk of adverse impacts.
As stated in the Speak Up Policy, bpostgroup has robust policies in place to protect individuals who raise concerns through our established
channels. If any worker reports a concern in good faith, whether through internal reporting (via the Speak Up Tool, telephone hotline, or by
registered letter to your local entity reporting manager), external reporting to an authority, or public disclosure, bpostgroup ensures that
they will not face retaliation. This includes protection from disciplinary measures, changes in working conditions, dismissal, and other forms
of retaliation.
6.3.2.6 S2-4 – Taking Action on Material Impacts on Value Chain Workers, and
Approaches to Managing Material Risks and Pursuing Material Opportunities Related to
Value Chain Workers, and Effectiveness of Those Actions
Concerning Actions
The material impacts affecting workers of our suppliers, subcontractors, and transporters have always been a key priority for bpostgroup. To
mitigate risks and ensure responsible business conduct, we have implemented relevant policies as outlined in S2-1: Policies Related to Value
Chain Workers. As we continue to strengthen our approach, we are developing new initiatives to enhance oversight, accountability, and social
responsibility in our value chain.
One of the key initiatives currently underway is the development of a Third-Party Risk Management Framework. This framework is based on
the results of a compliance maturity assessment conducted at the bpostgroup level, with a particular focus on Compliance, Health & Safety,
and Social Responsibility. We plan to roll out this framework in 2025 for bpost NV/SA, followed by a phased implementation across the rest
of the group. The framework will establish a structured approach to supplier categorization, defining clear risk taxonomies and setting
specific risk appetite parameters. This will enable a more systematic evaluation of suppliers, ensuring that those operating within our value
chain meet our compliance and safety expectations. In cases where risks are identified and do not align with bpostgroup's risk appetite,
appropriate mitigation measures will be applied.
The Third-Party Risk Management Framework will also reinforce our commitment to workers' rights, including collective bargaining, freedom
of association, and social dialogue. By embedding due diligence processes that assess supplier adherence to these principles, bpostgroup
aims to prevent labor disputes, reduce supply chain disruptions, and uphold its reputation as a socially responsible employer. Moreover, this
framework will strengthen oversight of health and safety conditions, ensuring that suppliers comply with robust safety standards to mitigate
risks associated with physical strain, challenging working conditions, and inadequate safety measures.

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Another major initiative is the upcoming publication of the new Supplier Code of Conduct, scheduled for early 2025. This revised code, aligned
with the Corporate Sustainability Reporting Directive (CSRD), introduces a clear distinction between mandatory compliance requirements
and aspirational best practices. The code will ensure that suppliers meet minimum compliance standards while encouraging continuous
improvements in areas such as gender equality, diversity, equal pay, and measures against workplace violence and harassment. To support
the implementation of these principles, bpostgroup is developing standardized group-wide procedures to ensure that the Supplier Code of
Conduct is uniformly applied across all entities.
A new supplier self-assessment mechanism will be introduced alongside the updated code, allowing suppliers to evaluate their own
compliance and identify areas for improvement. This approach aims to empower suppliers, fostering a culture of continuous enhancement in
labor conditions, social responsibility, and ethical business practices.
Although bpostgroup is actively taking steps to address material impacts affecting value chain workers, many of these initiatives are in
development or planned for 2025 and beyond. Consequently, details on their effectiveness, resource allocation, and financial impact will be
disclosed in future reporting cycles as these processes evolve.
In the meantime, bpostgroup continues to monitor suppliers through EcoVadis, as outlined in S2-2: Processes for Engaging with Value
Chain Workers About Impacts. This tool enables us to assess supplier performance on key social and sustainability indicators. If a supplier's
EcoVadis score falls below an established threshold, targeted action plans are implemented to drive improvements and strengthen risk
mitigation efforts.
These ongoing developments will reinforce bpostgroup's ability to implement transparent, consistent, and sustainable practices throughout
its value chain, ensuring that responsible business conduct remains a cornerstone of our operations.
Additionally, bpostgroup has not yet adopted specific actions under MDR-A 62 due to ongoing development of our risk assessment
methodologies and supplier engagement processes. Given the complexity and diversity of our value chain, we are focusing first on
establishing a robust foundation through initiatives such as the Third-Party Risk Management Framework and the revised Supplier Code of
Conduct. These steps will enable us to better assess material risks, measure impacts, and define appropriate actions in the coming years.
6.3.2.7 S2-5 – Targets Related to Managing Material Negative Impacts, Advancing
Positive Impacts, and Managing Material Risks and Opportunities
Tracking and Performance Evaluation of Sustainability-Related Impacts, Risks, and Opportunities
At this stage, bpostgroup has not yet established specific targets related to the material impacts, risks, and opportunities affecting workers
in our value chain. However, we remain committed to continuously improving our due diligence processes and assessing the effectiveness of
our initiatives. For bpost NV/SA's specific procurement KPIs to strengthen engagement with workers in the value chain, please refer to Section
G1-2 Management of Relationships with Suppliers.
Ambition and Target Setting
While bpost NV/SA tracks additional metrics beyond those required by the CSRD, as shown in G1-2, we plan to establish robust targets
following the implementation of our new Supplier Code of Conduct. This updated Code will enhance our ability to track the effectiveness of
policies and actions related to material sustainability impacts, risks, and opportunities.
Tracking Effectiveness and Performance Evaluation
To track effectiveness, we will implement structured monitoring processes, including:
• Supplier Self-Assessments: Suppliers will conduct self-assessments to evaluate their compliance with our sustainability criteria.
• Third-Party Evaluations: We will use third-party assessments, such as EcoVadis ratings, to validate supplier sustainability performance.
• Internal Compliance Reviews: Regular internal audits and compliance checks will ensure alignment with sustainability commitments.
Key Material Sustainability-Related Impacts
We assess key material sustainability-related impacts, including:
• Health and Safety: Ensuring safe working conditions for suppliers' employees, particularly in logistics, warehousing, and manufacturing.
• Collective Bargaining and Freedom of Association: Upholding workers' rights to unionize and engage in social dialogue.
• Social Dialogue: Promoting transparent communication and engagement between workers and management to prevent labor disputes.
• Gender Equality and Equal Pay for Work of Equal Value: Ensuring fair treatment and equal opportunities for all workers.
• Measures Against Violence and Harassment in the Workplace: Preventing workplace misconduct and fostering a culture of respect.
• Diversity: Encouraging inclusive hiring practices and equal opportunities across the supply chain.

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Metrics Used to Evaluate Performance and Effectiveness
Our performance evaluation includes both qualitative and quantitative indicators:
• Supplier Compliance Rates: Measured through contractual adherence and audits.
• Sustainability Performance Scores: Assessed via third-party tools like EcoVadis.
• Incident Reports and Corrective Actions: Tracked through supplier reporting mechanisms.
• Improvement in Working Conditions: Measured through engagement surveys and audit findings.
Methodologies and Assumptions
To ensure consistency in evaluation, our methodologies include:
• Risk-Based Supplier Segmentation: Classifying suppliers based on risk exposure, materiality, and industry-specific factors.
• Benchmarking Against Industry Standards: Aligning assessments with recognized frameworks like CSRD, UN Global Compact, and OECD
Guidelines.
• Data Collection from Multiple Sources: Utilizing self-assessments, third-party audits, and grievance mechanisms to validate findings.
• Assumptions on Supplier Improvement: Assuming targeted corrective action plans lead to measurable improvements.
External Validation
We engage external validation bodies to strengthen the credibility of our performance evaluation:
• EcoVadis: An independent platform assessing supplier sustainability performance.
• Procura+: A European network promoting sustainable public procurement.
• BACA Supply Chain Leader Group: A group of supply chain leaders focused on sustainable supply chain engagement.
• Big Buyers Initiative (BBI): A European Commission project supporting collaboration for sustainable solutions in public procurement.
• The Shift: A Belgian community focused on advancing sustainability across industries.
Defining Ambition and Measuring Progress
Our ambition is to create a resilient and sustainable supply chain that meets regulatory requirements and drives progress in key sustainability
areas. We will define both qualitative and quantitative indicators to measure progress, including compliance rates, sustainability
performance scores, and improvements in working conditions. The base year for measuring progress will be established after the rollout of
our Supplier Code of Conduct in 2025, providing a reference point for assessing long-term advancements.
6.3.3. ESRS S4 – Consumers and
End-Users
6.3.3.1 SBM-2 – Interests and Views of Stakeholders
Description of Our Consumers and End-Users
All consumers and end-users, as defined in our Stakeholder Engagement Policy who may be significantly affected by bpostgroup's operations
fall within the scope of disclosure under ESRS 2. This encompasses any individual or group utilizing our services or products, who could
experience substantial impacts—whether positive or negative—from our business activities.
bpostgroup serves a diverse range of customers and end-users through its comprehensive postal, logistics, and financial services. These
stakeholders are integral to our operations and are implicated by our commitment to ensuring data privacy, protecting their rights, and
delivering essential services.
The types of consumers and end-users subject to material impacts by own operations or through the value chain include:
1. Major Customers and Corporate Customers: Large corporations and businesses.
2. SMEs, Self-Employed, and Liberal Professions: Small and medium-sized enterprises, self-employed individuals, and professionals.
3. Residential Customers: Individual citizens using postal, logistics, and financial services.
a. General Public: The broader population that benefits from bpostgroup's last-mile and retail services, which fulfil a unique social and
proximity role, providing opportunities for more personal services. It encompasses clients who use e-commerce flows (e.g., Zalando,
Coolblue) for their online shopping needs.

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b. E-commerce Customers: Clients who use the eshop to create a postal label, personalized stamps and much more.
c. Financial Product Customers: Clients purchasing BNPPF banking products through bpost NV/SA, whose financial data needs to be
secured.
These groups are impacted by bpostgroup's operations in terms of Privacy, Non-discrimination, and Access to Products and Services
1
. The
negative material impacts include privacy violations and cyber threats. The positive material impacts include ensuring equal rights for all
individuals, regardless of race, color, etc., and the assurance of rights in accessing products and services. Furthermore, the material risks,
specifically for Privacy, will be detailed further on in the disclosure.
6.3.3.2 SBM-3 – Material Impacts, Risks and Opportunities and Their Interaction with
Strategy and Business Model
Actual Material Impacts and Risks on our Consumers and End-users
bpostgroup is committed to our customers and end-users. Through our Double Materiality assessment as detailed in Section IRO-1 -
Description of the Process to Identify and Assess Material Impacts, Risks and Opportunities, we have identified three critical areas that
significantly impact our operations and stakeholders: Privacy, Non-discrimination, and Access to Products and Services
1
. Stability in
managing the impacts on these key areas is essential for ensuring trust, compliance, and the seamless delivery of our services.
Privacy
Our company identifies a single (short-term) negative impact area being cybersecurity risks (Privacy
1
). Through its activities, especially its
e-commerce platform, bpostgroup processes a considerable amount of client data, including names, addresses. When any of the identified
consumer groups in Section S4 - Consumers and End-Users use or visit bpostgroup digital or physical locations and applications (e.g.,
mybpost), digital or paper forms, email, telephone, cookies or similar technologies, their personal data is collected.
Securing this personal information is crucial to respect the fundamental right to privacy, maintain trust, and protect all clients around the
globe. These risks include for instance a cyberattack causing network and system damage, leading to sustained disruption of critical physical
or digital infrastructure. Specific threats include:
• Unauthorized access to identification data such as names, first names, and signatures.
• Breaches involving address details provided directly by the persons concerned or indicated on letters or packages.
• Compromises of contact details such as email addresses and telephone numbers.
• Exposure of details of mail or parcels sent as part of bpostgroup's postal and parcel activities.
• Theft of transaction data, including information on products or services purchased, VAT numbers, and company numbers.
• Exploitation of online and technical information, such as IP addresses, device information, language preferences, and website behaviour.
• Misappropriation of information resulting from interactions with bpost, such as feedback from satisfaction surveys, email content, and
complaints.
• Unauthorized access to camera images.
We have performed, and regularly update, risk analysis for each of these risks, which allows us to identify action plans and concrete measures.
Based on that, we monitor these risks to avoid significant losses, and any issues are addressed accordingly to ensure compliance with privacy
standards. Although our policies related to data privacy and security do address other material risks that may impact our end-users and
consumers, these policies do not specifically address material risks related to cyberattack threats. Privacy has been identified as an area
where material negative impacts may occur. While bpostgroup takes measures to safeguard the privacy of consumers and end-users, there
remains a risk of data breaches or misuse of personal information, which could lead to significant consequences for affected individuals. Our
assessment indicates that these potential negative impacts are not widespread or systemic but may arise in specific contexts. To mitigate
these risks, bpostgroup has implemented strict data protection policies, cybersecurity measures, and employee training programs.
Non-Discrimination
At bpostgroup, Diversity and Inclusion is one of our core values. We are committed to ensuring that no one is denied their rights based on
race, skin color, sex, language, religion, political opinion, national or social origin, property, birth, age, nationality, marital status, disability,
place of residence, or sexual orientation. Through our various initiatives, detailed in Section S1-1 Policies Related to Own Workforce, and our
inclusive services, we play a unique social and community role. This commitment allows us to offer more personalized services in a society
that increasingly needs support and physical connections, such as meal and medication deliveries, next-day delivery etc.
Access to Products and Services
bpostgroup plays a unique and vital role in serving a diverse range of clients, from large corporations to individual citizens. Our ability
to provide essential services helps bridge social, economic, and digital gaps, particularly benefiting disadvantaged, isolated, or elderly
individuals. Through our last-mile and retail services, we ensure that everyone has access to products and services that positively impact
their lives, addressing customer needs and trends effectively.
1 Material topics according to Double Materiality Exercise of 2024.

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Material Negative Impacts on Consumers and End-Users
bpostgroup assesses the potential for negative impacts related to Non-Discrimination and Access to Products and Services. Based on our
evaluations, these topics have not been identified as having widespread or systemic negative impacts in the contexts where bpostgroup sells
or provides its products and services. Furthermore, no material negative impacts have been linked to individual incidents (e.g., defects in
specific products) or specific business relationships (e.g., inappropriate targeting in marketing).
6.3.3.3 S4-1 – Policies and the Rights of Our Consumers and End-Users
bpostgroup has implemented measures and necessary programs related to Privacy, Access to Products and Services, and Non-
Discrimination, which are integrated into our operations. Our general privacy policy specifically addresses the negative material impacts
related to Privacy. However, we have no other polcies that specifically address the material impacts related to Access to Products and
Services and Non-Discrimination.
Privacy
bpost NV/SA has a General Privacy Policy, which focuses on addressing potential material impacts and risks to ensure the protection of
personal data. This Statement is overseen by the Data Protection Officer (DPO), Privacy Office and the Chief Information Security Officer
(CISO). The ICT department is accountable for the implementation of the IT-related policies. The General Privacy Policy outlines how bpost
NV/SA collects and processes personal data when you use our websites, applications, products, and services, or interact with them in any
other way (e.g. by calling the bpost call centre). The current Privacy Statement was established in 2022 and is under review, with the last
revision on November 13, 2024. The new revised version of the Statement will be submitted for approval in early 2025.
Additionally, bpost provides Specific Privacy Policies for particular websites, applications, products, and services, which must be read in
conjunction with the General Privacy Policy. These specific policies are made available on the relevant websites and within the relevant
applications, products, and services, which must be read in conjunction with the General Privacy Policy.
Furthermore, these policies do not target any specific consumer or end-user group but instead apply broadly to all consumers and end users
(as detailed in 'Our Consumers and End Users') who access bpost NV/SA web pages or services.
Each bpostgroup entity also has its own privacy statements related to its activities. Furthermore, bpostgroup is expanding its Privacy Policy,
which is currently limited to bpost SA, to cover all its companies.
Data Classification Policy
As part of bpostgroup's Data Security Governance Program, the Data Classification Policy, based on the Confidentiality, Integrity, and
Availability (CIA triad) framework, ensures proper handling of personal data to safeguard its Confidentiality, Integrity, and Availability
(CIA triad). The implementation and accountability of this policy is managed by the Data Protection Officer (DPO) and Privacy Office and it
guides stakeholders, including data owners, ICT custodians, contractors, and vendors, in applying appropriate security measures for data
protection. Moreover, this policy is directly targeted to the ICT, Compliance departments and the CISO Office. The Privacy Office disseminated
to its Privacy Network composed of representatives of all bpostgroup subsidiaries, to be used as an example and further disseminated.
In terms of data retention, bpostgroup retains personal data only as long as necessary for specific purposes, considering legal obligations:
• Contractual data: Retained for up to 10 years after contract termination.
• Parcel delivery preferences: Kept for 36 months, or 13 months if linked to a specific parcel.
• Requests, applications, and complaints: Stored for 12 months after resolution.
• Camera footage: Retained for 30 days.
• Call recordings: Stored for up to 6 months.
The purposes for retaining and classifying data include contract management, parcel delivery, safety and security, service quality
enhancement, and handling customer interactions. This comprehensive approach reflects bpostgroup's commitment to data protection and
operational efficiency.
This policy does not directly cover specific groups, but rather apply to various situations involving any of our consumer or end user groups (as
detailed in 'Our Consumers and End Users).
Non-discrimination and Human Rights
bpost NV/SA not only strives to have inclusive and welcoming postal points and offices, but also has an obligation. As laid out in the Universal
Service Obligation (USO), given to bpost NV/SA by the Belgian government, bpost NV/SA shall play a "pioneering role" in the sustainable
management of its personnel and "social inclusion", as stated in Chapter 2 "Business Sustainability", Article 40: Social Responsibility
Charter". The mandate explicitly states that "bpost is there for all citizens", strictly prohibiting discrimination of any kind.
The Universal Service Obligations (USO) ensure:
1. Nationwide postal service availability at affordable prices.
2. Delivery of mail (up to 2kg) and parcels (up to 10kg) at least five days a week.
3. A dense network of access points for accessibility.
4. Transparent service, pricing and quality standards regulated by authorities

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Non-discrimination is a key principle of bpost's Universal Service Obligations (USO). This means:
• Equal access – All consumers, regardless of location (urban or rural), must receive the same quality of service.
• Uniform Fair pricing – same prices for all consumers No unjustified price differences between customers or regions.
• Impartial treatment – No discrimination based on, among others, personal characteristics or business size.
This ensures that everyone benefits from affordable, reliable, and inclusive postal services. The BIPT (Belgian regulator) is entitled to control
the application of these obligations.
Access to Products and Services
Regarding Access to Products and Services, bpostgroup has an Accessibility declaration page on their website. This declaration was written
on October 25, 2020, and emphasizes making the website readable and understandable for everyone.
bpost NV/SA has a particularly important role to play in the everyday lives of Belgian citizens. As stated and laid out in our Universal Service
Obligation (USO), as given and mandated by the Belgian government, we must provide postal and related services to the Belgian population.
Furthermore, there are specific requirements that must be adhered to, such as having a physical presence in/ a reasonable distance from
every commune in Belgium. This governmental mandate obligates us to provide postal products and services to every Belgian citizen. This
document was published by the "Belgische Staatsblad/Moniteur Belge" and is publically available on our website.
Our Belgian parent company is dedicated to connecting society. bpost NV/SA ensures the delivery of newspapers and magazines to homes
across Belgium by 7:30 am on weekdays and by 10 am on Saturdays, under concessions granted by the Belgian state. Several publishers
have signed a commercial contract with bpost NV/SA or with its subsidiary AMP for the distribution of their newspapers and periodicals
(magazines). For the lower volumes of periodicals, bpost NV/SA also has a standard offering. Furthermore, as part of our management
contract with the Belgian government, several quality-of-service targets are also part of the contract (opening hours, waiting time, customer
satisfaction, …)
This service guarantees that Belgian citizens have timely access to essential information. Additionally, our extensive network of over 2,500
service points throughout Belgium ensures that we are always nearby, so customers never have to travel far to pick up or drop off parcels. This
widespread presence also allows us to offer services that require physical interaction.
Ensuring Human Rights for Consumers and End-Users
bpostgroup is dedicated to upholding human rights for consumers and end-users through several key principles:
1. Respect for Human Rights: bpostgroup adheres to the United Nations Universal Declaration of Human Rights and the core conventions
of the International Labour Organization. This commitment ensures that all business operations respect and promote human rights.
Additionally, bpostgroup aligns with the UN Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational
Enterprises, and the Principles of the United Nations Global Compact.
2. Ethical Business Practices: The company has a Code of Conduct that outlines the ethical standards expected from all employees,
contractors, and consultants. This code helps prevent any activities that might directly or indirectly violate the rights of our stakeholders,
including consumers and end-users.
While we have aligned our human rights policy with these standard frameworks, we acknowledge that we do not yet have a specific
systematic way to monitor compliance regarding these frameworks specifically for our consumers and end-users. As we move forward, we are
committed to developing and implementing robust monitoring systems to ensure adherence to these international standards.
Based on a thorough review conducted by our compliance department, we have identified zero indications of any cases involving non-
compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work,
or the OECD Guidelines for Multinational Enterprises that involve consumers and/or end-users.
Our Privacy Policy outlines the rights consumers and end-users have regarding their personal data. Their rights, as stated in the policy, are
the following:
- Right of Access: Consumers and end-users have the right to access personal data that bpostgroup processes about them and to obtain a
copy of these personal data (subject to certain exceptions)
- Right to rectification and erasure: Consumers and end-users have the right at any time to have their personal data rectified or erased
by bpostgroup free of charge, provided that legal conditions for doing so are met. Personal data that bpostgroup needs in order to fulfill
ongoing orders or for which bpostgroup is legally obliged to hold cannot be deleted.
- Restriction of processing: Consumers and end-users. can require bpostgroup, subject to compliance with applicable legal provisions,
to restrict the processing of their data.
- Right to data portability: Under certain conditions, consumers and end-users have the right to portability of the personal data they
have provided.
- Objection: Consumers and end-users may object to processing for advertising purposes or processing for the legitimate interests of
bpostgroup. They may do so even without grounds for the processing of personal data for direct marketing purposes.
- Withdrawal of consent: If bpostgroup processes personal data on the basis of consent, they have the right to withdraw it at any time.

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- Complaint to the competent authority: Consumers and end-users always have the right to contact the data protection supervisory
authority of the Member State of the European Economic Area where they normally reside, where they have their place of work (if
applicable) or where the alleged breach has taken place, and to lodge a complaint if appropriate. The respective authority for Belgium is
the Gegevensbeschermingsautoriteit/Autorité de protection de données.
Our Privacy Policy additionally lays out where consumers and end-users or affected parties can go to contact bpost to ask a question, file a
complaint or exercise their rights related to personal data. They contact bpost via a web form or by sending a letter to the following address:
bpost SA, Attn. Data Protection Office, Anspach Boulevard 1 box 1, 1000 Brussels
In the provided web form , bpost NV/SA consumers and end-users can request that their personal data be deleted, including their entire
bpost account, they can request to see what personal data bpost has or also modify their existing personal data. The bpostgroup compliance
department processes and evaluates these requests. Based on GDPR criteria, they decide whether to accept or refuse the request to delete
personal data.
bpost NV/SA follows strict procedures to safeguard the confidentiality and privacy of Data Subjects. The most important steps include:
1. Identity Verification – Before processing any request, the company verifies the requestor's identity using:
a. Secure account logins for employees/customers.
b. Identity documents (with sensitive details masked) for unregistered Data Subjects.
2. Secure Communication – Responses to requests are shared through:
a. Encrypted emails.
b. Dedicated secure portals.
c. Verified postal addresses (for paper correspondence).
3. Limited Data Disclosure – When responding to requests:
a. Only personal data belonging to the requestor is shared.
b. Third-party data is anonymized or excluded unless consent is obtained.
c. Data is never disclosed if identity verification fails.
4. Strict Handling of Requests – Requests are only processed if:
a. They are clear and sufficiently specific.
b. The requestor has a legal basis (e.g., data subject, authorized representative).
c. The request is not excessive, repetitive, or unfounded (to prevent abuse).
5. Retention & Deletion of Verification Data
a. Identity documents provided for verification are deleted immediately after authentication.
b. A record of the request (but not identity proof) is maintained for compliance.
6. Notification to Third Parties – If a request affects personal data processed by third parties (e.g., service providers), bpost NV/SA:
a. Notifies them of necessary updates, erasures, or restrictions.
b. Ensures they confirm compliance with the request.
7. Internal Oversight & Compliance
a. The DPO/PAM manages all requests.
b. Requests are documented in an internal register for tracking compliance.
c. If needed, the Privacy Office within bpostgroup compliance department provides guidance.
8. Handling Refusals Responsibly – If a request is denied:
a. The requestor is given a written explanation.
b. They are informed of their right to appeal or lodge a complaint with the National Data Protection Authority.
These safeguards ensure GDPR compliance, data security, and respect for privacy rights while preventing unauthorized access or misuse of
personal information.
Concerns can be reported through our bpost NV/SA customer care service online reporting form, available on our website, by directly
contacting a company spokesperson or by calling our (+32 2 278 51 26), Reports can also be made by phone, whether you are a residential
private or professional business client, or in a Post Office, Post Point, or Parcel Point. Our consumers and end-users are always welcome
in one of our offices. For our Belgian citizens we also offer a postal address for written reports: bpost, Postbus 5000, 1000 Brussel. These
multiple reporting avenues ensure that all concerns are heard and addressed promptly and effectively.
While bpost NV/SA handles complaints and issues raised via the channels and mechanisms described above and follows up on them, we do
not currently have any mechanisms to thoroughly monitor them.
Moreover, there are no explicit policies in place to protect consumers from retaliation from raising issues or concerns.
Disclosure of Cases of Non-Compliance with International Guidelines Connected to Consumers and/or End-Users
In 2024, there were no reported cases of non-compliance with international guidelines specifically related to our consumers and end-users at
bpostgroup. We remain committed to upholding the highest standards of compliance and ensuring that all concerns are addressed promptly
and effectively.

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6.3.3.4 S4-2 – Processes for Engaging with our Consumers and End-Users
As an omnicommerce logistics group, bpostgroup plays a crucial role in society, both in Belgium and internationally. Our mission is to unite
and sustain connections among people and communities, regardless of physical distance. We strive to meet the needs of our customers,
suppliers, and providers in Belgium and abroad by developing services that address their current and future requirements. Customer and
citizen value is a central focus of our sustainability efforts.
bpostgroup engages with consumers and end-users through regular customer satisfaction surveys and feedback collection through social
media, websites, and customer service interactions. The objective is to ensure that the perspectives of consumers and end-users are
integrated into bpostgroup's decision-making processes and service offering. This helps in managing both positive and negative impacts,
risks and opportunities effectively.
Consumer Satisfaction Survey
We continuously measure customer satisfaction at bpost Belgium through monthly telephone surveys, consolidating data quarterly and
annually. With over 15 years of historical data, we can reliably compare and explain trends. The survey includes 2,400 residential customers
and 2,400 business customers annually, representing a cross-section of the Belgian population. Topics covered include overall satisfaction
with bpost, satisfaction with sending and receiving letters and parcels, and service touchpoints like post offices and customer service.
Satisfaction is measured on a 7-point scale, with scores translated into a satisfaction percentage. Results are frequently reported to the
Management Team and annually to the BIPT, which oversees performance and provides recommendations.
Reputation Survey
A third-party organization, conducts ongoing quarterly surveys with a representative sample of 5,200 individuals across Belgian society
to assess the reputation of bpost NV/SA. The purpose of these surveys is to evaluate how individuals perceive bpost NV/SA in various
areas, including its efforts to reduce its environmental footprint, protect the environment, and positively influence society. The surveys
also measure perceptions of how bpost NV/SA improves people's lives, cares for its employees, offers equal opportunities, makes positive
economic contributions to society, practices ethical and fair business, and ensures transparency in its operations and supply chain.
Informing Decisions and Activities
bpostgroup integrates consumer perspectives into its decisions by directly engaging with affected consumers and end-users or their
representatives at various stages, such as product development, service delivery, and post-service evaluation. The frequency of these
engagements is tailored to the nature of the service and specific consumer needs. The communication and commercial departments are
responsible for ensuring that engagement results are integrated into the company's strategies and operations.
The effectiveness of engagement is assessed through follow-up surveys, feedback analysis, and performance metrics like the Net Promoter
Score (NPS).
Although bpostgroup integrates consumer perspectives into its decisions, it does not have specific mechanisms to gain insight into the
perspectives of consumers and end-users, particularly those who may be vulnerable to impacts and/or marginalized.
Furthermore, stakeholder engagement is currently outlined and detailed in a Stakeholder Policy. The policy describes how commitment
to stakeholder should be established and moreover, how stakeholder engagement should be integrated with governance, strategy and
operations. This policy falls under the responsibility of our Compliance department. However, this policy is being reviewed and will gradually
be replaced or potentially phased out as its content will be covered by other, more targeted policies, including the Public Affairs Policy,
Communication Policy, and Relationship Agreement. Additionally, the governance structure and responsibilities associated with this policy
will be reassessed. As part of this review, we are also evaluating the need to develop a Consumer Policy to address specific consumer-related
concerns.
For additional information on channels allowing consumers and end-users to raise issues, please refer to Section S4-2 – Processes for
engaging with Customers and End-Users about Impacts.
6.3.3.5 S4-3 – Processes to Remediate Negative Impacts and Channels for Consumers
and End-Users to raise concerns
Privacy
bpostgroup has established a robust data protection and privacy organization to prevent, mitigate, and remediate material negative impacts
related to Privacy. This includes the Data Protection Office (DPO) and the Privacy Office, which ensure compliance with GDPR and other data
protection laws. Subsidiaries appoint their own DPOs or Privacy Ambassadors to manage privacy and data protection effectively at the local
level.

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All subsidiaries are part of the Privacy Network within bpostgroup, which aims to:
• Harmonize privacy governance
• Improve compliance and risk management.
• Provide centralized support and enhance collaboration
• Disseminate documentation regarding AI and emerging technologies
An example of actions taken by the Chief Information Security Officer (CISO) Office includes the review of access to over 100+ business
applications of bpostgroup. The default review frequency is yearly, except for sensitive applications or those with specific contractual
agreements.
In the event of a data breach, bpostgroup has a dedicated process involving the Privacy Office, the DPO Office, and the CISO. This process
includes four key phases:
DETECTION
- PRELIMINARY
ASSESSMENT
INITIAL
ASSESSMENT
REPORTING, REVIEW
& IMPROVEMENT
DETAILED ASSESSMENT
& RESPONSE
Four-Phase Data Breach Management Process
Each phase has clearly defined roles and responsibilities to ensure a coordinated and effective response to data breaches. Risky data
breaches are analysed using an external tool to evaluate risks for data subjects and determine notification and communication obligations.
At bpostgroup, creating value for our clients is at the heart of everything we do. By identifying our customers' needs and conducting
thorough risk assessments, we strive to positively impact our consumers and end-users throughout their entire journey. Our commitment to
understanding and addressing these needs ensures that we deliver exceptional service and build lasting relationships.
A key foundation of our approach is building a robust and secure data environment. This allows our clients to safely enjoy the services offered
by bpostgroup, whether through their account or other business applications. By ensuring data security, we reinforce our role as a trusted
partner to our consumers and end-users. Our successful implementation of a data leakage prevention program further underscores our
dedication to safeguarding our clients' information.
Data Leakage Program
bpostgroup is enhancing its data security with a comprehensive data leakage detection program supported by an external provider. This
program includes:
• Domain Protection: Identifying and mitigating malicious domains mimicking bpostgroup to prevent phishing and cyberattacks.
• Dark Web Monitoring: Detecting and addressing targeted attacks discussed on Dark Web forums and messaging platforms.
• Account Takeover Prevention: Monitoring for leaked credentials to prevent unauthorized access.
• Data Breach Prevention: Securing publicly accessible sensitive data before breaches occur.
In addition to our data leakage prevention efforts, we have made considerable progress in ICT incident management. This includes improving
the handling of data breaches and enhancing our overall cybersecurity measures.
ICT Incident Management
bpostgroup has significantly advanced its ICT incident management, particularly in data handling. Regular ICT Incident Response exercises,
known as Incident Specific Simulation Exercises, are conducted to test and validate cyber incident use cases, playbooks, and automated
remediation scripts.
Information Security Questionnaire
To comply with the EU NIS-2 Directive, DORA, etc. particularly the requirements concerning Supply Chain Risk, we are currently developing
and rolling out an Information Security Questionnaire. Providers will progressively be required to fill out this questionnaire and implement
additional security measures where necessary. We anticipate this Questionnaire to be yet another part of our ongoing Third-Party Risk
Management Plan. As data security is one of our top priorities, the questionnaire will also be based on the ISO27001 Information Security
Standard.
Actions related to privacy are followed up on and monitored by the DPO office. Specific tooling to track effectiveness of said actions are not
yet in place.

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6.3.3.6 S4-4 – Taking Action on Material Impacts on Consumers and End-Users, and
Approaches to Managing Material Risks and Pursuing Material Opportunities Related to
Consumers and End-users, and Effectiveness of Those Actions
Actions to Deliver Positive Impacts for Our Consumers and End-Users
Access to Products and Services
1. Parcel Locker Expansion
bpost NV/SA is dedicated to making access to products and services even easier. In 2024, bpost NV/SA installed over 1260 parcel lockers in
Belgium, that is a 40% increase compared to the previous year. Furthermore, bpost NV/SA plans on delivering another 1200 parcel locker
installations in 2025, which would double the existing network making it easier and more convenient than ever for consumers to access
their closest parcel locker. Locker efficiency and strategic planning is monitored and conducted by our commercial department.
2. AUB Postbode/SVP Facteur
bpost NV/SA is committed to offering services to groups that may be at a disadvantage. bpost NV/SA engages in a variety of initiatives to
accommodate specific populations, including through our program introduced digitally in 2024 "AUB Postbode/SVP Facteur". Customers
that may have a disability, reduced mobility or another impairment can request a postwoman or man to help them buy stamps, drop off
registered mail or other postal-related services, without leaving their home. This program allows us to provide essential services and
therefore will be kept and expanded in 2025 and for the foreseeable future.
bpost NV/SA, along with its dedicated postal and retail teams, continuously evaluates the program's offerings and effectiveness,
addressing needs as they arise. For instance, following an assessment that identified a demand for additional contact options beyond
phone support, bpost NV/SA introduced a digital platform to enhance accessibility to the service.
Non-Discrimination
There are no specific initiatives related to delivering positive impacts for consumers and end-users when it comes to non-discrimination.
Currently, we focus on promoting diversity internally through our comprehensive Diversity Policy, which ensures equal treatment and
opportunities for all employees. We also have various initiatives like Pride2b, which focuses on the inclusion of LGBTQI+ workers. While these
efforts are primarily internal, they reflect a commitment to non-discrimination and inclusivity, which can indirectly benefit consumers and
end-users by fostering a more inclusive corporate culture. However, as previously stated, bpost NV/SA remains committed and compliant with
its USO mandate from the Belgian government, which includes a strong focus on non-discrimination.
While bpost NV/SA does not currently have an explicit evaluation process in place, we have determined that our practices do not cause or
contribute to material negative impacts on consumers and end-users. We remain committed to maintaining high standards and will continue
to monitor and assess our operations to ensure alignment with our responsibility to stakeholders.
Targets Set to Manage Material Impacts, Risks and Opportunities Related to Consumers and End-Users
Our organization is committed to addressing material impacts, risks, and opportunities related to our consumers and end-users. While
we recognize the importance of setting specific targets in this area, we have not yet established them. We are currently in the process of
evaluating our strategies and methodologies to ensure they align with our overall sustainability goals.
Our approach includes aligning with broader sustainability and policy objectives to effectively address material impacts, risks, and
opportunities related to consumers and end-users. We are working on defining specific, measurable targets that will allow us to accurately
track our progress and impact.
The scope of our future targets will cover all relevant areas where our operations intersect with consumer and end-user interests, including
Non-discrimination, Access to products and services & Privacy. We will determine baseline values and establish a baseline year as part of
our ongoing evaluation process. Consumers and end-users will be directly engaged in setting targets through surveys, focus groups, and
other participatory methods. We will involve consumers and end-users in tracking our performance through regular updates and feedback
mechanisms. We are committed to transparency and will update our stakeholders as we develop and implement these targets in the future.
6.3.3.7 S4-5 – Targets Related to Managing Material Negative Impact
Disclosure of Severe Human Rights Issues and Incidents Connected to Consumers and/or End-Users
In 2024, there were no reported cases of non-compliance with international guidelines and severe human rights violations specifically related
to our consumers and end-users at bpostgroup. We remain committed to upholding the highest standards of compliance and ensuring that all
concerns are addressed promptly and effectively.
bpost NV/SA will not be reporting on metrics under the S4 - Consumers and End-Users category for the current reporting year. Additional
metrics in this category will be introduced in subsequent reports, following the completion of further initiatives and in-depth analyses. We
remain committed to enhancing our reporting framework and providing meaningful insights as we progress.

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6.4 GOVERNANCE INFORMATION
6.4.1 ESRS G1 - Business Conduct
6.4.1.1 G1-1 Business Conduct, Policies and Corporate Culture
At bpostgroup, we are committed to upholding the highest standards of ethical behavior and fostering a corporate culture rooted in integrity,
inclusivity, and accountability. Our approach emphasizes clear governance, robust policies, and comprehensive training to ensure that ethical
principles guide every aspect of our operations. We continuously strive to promote transparency, encourage open dialogue, and create an
environment where all employees understand their role in maintaining ethical standards. Through ongoing assessments and improvements,
we align our practices with international standards and adapt to evolving expectations.
Our policies, programs, and initiatives ensure that our values are not only established but actively developed, promoted, and evaluated
across all levels of the organization, reflecting our dedication to embedding ethics into our organizational framework.
How bpostgroup Establishes, Develops, Promotes, and Evaluates Its Corporate Culture
Establishing Corporate Culture through our Code of Conduct
At bpostgroup, our foundation is built on strong corporate values and ethical business practices that support our sustainable and responsible
business strategy. Each bpostgroup employee is a custodian of our company culture, embodying our commitment to colleagues, employees,
suppliers, customers, business partners, shareholders, and society at large. Our values and practices reflect our dedication to maintaining
sound and robust relationships, driving positive customer experiences, and achieving financial performance. Building a reputation as a
trustworthy and ethical organization among our stakeholders is essential for our success. To achieve this, we encourage every employee to
uphold the highest ethical standards. This Code of Conduct sets out the values that guide and inspire us to ensure bpostgroup's performance
meets these standards
Key Contents of Policy
The policy encompasses several critical areas to ensure comprehensive coverage of ethical standards and practices within bpostgroup:
1. General Provisions: Overview of the fundamental principles and guidelines that govern the behavior of all employees.
2. Employment Relationships: Policies related to health, safety, and wellness at work, ethical and responsible collaboration, managerial
responsibilities, respect for others, equal opportunity and diversity, communication and social dialogue, use of company and customer
property and resources, and dress code.
3. Commercial Relationships: Guidelines and practices related to conflict of interest, corruption, gifts and other favors, money laundering,
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4. Personal Data and Confidentiality: Guidelines on the protection of personal data and the importance of maintaining confidentiality.
5. Communication: Standards for internal and external communication to ensure transparency and consistency.
6. bpostgroup as a Responsible and Sustainable Company: Commitment to sustainability and corporate responsibility, outlining initiatives
and practices that support these goals.
Scope and Exclusions
This Code of Conduct was adopted by bpost NV/SA’s Board of Directors on November 7, 2018, and last updated by the Board on December
9, 2022. The Code applies to all employees of bpost NV/SA and its subsidiaries, regardless of their duties or position. Subsidiary means
any company directly or indirectly controlled by bpost NV/SA (within the meaning of Article 1:15 of the Belgian Code of Companies and
Associations), regardless of its activities, corporate purpose, or geographic location. bpost NV/SA and its subsidiaries collectively form the
bpostgroup.
This Code also applies to persons closely connected with bpostgroup’s activities and operations who are not employees but to whom this
Code is communicated. Such persons include all directors, persons holding executive, consultancy, managerial or supervisory positions
within bpostgroup, temporary workers, trainees, and contractors. For the sake of convenience, the persons to whom this Code applies are
hereinafter referred to as “Coworkers.”
In addition to this Code, Coworkers must comply with all applicable local laws and regulations as well as the delegations of powers,
procedures, and internal operating rules of the entity for which they work, which may vary from one entity to another.
This Code is not intended to provide an exhaustive list of the rules applicable to the activities of Coworkers in the various countries in which
bpostgroup operates. It merely contains guidance on the minimum standards to be observed. Subsidiaries are encouraged to adopt their
own codes of conduct that are consistent with this Code but adapted as necessary to their specific jurisdiction and local legal requirements
(“Subsidiary Code of Conduct”). Provided that the Subsidiary Code of Conduct has been approved by the bpost Chief Legal Officer, that
Subsidiary Code of Conduct will govern such subsidiary in lieu of this Code.
Description of Most Senior Level in the Organization that is Accountable for Implementation of Policy
The most senior level accountable for the implementation of this policy is the Board of Directors of bpost NV/SA. They are responsible for
adopting and updating the Code of Conduct, ensuring that it aligns with the company's values and ethical standards.
Description of Consideration Given to Interests of Key Stakeholders in Setting Policy
In setting this policy, bpostgroup has taken into account the interests of key stakeholders, including colleagues, employees, suppliers,
customers, business partners, shareholders, and society at large. The policy reflects our commitment to maintaining sound and robust
relationships, driving positive customer experiences, and achieving financial performance. Stakeholder engagement is an ongoing process,
and their input is considered crucial for aligning the policy with their expectations and needs
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who Need to Help
Implement It
The Code of Conduct is made available to all employees and relevant stakeholders through multiple channels. It is accessible on the
bpostgroup intranet and official website, ensuring that all employees, directors, consultants, temporary workers, trainees, and contractors
can easily access it. Additionally, the Code is communicated during onboarding sessions for new employees and through regular training
programs to ensure that everyone understands and adheres to the ethical standards set forth.
Strengthening Our Culture of Ethics and Compliance
The foundation of our corporate culture lies in our Code of Conduct, which outlines the ethical standards and behaviors expected of all
employees. To strengthen our culture of ethics and compliance, we have been implementing bpostgroup’s FACE Program (Foster a Culture of
Ethics and Compliance) at group level. This comprehensive initiative enhances risk management and compliance practices by defining clear
governance models, establishing a group-wide strategy, and embedding a robust enterprise risk management program and function.
A key element of the program was the Compliance Maturity Assessment, which evaluated and improved compliance practices across all
companies and jurisdictions where bpostgroup operates. The assessment was conducted with the help of an external partner, who has
helped us in defining the methodology to align with FACE's compliance management building blocks. The Board of Directors has identified
eleven domains that require attention, with an initial focus on Third-Party Compliance (TPC), Procurement, Business Continuity, Bribery and
Corruption, and Cybersecurity, due to current legislative initiatives and bpostgroup's needs.
Developing Corporate Culture
At bpostgroup, we develop our corporate culture by embedding strong ethical values and principles into every aspect of our operations.
This is achieved through clear governance, robust policies, and comprehensive training programs that emphasize integrity, inclusivity,
and accountability. We promote transparency and open dialogue, ensuring all employees understand their role in upholding our ethical
standards. By continuously assessing and improving our practices, we align with international standards and adapt to evolving expectations,
fostering a culture of accountability and excellence across the organization.

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Promoting Corporate Culture
We promote transparency and accountability through initiatives like the Speak Up Program accompanied by our Speak Up Policy and
Escalation Policy, launched in 2023. This secure and confidential reporting channel empowers employees to raise concerns or report
incidents without fear of reprisal. By encouraging open dialogue, this program strengthens trust across the organization and aligns with our
commitment to integrity.
Key Contents of Policy
The Speak Up Policy underscores the importance of integrity and compliance with laws, regulations, and the company's code of conduct.
It details the channels available for reporting concerns confidentially and without fear of retaliation through the designated tool by the
reporter.
The Escalation Policy complements the Speak Up Policy by detailing the process for handling concerns related to a case manager. Concerns
are reported through a webform or telephone hotline, and then assigned to a case manager by admin users, rather than being entered
directly into the tool by the reporter. This ensures a structured and secure approach to managing and investigating reported issues.
Scope and Exclusions
The Speak Up Policy applies to all employees, former employees, external workers, and subcontractors or suppliers of bpostgroup. It covers
violations or potential violations of laws, regulations, the company's code of conduct, and other company policies. However, it excludes
reporting immediate dangers to life, health, safety, or property, grievances about employment conditions, personal or legal issues unrelated
to potential misconduct, or false accusations. The Escalation Policy complements this by providing a structured process for handling
concerns related to a case manager, ensuring these concerns are managed securely and systematically.
Description of Most Senior Level in the Organization that is Accountable for Implementation of Policy
The most senior level in the organization accountable for the implementation of the Speak Up Policy is the Compliance department of
bpostgroup. This department is responsible for receiving and handling reports of concerns. For concerns related to subsidiaries, the local
reporting manager within the relevant subsidiary is accountable. The Compliance department ensures that every case is handled promptly,
objectively, and thoroughly.
Explanation of How Policy is Made Available to Potentially Affected Stakeholders and Stakeholder Who Need to Help Implement It
The Speak Up Policy is publicly available on the bpostgroup website making for easy access for internal and external stakeholders.
Furthermore, all employees are made aware of the Speak Up tool and policy and Escalation Policy when onboarded.
Description of Consideration Given to Interests of Key Stakeholders in Setting Policy
In setting the Speak Up Policy, bpostgroup has given significant consideration to the interests of key stakeholders, including employees,
customers, the public, and other stakeholders. The policy ensures that concerns can be reported confidentially and without fear of
retaliation, thereby protecting the interests of those who report issues. It aligns with national regulations and provides specific guidelines for
different countries, ensuring that the policy is relevant and effective across all regions where bpostgroup operates. This approach fosters a
culture of integrity and trust, which is beneficial for all stakeholders involved.
Global Ethics Day 2024
On 16 October 2024, bpostgroup celebrated Global
Ethics Day for the first time, marking a commitment to
promoting a culture of ethics and compliance across
the organization. This event encouraged all employees
within bpostgroup to reflect on the significance of ethical
decision-making in their everyday lives. To support
this initiative, a message was shared with the Group
Leadership Team to help spread the word throughout
all levels of the company. Additionally, a post was made
on the bpost4me platform featuring brief quotes from
employees sharing their perspectives on the meaning of
ethics.
Evaluating Corporate Culture
To ensure our corporate culture remains effective and aligned with our values, we conduct regular assessments of governance and ethical
practices. These evaluations include monitoring the impact of our training programs and initiatives, such as the Speak Up Program, to gauge
their effectiveness in fostering the desired culture. Insights from these assessments drive continuous improvements and help us maintain
a culture that reflects our core values. Through these structured efforts, bpostgroup builds and maintains a strong, ethical, and inclusive
corporate culture that supports our mission and long-term success.

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Mechanisms for Reporting and Investigating Concerns on Business Conduct Matters
bpostgroup has established comprehensive mechanisms to identify, report, and investigate concerns about unlawful behavior or violations
of its Code of Conduct. Central to this effort is the Speak Up Program, launched in 2023, which provides a secure and confidential channel
for all employees and external stakeholders to report potential misconduct in good faith. For more detailed information on how reporting
through the Speak Up tool works, see Section S1-17 Incidents, complaints and severe human rights impacts.
The Code of Conduct outlines clear consequences for violations, ranging from disciplinary measures to legal action, ensuring accountability
for all internal and external stakeholders. The bpostgroup Code of Conduct and Human Right Policy align closely with the principles of the
United Nations Convention against Corruption (UNCAC), reflecting a shared commitment to ethical practices and anti-corruption measures.
Our policies emphasize integrity in commercial relationships, avoiding conflicts of interest, and adhering to high ethical standards, consistent
with UNCAC’s preventive and accountability-focused approach. While our Code of Conduct does not explicitly reference UNCAC, its principles
mirror the convention's objectives, showcasing our dedication to combating corruption and promoting ethical behavior. All our workforce
policies are explicitly aligned with the United Nations Universal Declaration of Human Rights (UDHR) and the Principles of the United
Nations Global Compact (UNGC) including our Human Rights Policy. While the policy is based on the UDHR and UNGC Principles, these are
directly linked to the United Nations (UN) Guiding Principles on Business and Human Rights, the International Bill of Human Rights, and the
International Labor Organization (ILO) Declaration. More on this can be found in Section S1-1 Policies related to Own Workforce. The Speak Up
Program ensures whistleblowers are protected from retaliation and guarantees the confidentiality of their reports. The program is supported
by robust policies that align with Directive (EU) 2019/1937, safeguarding the rights and personal data of whistleblowers. The responsibility
for managing whistleblower reports within bpostgroup lies with the Speak Up team, which operates under the Compliance department. This
team is composed of professionals who have been selected based on their independence, absence of conflicts of interest, and expertise in
fraud detection, ethics, and compliance matters. Each member brings a specific area of specialization, ensuring a well-rounded approach
to handling reports. Some team members have in-depth knowledge of financial fraud and integrity-related issues, while others have a legal
background, often with prior experience as attorneys specializing in HR matters or regulatory compliance. Given the highly confidential
nature of whistleblower reports, the Speak Up team is deliberately kept small, and members are chosen for their ability to handle sensitive
matters with discretion. While no specific training is required for joining the team (aside the annual training on the Code of Conduct) team
members continuously update their knowledge by attending external seminars and conferences on whistleblowing and compliance. This
ongoing learning ensures they stay informed about best practices and legal developments in handling whistleblower reports. Although
bpostgroup does not have a specific Anti-Bribery and Anti-Corruption (ABAC) policy, the Code of Conduct, along with the Speak Up policy and
other policies that include third-party due diligence, closely align with the principles of the United Nations Convention against Corruption.
The reason for not having a specific ABAC policy is that our existing policies already encompass the necessary principles and measures to
prevent and address corruption, ensuring comprehensive coverage and adherence to high ethical standards. Despite reporting 0 fines and
convictions for violation of ABAC laws, we acknowledge the need for dedicated training for ABAC and foresee this in our 2025 plan. We intend
to organize a dedicated training on ABAC outside of the current Code of Conduct to further strengthen our commitment to ethical practices
Speak Up Policy: 2024 Highlights and Updates
To mark its one-year anniversary, the Speak Up program
has undergone a review, leading to updates that ensure
compliance with legal standards and improve the
tool's effectiveness. Additionally, initiatives have been
launched and are planned to increase awareness of the
Speak Up Policy, such as the 2024 Global Ethics Day and
the upcoming 2025 Global Whistleblowing Day.
Next year, the revised Speak Up Policy will be reviewed
with trade unions before being translated and distributed
across all entities of bpostgroup
Training on Business Conduct
Since 2023, bpostgroup has prioritized mandatory training on its Code of Conduct. In 2024, this program expanded to include tailored online
courses and interactive content for all employees, covering key principles of ethical behavior, workplace well-being, and the importance of
the Speak Up Program. This comprehensive training initiative has seen 98% of all bpostgroup employees successfully complete the Code of
Conduct training. The target audience covers all bpostgroup employees with an open contract (excluding long-absence leaves and externals)
including those in administrative, management, and supervisory roles,. This training is done annually.
Workers have to complete all the quizzes in the e-learning with a 75% completion success rate. If they do not meet 75%, they have to retake
the tests. They receive a certificate after completion. We provided videos of the trainings and then ask them to fill a quiz to validate their
understanding and participation.
Looking ahead, dedicated training on bribery and corruption will be integrated into our mandatory training program by 2025, ensuring our
workforce is equipped to uphold our ethical standards in all aspects of their roles. By prioritizing these training programs, bpostgroup aims to
foster a culture of accountability and transparency, empowering employees with the knowledge and tools necessary to identify, report, and
address any instances of unlawful behavior or violations of the company's code of conduct.

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Code of Conduct training 2024 (e-learning and videos)
In 2024, bpostgroup employees completed an online
training (developed by the Human Resources and the
Compliance departments) on the Code of Conduct for
all employees. This training covered key elements of the
Code of Conduct and was enhanced with feedback from
the prior year’s session.
For colleagues without a bpostgroup email, three videos
and a quiz ensured understanding of core topics. For
both training courses (e-learning and videos), the training
emphasized the importance of workplace well-being and
responsible and ethical behavior in decision-making.
Employees who had already completed training in the previous year received a refreshed version, while new employees completed a
comprehensive version, which is now also integrated into the onboarding process. Special attention was also given to the Speak Up policy,
encouraging employees to voice concerns about unethical conduct.
Areas and Functions Most at Risk for Corruption and Bribery
The Compliance Maturity Assessment highlighted specific risks related to bribery and corruption, which have been incorporated into
the Anti-Bribery and Anti-Corruption section of the Code of Conduct to ensure awareness and adherence across the whole organization.
Notably, the Public Affairs department was identified as most at risk, particularly in their interactions with state entities, due to the limited
size of the team, with a training plan scheduled for implementation in 2025. bpostgroup continues to monitor and address functions within
the organization that may be at higher risk of corruption or bribery, reinforcing safeguards and targeted training to mitigate these risks
effectively.
Through these initiatives, bpostgroup demonstrates its unwavering commitment to ethical business practices, fostering a culture of trust,
transparency, and accountability.
6.4.1.2 G1-2 Management of Relationships with Suppliers
In today's dynamic business environment, the management of relationships with suppliers and procurement processes plays a pivotal
role in ensuring operational efficiency, sustainability, and ethical standards. Effective supplier relationship management transcends
mere transactional exchanges, focusing instead on strategic collaboration that aligns with our core values. This approach fosters strong,
transparent, and mutually beneficial partnerships with our suppliers. By adopting responsible procurement practices, we strive to enhance
supply chain resilience, minimize environmental impact, and promote social responsibility.
Our Approach to Supplier Relationships
Our approach is centred on transparency, trust, and shared values. At bpostgroup, our Stakeholder Engagement Policy lays the groundwork
for how we connect and collaborate with our suppliers throughout the procurement process. Guided by the AA1000 Stakeholder Engagement
Standard, this policy highlights our commitment to engaging with all stakeholders and integrating their insights into our governance and
operations. This policy will be reviewed in 2025 to ensure it remains current. In the meantime, we rely on our Supplier Code of Conduct as our
guiding principle.
The goal of our stakeholder engagement is to ensure that our business strategies and day-to-day activities align with the interests and

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expectations of various groups, including our suppliers. By fostering open and ongoing dialogues, we aim to create a better understanding
of everyone's needs, which enhances our decision-making and overall effectiveness. We take a systematic approach to identifying and
prioritizing stakeholders based on their influence, relevance, and the shared benefits we can achieve through our partnerships.
In our procurement activities, we actively seek to understand our suppliers’ perspectives and requirements. This insight helps shape our
selection criteria and evaluation methods. This commitment to stakeholder engagement not only strengthens our procurement practices but
also contributes to the sustainability and resilience of our supply chain.
Risk Management in the Supply Chain
bpost recognizes the importance of identifying and mitigating risks related to its supply chain, particularly those that impact sustainability
matters. To address these risks, we leverage EcoVadis as our primary risk management tool, supported by a structured approach that
includes:
• Risk Identification: Through EcoVadis, we conduct high-level
risk assessments across procurement categories to identify
potential risks, such as environmental impacts, human rights
violations, and ethical concerns. This tool enables us to
evaluate supplier performance and sustainability practices in
real-time.
• Mitigation Measures: Based on the insights from EcoVadis
assessments, we define and implement targeted actions to
mitigate identified risks.
Our Procurement Policy, Bid Compliance Policy, and
Subcontractor Policy further reinforce our commitment to
managing supply chain risks and ensuring sustainability. These
policies outline specific requirements and expectations for
suppliers, including adherence to environmental standards,
ethical practices, and compliance with applicable laws and
regulations.
Policies
At bpostgroup, we have implemented a set of comprehensive policies to address the material impacts, risks and opportunities related to
relationships with our suppliers:
1. Internal Procurement Policies
2. Bid Compliance Policy
3. Subcontractor Policy
4. Stakeholder Policy
5. Supplier Code of Conduct
1. Internal Procurement Policies
Key Contents of Policy
Our Procurement Policy, Strategic Sourcing Templates and other internal documents reflect our commitment to sourcing environmentally
and socially responsible products and services. We prefer suppliers with sustainable practices, such as reducing carbon footprints,
minimizing waste, and ensuring fair labor conditions. Sustainability criteria are integrated into procurement decisions, to ensure
accountability, we regularly monitor and report on our procurement practices to align with our overarching sustainability goals.
Scope and Exclusions
These policies/internal documents apply to internal Procurement stakeholders that are responsible for carrying out tenders and
interactions with suppliers.
Description of Most Senior Level in the Organization that is Accountable for Implementation of Policy
The Board of Directors of bpost NV/SA are responsible for the Procurement Policy, ensuring that it aligns with the company's values, ethical
standards and evolving market and regulatory requirements. The other internal documents used by the Procurement Department are
overseen by the Procurement Director.
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who Need to Help
Implement It
Internal Procurement Policies are communicated to relevant internal stakeholders such as the Procurement Department of relevant
bpostgroup entities. Furthermore, these policies have been used as a part of other Procurement-related training around sustainability,
such as our Sustainable Procurement Day.

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Disclosure of Third-Party Standards or Initiatives that are Respected Through Implementation of Policy
In implementing these internal policies and documents, we align with globally recognized third-party standards and initiatives, such as
the United Nations Global Compact (UNGC), the Global Reporting Initiative (GRI), and the ISO 20400 Sustainable Procurement Guidelines.
We also respect certifications like Fair Trade, FSC (Forest Stewardship Council), and CarbonNeutral, ensuring our suppliers meet these high
standards. By adhering to these frameworks, we reinforce our commitment to sustainability and ethical practices on a global scale.
2. Bid Compliance Policy
Key Contents of Policy
Our Bid Compliance Policy ensures that all bidding processes are conducted with fairness, transparency, and adherence to applicable
laws, regulations, and internal standards. The policy establishes clear guidelines for bid submission, evaluation, and award processes,
while strictly prohibiting conflicts of interest, bribery, and other unethical practices. To maintain integrity, all bid-related decisions are
thoroughly documented and supported by audit trails.
Scope and Exclusions
This policy governs all bidding processes within the organization, including both public and private tenders. Exceptions are made only for
direct negotiations or sole-source procurements, which are permitted when justified and documented in accordance with organizational
policies. These exclusions are carefully reviewed to ensure they align with the principles of fairness and transparency.
Description of Most Senior Level in the Organization that is Accountable for Implementation of Policy
The Board of Directors of bpost NV/SA are responsible for the Bid Compliance Policy, ensuring that it aligns with the company's values,
ethical standards and evolving market and regulatory requirements.
Explanation of Whether and How Policy is Made Available to Potentially Affected Stakeholders and Stakeholders Who Need to Help
Implement It
The Bid Compliance Policy is publicly accessible on the company’s website and shared with bidders as part of the tender process. Internal
staff involved in bidding activities undergo mandatory training to ensure they understand and adhere to the policy. Regular audits and
reviews are conducted to assess compliance, and the results are communicated to relevant stakeholders to maintain transparency and
accountability.
Disclosure of Third-Party Standards or Initiatives that are Respected Through Implementation of Policy
Our Bid Compliance Policy respects and incorporates principles from internationally recognized standards and initiatives, such as the
OECD Guidelines for Multinational Enterprises, the International Anti-Corruption Standards (IACS), and the Transparency International
Integrity Pacts. We also align with local and national procurement regulations to ensure our bidding processes are not only compliant but
also exemplary in promoting integrity and fairness. These third-party frameworks guide our efforts to maintain trust and credibility in all
procurement activities.
3. Subcontractor Policy
For more specific information related to the Subcontractor Policy, its content, scope, descriptions, explanations and more, please refer to
Section S2-1 Policies Related to Value Chain Workers.
4. Stakeholder Policy
Stakeholder engagement is currently outlined and detailed in a Stakeholder Policy, which is publicly available on our website. The policy
describes how commitment to stakeholder should be established and moreover, how stakeholder engagement should be integrated with
governance, strategy and operations. This policy falls under the responsibility of our Compliance department. However, this policy is being
reviewed and will gradually be replaced or potentially phased out as its content will be covered by other, more targeted policies, including
the Public Affairs Policy, Communication Policy, and Relationship Agreement. Additionally, the governance structure and responsibilities
associated with this policy will be reassessed. As part of this review, we are also evaluating the need to develop a Consumer Policy to
address specific consumer-related concerns.
5. Supplier Code of Conduct
For more specific information related to the Supplier Code of Conduct, its content, scope, descriptions, explanations and more, please refer
to Section S2-1 Policies Related to Value Chain Workers.
Prioritizing Sustainability in Supplier Relationships
We prioritize the following actions to ensure sustainable and ethical supplier relationships:
1. Raising Awareness: Educating our internal teams on sustainable solutions and approaches.
2. Risk and Impact Evaluation: Conducting high-level risk assessments for each procurement category and defining appropriate actions.
3. Sustainability Criteria: Incorporating sustainability criteria into our tender documents and contracts.
4. Performance Monitoring: Checking and assessing the sustainability performance of our suppliers using tools such as audits, surveys, and
scorecards.

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To support these priorities, we outline our expectations and basic requirements at the RFP (Request for Proposal) stage of a sourcing
project and/or in the General Terms and Conditions. The following minimum requirements are standardized:
• Suppliers must adhere to our Supplier Code of Conduct, which encompasses core principles on environmental protection, human rights,
and ethical behaviour.
• We monitor supplier performance post-tender by requesting an annual assessment with EcoVadis (or equivalent). Key suppliers are
required to maintain an EcoVadis scorecard with a minimum score of 45. If the assessment results are consistently low or high-risk activities
are identified, we may request an on-site audit.
• Suppliers are expected to calculate and report on their annual carbon footprint, set a CO2 reduction target, and develop a strategy to
achieve this target
Sustainable Supplier Selection: Social and Environmental Considerations
When selecting suppliers, we prioritize social and environmental criteria, including labour practices, ethical sourcing, and environmental
impact. In addition to these minimum requirements, we consider multiple criteria when selecting a supplier. These criteria are defined in
the awarding criteria of an RFP and are weighted according to their relative importance. While price is usually the primary criterion, we also
maintain the concept of Total Cost of Ownership. Other criteria for awarding a contract include quality and sustainability. These criteria are
specific to each purchase and can vary significantly from one product or service to another.
This selection process safeguards our commitment to sustainability, as we seek to work with partners who share our dedication to social
responsibility and environmental stewardship.
Supplier Performance Metrics
To ensure our procurement practices align with our sustainability and ethical standards, we track and report on several Key Performance
Indicators within bpost SA, our Belgian entity (see table below).
KPI
NUMBER
Total number of Key Suppliers
1
given consent to the Supplier Code of Conduct. 3,045
Active Key Suppliers screened or audited. 65
Spend of Key suppliers with SBTi Scope 1&2 validated targets. € 204,972,197.96
Evaluation of Performance and Effectiveness in Relation to Material IROs
The supplier performance metrics we track are designed to assess and manage sustainability-related risks and opportunities within our supply chain. These
metrics align with our material IROs, specifically in the areas of responsible sourcing, climate action, and ethical supply chain management. The key ways in
which these metrics support our IROs are:
• Supplier Code of Conduct Compliance: Measuring the Total number of Key Suppliers given consented to the Supplier Code of Conduct
helps ensure that our sustainability standards on human rights, labor conditions, and environmental practices are upheld throughout our
supply chain. This metric directly addresses risks related to unethical labor practices and environmental non-compliance.
• Supplier Screening and Audits: Tracking Active Key Suppliers screened or audited ensures that we proactively identify and mitigate
potential risks related to sustainability non-compliance, unethical business practices, or supply chain disruptions.
• Spend with Suppliers Holding SBTi-Validated Targets: Monitoring Spend of Key Suppliers with SBTi Scope 1&2 validated targets ensures
alignment with our own decarbonization goals, mitigating climate-related transition risks and reinforcing our commitment to reducing
Scope 3 emissions.
Methodologies and Significant Assumptions
To ensure accuracy and consistency in our reporting, we employ the following methodologies and assumptions:
• Supplier Code of Conduct Compliance: The Total number of Key Suppliers given consented to the Supplier Code of Conduct is determined
based on contractual agreements and procurement records. A supplier is considered compliant when they have formally acknowledged
and signed the document.
• Supplier Screening and Audits: Active Key Suppliers screened or audited is derived from our supplier due diligence program, which
includes EcoVadis assessments, third-party audits, and internal supplier risk evaluations. Suppliers categorized as high-risk based on
country of operation, industry sector, or past compliance history are prioritized for screening.
• SBTi-Validated Supplier Spend: We calculate Spend of Key suppliers with SBTi Scope 1&2 validated targets based on supplier self-
reported SBTi status and external databases. We assume that suppliers with validated targets are actively working toward science-based
decarbonization commitments, though progress is not independently verified by bpostgroup.
1 Key suppliers are defined as the top 80% spend suppliers.

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External Validation Bodies
While our assurance provider verifies certain ESG disclosures, we also leverage external bodies to validate the credibility of our supplier-
related sustainability efforts:
• EcoVadis: A widely recognized sustainability rating platform that assesses suppliers on environmental, social, and ethical performance. Key
suppliers are required to maintain an EcoVadis scorecard with a minimum threshold score.
• SBTi (Science-Based Targets initiative): A third-party organization that verifies supplier commitments to science-based decarbonization
targets, ensuring alignment with the latest climate science.
• Industry and Sector-Specific Certifications: Where applicable, we require suppliers to hold recognized environmental and ethical
certifications.
6.4.1.3 G1-3 Prevention and Detection of Corruption and Bribery
At bpostgroup, we are committed to maintaining the highest ethical standards and preventing corruption and bribery in all aspects of our
operations. Our comprehensive approach includes clear policies, robust training programs, and a dedicated framework for reporting and
investigating any allegations. We have implemented a range of measures to prevent, detect, and address potential incidents of corruption and
bribery, with particular focus on high-risk functions, such as Public Affairs, Sales teams, and roles in financial transactions, fraud detection,
and integrity management. Our employees are trained to recognize and avoid unethical conduct, and we offer secure channels for reporting
concerns. The following disclosures provide detailed information about our procedures, training, and actions related to the prevention and
detection of corruption and bribery, as well as the steps we take to address any breaches that may arise.
Furthermore, all bpostgroup employees are aware of and are trained on our anti-corruption and bribery measures through our Code of Conduct.
Procedures for Preventing, Detecting, and Addressing Corruption and Bribery
bpostgroup has established a comprehensive framework to prevent, detect, and address allegations or incidents of corruption and bribery.
Central to this framework is the Speak Up program, which provides a secure, confidential channel for reporting concerns. As detailed in
Section S1-17 Incidents, complaints and severe human rights impacts, the Speak Up program is accessible to a defined list of stakeholders
(Private detectives, HR lawyers, Fraud Expert and Ethics Manager), ensuring broad coverage and effective use. Additionally, the Compliance
Department at bpostgroup includes specialized roles such as Ethics, Fraud, and Integrity Managers. These managers report to the Head of
Anti-Money Laundering (AML), Transport, and Ethics, who in turn reports to the Compliance Director. The Compliance Director, operating
independently from business management as part of the second line of defense, oversees all compliance matters.
On top of the Speak Up tool, corruption and bribery can also be reported through Integrity Management's iSight tool. This tool is a secure
and confidential channel, accessible only to a limited number of business SPOCs, ensuring that incidents under Integrity investigation remain
protected and confidential. The Compliance Department escalates ABAC cases to the Legal Department once they progress to litigation,
ensuring coordination between compliance monitoring and legal oversight. The Legal Department maintains a centralized litigation report
(MLR), which is reviewed annually by the Audit, Risk & Compliance Committee and includes material legal risks from all bpostgroup entities
globally.
To ensure impartiality, investigations related to corruption and bribery are conducted independently from the chain of management involved
in the matter. The Compliance Director reports directly to the Executive Committee, Audit, Risk & Compliance Committee, and the Board of
Directors on compliance risks, including ethics and fraud, on a quarterly basis. Furthermore, the Compliance Director has a direct reporting
line to the Chair of the Audit, Risk & Compliance Committee, ensuring objectivity, transparency and effective oversight.

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As we have no ABAC policy, we conducted the Compliance Maturity Assessment as a basis to determine our risks and to gather a view on our
people most at risk. In 2025 we will look into creating a separate policy, and organizing trainings for those identified categories most at risk
being Sales, Public Affairs, etc. Using the results and lessons learned from the Compliance Maturity Assessment, we will also develop different
related policies, such as a Gift Policy.
Today, our only form of ABAC training can be found in the Code of Conduct. The Code of Conduct is made available to all employees and
relevant stakeholders through multiple channels. It is accessible on the bpostgroup intranet and official website, ensuring that all employees,
directors, consultants, temporary workers, trainees, and contractors can easily access it. Additionally, the Code is communicated during
onboarding sessions for new employees and through regular training programs to ensure that everyone understands and adheres to the
ethical standards set forth.
Currently, all policies are communicated via email, and, where applicable, sent through physical mail. In addition, relevant policies are
posted on the appropriate intranets of the bpostgroup entities, ensuring that all employees have easy access to important guidelines and
understand their implications.
Training on Anti-Corruption and Anti-Bribery
bpostgroup offers comprehensive anti-corruption and anti-bribery training as part of its Code of Conduct training program. This training is
provided to all bpostgroup employees, covering key elements such as ethical behavior, integrity, and compliance.
The Code of Conduct training at bpostgroup covers anti-corruption and anti-bribery by educating employees on recognizing and avoiding
conflicts of interest, prohibiting any form of corruption (including bribery, kickbacks, and fraud), and distinguishing between acceptable and
unacceptable gifts and favors. It includes practical examples, quick tests, and guidelines for maintaining ethical behavior and compliance,
with employees encouraged to consult designated contacts for any concerns.
The percentage of functions-at-risk covered by training is not calculated. bpostgroup only calculates the Code of Conduct, including the
dedicated ABAC training, completion rate (in %) for all employees. The completion rate is calculated by the Compliance Department and
more specifically the Head of Privacy and Compliance Programs. Only active employees, excluding employees who are on long-term leave,
externals as well as those who are retired, are included in the completion rate tracking.
For functions-at-risk, specific policies, such as the Policy on Contacts with Competitors, have been validated by the Board and will be
implemented as of January 1
st
2025 to address the unique challenges these positions face.
Definition of Functions-at-Risk: For more information on functions-at-risk, please refer to Section “Areas and Functions Most at Risk for
Corruption and Bribery” in G1-1 – Business Conduct, Policies and Corporate Culture.
Training Process & Monitoring:
• The Code of Conduct e-learning is embedded in a bpost NV/SA-specific platform and another dedicated tool for external entities.
• Training completion is tracked through an automated system for bpost NV/SA, while HR groups provide completion rates for other entities.
• Employees must achieve a minimum percentage of 75% of correct answers in assessments to be marked as complete.
• Employees on long-term leave, external and retired are excluded from the completion rate calculations.
• Internal Audit reviews the implementation and completion rates of training modules as part of their audit engagements.
• The completion percentage is reported quarterly to the Compliance Director and included in CSRD disclosures.
In 2024, 98% of bpostgroup employees, including those in administrative, management, and supervisory roles, completed the Code of
Conduct training. This training, which covers anti-bribery and anti-corruption measures, ensures widespread awareness and understanding
across all levels of the organization. Furthermore, this figure has only been calculated and validated internally, it has not been validated by an
external or third-party party other than our assurance provider.
6.4.1.4 G1-4 Incidents of Corruption and Bribery
Convictions for Violations of Anti-Corruption and Anti-Bribery Laws
In 2024, bpostgroup did not face any convictions or fines for violations of anti-corruption or anti-bribery laws. Additionally, no breaches
of our anti-corruption or anti-bribery procedures or standards were identified, highlighting the effectiveness of our compliance measures.
This information is verified through the Legal Department’s litigation tracking system and annual Material Legal Risk (MLR) report, which
is reviewed by the Compliance Director and Chief Legal Officer (CLO). The report is submitted annually to the Audit, Risk & Compliance
Committee.
Furthermore, there were no incidents involving actors in our value chain where bpostgroup or its employees were directly involved.

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Convictions, Fines, and Actions Taken on Anti-Corruption and Anti-Bribery at bpostgroup level in 2024
TYPE OF PENALTY
AMOUNT IN 2024 ACROSS BPOSTGROUP
Amount of fines for violation of anti-corruption and anti-bribery laws 0
Number of convictions for violation of anti-corruption and anti-bribery laws 0
These figures have only been calculated and validated internally, they have not been validated by an external or third-party party other than
our assurance provider.
Monitoring and Reporting Compliance Data
The Compliance and Legal departments work together to ensure all ABAC-related cases are monitored, reported, and analyzed. All incident-
related data is gathered in the Speak Up tool (OneTrust Convercent), with complementary tracking through Integrity Management’s iSight
tool. For Radial NA, incidents are tracked in Syntrio, with data extracted and reported to bpostgroup. Twice a year, all incidents are reviewed,
categorized, and compiled into a report by the Compliance team. This report undergoes quality checks before submission to the Audit, Risk &
Compliance Committee.
To ensure accurate reporting, material fines and penalties are cross-referenced with Upper Management contacts across subsidiaries. This
ensures that all entities are included in the final CSRD disclosure and that no ABAC-related convictions or fines are omitted.
Furthermore, bpostgroup and its Legal Department have a dedicated tool to track ongoing and/or anticipated fines and litigations called
Avonca. All information regarding relevant claims can be tracked followed up on in real-time.
Action plans and Resources to Manage its Material Impacts, Risks, and Opportunities Related to Corruption and Bribery
At the time of reporting, bpostgroup has not planned any actions or resources to manage our material impacts, risks and opportunities
related to corruption and bribery. Previously, the Code of Conduct which includes a dedicated Anti-Corruption section, was assessed to
be sufficient enough for ABAC-related training. However, throughout 2025 bpostgroup and the departments responsible for detecting and
combatting corruption and bribery will continue to focus on specific, targeted policies and trainings for targeted situations related to ABAC,
such as the gift policy and a dedicated ABAC training.
6.4.1.5 G1-5 Political Influence and Lobbying Activities
Oversight of Political Influence and Lobbying Activities
Oversight of the bpostgroup’s political influence and lobbying activities is the responsibility of our Public Affairs Director under the direct
supervision of our CEO. This role ensures that our company’s engagement with policymakers and industry stakeholders is transparent and
aligned with our corporate values. This includes overseeing lobbying efforts, managing relationships with governmental bodies, and ensuring
that our relations with political stakeholders adhere to best practices following the Public Affairs Policy of the company. Notably, bpostgroup
does not engage in lobbying directed at the Belgian Institute for Postal Services and Telecommunications (BIPT), respecting its status as an
independent regulatory body.
While there were no specific policies regulating Public Affairs in 2024, a new Public Affairs Policy on contacts with public authorities,
validated by the board, will come into force in the first quarter of 2025. This policy is founded on the core values of compliance with laws and
regulations, integrity, transparency, and professionalism. It applies to all bpostgroup employees and individuals closely connected to the
company, such as directors, temporary workers, trainees, and contractors, when interacting with public authorities on behalf of bpostgroup.
The policy primarily focuses on Belgian public authorities and those associated with the European Union, making it most relevant to
employees of Belgian and other EU entities of bpostgroup or persons closely connected to such entities.

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Political Contributions
bpostgroup does not make any financial or in-kind political contributions, either directly or indirectly, in any country or geographical area. This
reflects our commitment to maintaining neutrality in political matters and ensuring that all our activities adhere to ethical business practices and
regulatory compliance.
Total monetary value of financial and in-kind political contributions made directly and indirectly by bpostgroup
2024
Political funding provided 0
Total 0
Main Lobbying Topics and Positions
European-Level
At the European-level, bpostgroup's lobbying activities are
primarily carried out through its contributions to PostEurop,
a trade association representing national postal operators
across Europe. PostEurop's position papers, which address key
EU and international regulations and initiatives related to the
postal sector, cover topics such as universal service, transport,
e-commerce, human resources, environmental concerns, and
customs regulations. These papers can be accessed at https://
www.posteurop.org/blog/?category=position-papers.
National-Level
At the national-level, bpostgroup advocates for policies affecting the postal and e-commerce logistics sectors. Our positions reflect concerns
regarding the impact of regulation and political decisions on areas such as universal postal service, transport, employment and social
standards, and environmental sustainability. Our lobbying efforts aim to ensure that bpostgroup’s perspectives are considered in shaping the
future of our industry. bpostgroup is registered in the Belgian federal parliament lobby register.
External Validation of Lobbying Activities
Belgian Federal Parliament Lobby Register
bpostgroup is registered in the Belgian federal parliament lobby register, which serves as an external validation tool for our national lobbying
activities. This register provides transparency and accountability by publicly documenting our engagement with Belgian policymakers. The
register can be accessed at Belgian Lobby Register.
EU Transparency Register
Additionally, bpostgroup is registered in the EU Transparency Register under Number 448148139186-23. This registration serves as a key
external validation tool for our European lobbying activities. The EU Transparency Register enhances transparency by providing stakeholders
with clear information about our advocacy efforts, including the topics we engage on, the resources allocated, and our interactions with EU
policymakers. This aligns with bpostgroup’s commitment to ethical lobbying practices and compliance with transparency standards.
Public Administration Appointments
Three members of management held positions in public administration, in the two years preceding their current appointment. Those people,
their current position and position they held in public administration are:
• Delphine Van Bladel – Senior Group Communication Expert – Cabinet of Karine Lalieux until October 31, 2024
• Catherine Wijnants – Senior Legal Counsel Corporate – Cabinet of Petra De Sutter until August 31, 2023
• Finke Jacobs – Expert Project Manager – Cabinet of Petra De Sutter until August 31, 2023

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6.4.1.6 G1-6 Payment Practices
Average Time to Pay Invoices
As part of our commitment to transparent and efficient payment practices, we report the average time taken to pay invoices, calculated from
the contractual or statutory payment term start date. This analysis covers four business groups: bpost NV/SA, Freight4U, Radial EU, and Radial
NA.
Scope & Data Completeness
The data set includes all invoices processed within the reporting period. However, some entities have limitations due to onboarding
timelines. Freight4U, which joined in May 2024, does not have complete data for the year. Radial Poland, onboarded in Oracle in February
2023, has full data coverage for 2024, while the remaining Radial Europe entities were fully integrated into Oracle by the end of 2023. Radial NA
has no missing data, ensuring full visibility for this entity.
Methodology for Data Collection & Calculation
Oracle Entities (bpost NV/SA, Freight4U, Radial EU)
To calculate the Average Payment Time (in days) for these entities, we extract monthly financial transaction data from Oracle, process it in
Power BI, and analyze it using DAX. The calculation involves:
• Invoice Creation Date: The date when the invoice is recorded in Oracle.
• Payment Date: The date when payment is executed.
• Reconciliation Time: The number of days between invoice creation and payment execution.
• Average Payment Time: The average of all reconciliation times for invoices created and paid within the reporting period.
Assumptions:
• Payments processed within a 7-day grace period after the due date are considered on time.
• Negative reconciliation times occur in cases of direct debit, where payment is executed before the invoice is officially created.
• For Freight4U, an additional calculation layer is applied due to weekly payment processing cycles.
SAP Entity (Radial NA)
For Radial NA, payment data is extracted directly from SAP, without intermediate transformations. The average days to pay is calculated as
follows:
• Invoice Posting Date: The date when the invoice is recorded in SAP.
• Clearing Date: The date when the payment is executed.
• Days to Pay: The difference between the clearing date and the invoice posting date.
• Average Payment Time: The total number of days to pay across all transactions, divided by the total number of payments.
Automation & Regional Differences
Most payments across the group are automated through Oracle, minimizing late payments. In the US, however, invoices do not have a fixed
invoice date, and general payment terms are not standardized, leading to reporting differences.

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Average Payment Time (in days) for bpost NV/SA, Freight4U, Radial EU and Radial NA in 2024
BUSINESS GROUP AVERAGE RECONCILIATION TIME COMMENTS
bpost NV/Sa 38.4 days Full year data available.
Freight4U 50.2 days Data from May 2024 until 31
st
of Dec 2024.
Radial EU 20.9 days Full year data for all entities; Radial EU includes
Belgium (BE), Netherlands (NL), Poland (POL),
Luxembourg (LUX), Italy (IT), Germany (DE), the
United Kingdom (UK), and Spain (ES).
However, Radial Spain was liquidated at the end
of September 2024. Additionally, while Radial
Luxembourg still exists as a legal entity, it has
minimal activity, processing at most 5 invoices
per year.
Radial NA 34.69 days Full year data available.
Standard Payment Terms by Main Category of Suppliers
bpost NV/SA
In 2024, bpost NV/SA applied a standard payment term of 50 calendar days across all categories of suppliers for undisputed invoices,
demonstrating a consistent approach to supplier payment practices. Moving forward, bpost NV/SA is committed to reducing this term to 30
calendar days for all suppliers, reinforcing its support for supplier cash flow and strengthening its supplier relationships.
Freight 4U and Radial EU
For Freight 4U and Radial EU entities onboarded on Oracle, a 30-day payment term is internally set within the Oracle financial system as a
standard guideline, though this is currently undocumented. Additionally, credit notes across all supplier categories are settled within 30 days,
underscoring bpostgroup's commitment to timely and transparent financial processes.
Radial NA
Radial NA follows a different approach due to its use of SAP. The preferred standard payment term is 45 days from the invoice date (NT45),
with payment terms ranging from immediate payment (NT00) to 60 days (NT60). Payments are processed weekly, and all invoices must be
approved in advance. Invoices due within the week are paid on the scheduled payment day, with exceptions for some critical vendors.
Percentage of Payments Aligned with Standard Payment Terms
The percentage of payments aligned with standard payment terms is determined using data extracted from Oracle and SAP. The calculation
follows the methodology outlined below:
• Oracle Entities: Payments are categorized as on-time if the payment date is on or before the due date. Late payments are those where the
due date has passed.
• SAP Entity (Radial NA): Payments are considered aligned if processed within a 7-day buffer after the due date, recognizing operational
delays in weekly payment runs.
Aligned with the standard payment terms outlined above, the percentage of payments that met these terms, can be found in the table below.
Percentage of Payments Aligned with Standard Payment Terms for bpost NV/SA, Freight4U, and Radial EU
BUSINESS GROUP STANDARD PAYMENT TERM (DAYS) PERCENTAGE OF PAYMENTS ALIGNED (%)
bpost NV/SA 50 days 90.05 %
Freight4U 30 days 18.61 %
Radial EU 30 days 82.22 %
Radial NA 45 days* 85.20 %
*Standard payment term is 45 days (NT45), but it can vary from immediate (NT00) to 60 days (NT60) based on agreements.

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Consideration of SMEs in Payment Practices
Recognizing the significance of SMEs in our supplier base, we are committed to ensuring timely payments to these businesses to support their
cash flow. Our current approach includes:
• bpost NV/SA's Reduction Plan: The shift from 50 to 30-day terms will particularly benefit SMEs, ensuring they receive payments faster.
• Freight 4U and Radial EU Practices: The 30-day standard term applies equally to SMEs and larger suppliers, maintaining fairness in
payment processing.
• Radial NA Approach: SME vendors classified as critical receive prioritization in weekly payment runs to prevent financial strain.
• Future Improvements: We are actively reviewing our payment structures to improve SME payment timeliness, particularly for Freight 4U,
where the percentage of payments aligned with the standard term remains relatively low.
Preventing Late Payments, Specifically to SMEs
bpostgroup is committed to fair and timely payments for all suppliers, particularly small and medium-sized enterprises (SMEs). Currently,
there is no formal policy to prevent late payments, specifically to SMEs. However, there are some internal measures taken to prevent late
payments from taking place.
Disclosure of Third-Party Standards or Initiatives That are Respected
bpostgroup respects external standards, including the EU Late Payment Directive and best practices in supplier payment policies. Our
approach aligns with fair business conduct principles outlined in relevant industry codes and supplier charters.
Existing Measures to Prevent Late Payments
bpostgroup has implemented the following measures:
• Standard Payment Terms Compliance: Internal financial controls ensure adherence to agreed payment terms, with escalation procedures
for delays.
• Automated Payment Tracking: Oracle and SAP systems monitor invoice due dates and trigger alerts for potential delays.
• Dedicated SME Support: A supplier relationship management team assists SMEs with payment-related concerns and expedites issue
resolution.
• Quarterly Compliance Reviews: Payment trends are analyzed to identify and address recurring issues, ensuring continuous improvement.
Future Developments
bpostgroup continuously evaluates its payment practices and may develop an official SME payment policy based on stakeholder feedback
and regulatory developments in the future. If additional measures are required, they will be assessed and addressed accordingly.
Number of Legal Proceedings Outstanding for Late Payments
As of the reporting date, there are no legal proceedings currently outstanding related to late payments. Given that our Oracle and SAP
systems do not natively track ongoing legal proceedings for late payments, we have validated this information through internal confirmations
from legal and finance teams.
BUSINESS GROUP
NUMBER OF LEGAL PROCEEDINGS OUTSTANDING FOR LEGAL PAYMENTS
bpost NV/SA 0
Freight4U 0
Radial EU: Belgium (BE), Netherlands (NL), Poland (POL), Luxembourg (LUX),
Italy (IT), Germany (DE), the United Kingdom (UK), and Spain (ES)
0
Radial NA 0
Please note that for Radial NA, the measurement of this metric has not been validated by an external body other than the assurance provider.

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6.5 Independent joint auditors’ limited
assurance report on bpostgroup’s
consolidated Sustainability Statement
At the attention of the general meeting of the shareholders
As part of the limited assurance engagement on the consolidated sustainability statement of bpostgroup (the “Company” or the “Group”), we
are providing you with our report on this engagement.
We were appointed by the by the shareholders’ meeting of 8 May 2024, in accordance with the proposal of the Board of Directors, issued on
the recommendation of the Audit Committee and on the nomination by the workers’ council, of bpostgroup, to carry out a limited assurance
engagement on the Company's consolidated sustainability information, included in the Non-financial statements (audited CSRD report) of
the bpostgroup annual report as of and for the year ended on 31 December 2024. (the "sustainability statement").
Our mandate expires on the date of the general meeting deliberating on the annual financial statements closed as at 31 December 2026. We
have carried out our assurance engagement on the sustainability statement of bpostgroup for 1 financial year.
Qualified limited assurance conclusion
We have conducted a limited assurance engagement on the sustainability statement of bpostgroup.
Based on the procedures we have performed and the evidence we have obtained, except for the effects and the possible effects of the matter
described in the section “Basis for qualified conclusion”, nothing has come to our attention that causes us to believe that the sustainability
statement is not prepared, in all material respects:
• in accordance with the requirements referred to in Article 3:32/2 of the Belgian Code of Companies and Associations, including compliance
with applicable European sustainability information standards (the European Sustainability Reporting Standards (“ESRSs”));
• is not compliant with the process carried out by the Company (“the Process”) to identify the information included in the sustainability
statement in accordance with the ESRS’s as set out in note IRO-1 – Description of the Process to Identify and Assess Material Impacts, Risks
and Opportunities (ESRS 2 IRO-1); and
• is not compliant with the requirements of Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”) as disclosed in subsection 6.2.4.
EU Taxonomy within the environmental section 6.2 Environmental Information of the sustainability statement.

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Basis for qualified conclusion
In August 2024, bpostgroup acquired Staci Group, a French-headquartered logistics company that offers global multichannel logistics
and distribution solutions. In the financial year 2024, Staci contributed € 337.7 million in revenue (or 8% of the consolidated revenues)
for bpostgroup. As explained in section “6.1.1.1 BP-1 General Basis for Preparation of the Sustainability Statement”, of the consolidated
sustainability statement, as of the acquisition date, and during the post-integration period thereafter, Staci Group was not yet prepared to
collect the necessary data needed for inclusion in the 2024 consolidated sustainability statement of bpostgroup, due to time constraints.
Consequently, Staci Group is not covered in the qualitative and quantitative disclosure requirements of the standards and sub-topics within
these standards that were determined as material for bpostgroup (including Staci Group), leading to a material understatement of several
KPIs, notably those related to ESRS E1, ESRS E5, and ESRS S1.
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000
(Revised), Assurance engagements other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”), applicable in
Belgium and issued by the International Auditing and Assurance Standards Board.
Our responsibilities under this standard are further described in the Statutory Auditor’s responsibilities section of our report related to our
limited assurance engagement under the section “Statutory Auditor’s responsibilities relating the limited assurance engagement on the
sustainability information”.
We have complied with all ethical requirements relevant to the assurance of sustainability engagement in Belgium, including those relating to
independence.
The firm applies International Standard on Quality Management 1 (“ISQM 1”), which requires the firm to design, implement and operate a
system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and
applicable legal and regulatory requirements.
We have obtained from the Company's Board of Directors and its appointees the explanations and information necessary for our limited
assurance engagement.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our qualified conclusion.
225

226
Other matters
The scope of our work is only restricted to the limited assurance engagement on the Company's sustainability statement with respect to the
current reporting period. Our limited assurance engagement does not extend to information relating to the comparative figures.
Responsibilities of the Board of Directors in relation to the preparation of sustainability information
The Board of Directors of the Company is responsible for designing and implementing a process to identify the information reported in the
sustainability statement in accordance with the ESRS and for disclosing this Process in note IRO-1 – Description of the Process to Identify and
Assess Material Impacts, Risks and Opportunities (ESRS 2 IRO-1) of the sustainability statement. This responsibility includes:
• understanding the context in which the Company’s activities and business relationships take place and developing an understanding of its
affected stakeholders.
• the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and
opportunities that affect, or could reasonably be expected to affect, the entity’s financial position, financial performance, cash flows,
access to finance or cost of capital over the short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and
applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
• The board of directors of the Company is further responsible for the preparation of the sustainability statement, which contains the
sustainability information as determined in the Process:
• in accordance with the requirements referred to in Article 3:32/2 of the Belgian Code of Companies and Associations, including compliance
with applicable ESRS’s;
• in compliance with the requirement provided by Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”) as described in the
disclosures in EU Taxonomy within the environmental section of the management report.
• This responsibility includes:
• designing, implementing and maintaining such internal control that the Board of Directors determines is necessary to enable the
preparation of the Sustainability statement that is free from material misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable
in the circumstances.
The Board of Directors are responsible for overseeing the Company’s sustainability reporting process.

227
Inherent limitations in preparing the sustainability statement
In reporting forward-looking information in accordance with ESRS, the board of directors of the Company is required to prepare the forward-
looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the
Company. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. Actual results are likely to
differ from projections because the future events will not generally occur as expected, and such differences could be material.
Independent joint Auditors’ responsibilities relating the limited assurance engagement on the sustainability
information
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the sustainability statement
is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence decisions of users taken on the basis of the sustainability statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), as applicable in Belgium, we exercise professional
judgment and maintain professional skepticism throughout the engagement. The work performed in an engagement with a view to obtaining
limited assurance is less extensive than in the case of an engagement with a view to obtaining reasonable assurance. The procedures
performed in a limited assurance engagement for which we refer to the ‘Summary of work carried out’ section which differ in nature and
timing are less extensive compared to a reasonable assurance engagement. We therefore do not express a reasonable audit opinion in the
frame of this engagement.
As the forward-looking information included in the Sustainability Information, and the assumptions on which it is based, relate to the
future, they may be affected by events that may occur and/or by actions taken by the Company. Actual results are likely to differ from the
assumptions made, as the events assumed will not necessarily occur as expected, and such differences could be material. Accordingly, our
conclusion does not guarantee that the actual results reported will correspond to those contained in the forward-looking sustainability
information.

228
Our responsibilities in respect of the Sustainability statement, in relation to the Process, include:
• understanding the Process but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of
the Process; and
• Designing and performing procedures to evaluate whether the Process is consistent with the Company’s description of its Process, IRO-1 –
Description of the Process to Identify and Assess Material Impacts, Risks and Opportunities (ESRS 2 IRO-1);
Our other responsibilities in respect of the Sustainability statement include:
• To understand the Company's control environment and the processes and information systems relevant to the preparation of sustainable
information, but without evaluating the design of specific control activities, obtaining substantive information on their implementation or
testing the effectiveness of the internal control measures in place;
• Identify areas where material misstatements of sustainability information are likely to occur, whether due to fraud or error; and
• Designing and performing procedures responsive to where material misstatements are likely to arise in the sustainability statement. The
risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability statement. The procedures
in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have
been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where
material misstatements are likely to arise in the Sustainability statement, whether due to fraud or error.

229
In conducting our limited assurance engagement, with respect to the Process, we:
• Obtained an understanding of the Process through:
- Requesting information to understand the sources of the information used by management (e.g., stakeholder engagement, business
plans and strategy documents), as well as assessing the Company’s internal documentation of its Process; and
• Evaluated whether the evidence obtained from our procedures with respect to the Process implemented by the bpostgroup was consistent
with the description of the Process set out in note IRO-1 – Description of the Process to Identify and Assess Material Impacts, Risks and
Opportunities (ESRS 2 IRO-1).
In conducting our limited assurance engagement, with respect to the sustainability statement, we:
• Obtained an understanding of the Company’s reporting processes relevant to the preparation of its sustainability statement by:
- interviewing management and relevant staff responsible for consolidating and implementing internal control measures related to
sustainability information;
- when deemed appropriate, obtaining supporting documentation for the relevant reporting processes.
• Evaluated whether the information identified by the Process is included in the sustainability statement;
• Evaluated the compliance of the structure and the preparation of sustainability information with ESRS standards;
• Performed inquires of relevant personnel and analytical procedures on selected information in the sustainability statement;
• Performed substantive assurance procedures, based on a sample, on selected information in the sustainability statement;
• For a number of locations contributing to the quantitative information included in the sustainability information, we have carried out
limited detailed testing of the data collection and calculation processes, as well as validation procedures related to the quantitative
information, based on professional judgement and on a sample basis;
• Evaluated assurance information on the methods for developing estimates and forward-looking information; evaluated as described in
the section ‘responsibilities of the statutory auditor regarding the assurance engagement with limited assurance regarding sustainability
information;
• Obtained an understanding of the Company’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the
corresponding disclosures in the Sustainability statement;
• On a sample basis, reconciled the economic activities with supporting documentation that substantiates the substantial contribution, the
do not significant harm contribution, and the minimum safeguard requirements;
• Reconciled inputs to revenue, capital expenditure, and operating expenses, with underlying financial information of the Company;
Statements regarding independence
Our audit firm and our network have not performed any engagements that are incompatible with the limited assurance engagement, and our
audit firm has remained independent of the company during our term of office.

230
Diegem, 25 March 2025
EY Bedrijfsrevisoren BV PVMD Réviseurs d’entreprises SRL
Statutory auditor Statutory auditor
Represented by Represented by
Han Wevers * Alain Chaerels
Partner Partner
*Acting on behalf of a BV/SRL

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7. Economic value
7.1 Financial review
7.1.1 Group overview
Compared to last year, total operating income increased by +69.1 mEUR or +1.6% to 4,341.3 mEUR:
• External operating income BeNe Last-Mile decreased by -55.4 mEUR and amounted to 2,272.2 mEUR mainly due to lower revenues from
new Press contracts, resilient mail revenues partially offset by strong parcel volume growth.
• External operating income of 3PL increased by +145.1mEUR or +11.1% and amounted to 1,455.5 mEUR as the Staci contribution and
e-commerce logistics momentum in Europe were offset by continuous pressure in North America.
• External operating income of Global Cross-border decreased by -17.9 mEUR or -2.9% to 609.3 mEUR mainly due to downtrading customers
and Amazon’s insourcing in North America partially offset by expansion efforts in Europe.
• Corporate external operating income decreased by -2.7 mEUR due to lower building sales compared to last year.
Operating expenses (including D&A) increased by -348.0 mEUR, excluding last year’s provision of 75.0 mEUR related to the repayment to
the Belgian State for potential overcompensations for the years prior 2023 and the non-cash impairment charges related to Radial US (299.4
mEUR), operating expenses increased by -123.6 mEUR. This increase was due to higher operating expenses (including D&A) in line with the
acquisition of Staci and higher payroll costs partially offset by lower variable operating expenses in line with the revenue development mainly
in North America).
Reported EBIT amounted to -118.1 mEUR and decreased by -278.9 mEUR compared to last year, excluding last year’s provision related to
overcompensation and the impairment charges related to Radial US, reported EBIT decreased by -54.4 mEUR. This decrease was mainly
driven by the impact of the new Press contracts and topline pressures in North America, partially offset by Domestic Parcels growth and
Radial productivity gains. Adjusted EBIT amounted to 224.9 mEUR and decreased by -23.6 mEUR or -9.5% compared to last year.
Net financial result (i.e. net of financial income and financial costs) of 2024 amounted to -30.8 mEUR and increased by 10.8 mEUR compared
to 2023. This increase was primarily due to last year’s non-cash negative financial result related to IAS 19 employee benefits triggered by a
decrease in discount rates at that time and favourable exchange difference results, partially offset by higher banking fees, higher interests
costs given increased loans, borrowings and leases.
Income tax expense slightly increased by -0.8 mEUR compared to last year. Note that last year’s provision of 75.0 mEUR related to
overcompensation was already net of corporate income taxes.
Group net result amounted to -204.1 mEUR and decreased by -268.8 mEUR, to a large extent due to the impairment for Radial US and
partially offset by last year’s provision for overcompensation. Adjusted group net profit – amongst other adjusted for last year’s provision
for overcompensation and Radial US impairment - amounted to 127.8 mEUR or 20.1 mEUR (-13.6%) lower than last year.
Adjusted contribution (see section “Reconciliation of Reported to Adjusted Financial Metrics”) of the different business units for 2023-2024
amounted to:
2024 2023
IN MILLION EUR (ADJUSTED)
TOTAL OPERATING
INCOME EBIT MARGIN (%)
TOTAL OPERATING
INCOME EBIT MARGIN (%)
BeNe Last-Mile 2,349.5 133 .7 5.7% 2,399.4 178.6 7 .4%
3PL 1,460.4 52 .0 3.6% 1,316.0 16.2 1.2%
Global Cross-border 614.8 79 .8 13.0% 633.4 91.4 14.4%
Corporate 411.1 (40 .7) -9.9% 429.6 (37.7) -8.8%
Eliminations (494.5) (506.3)
GROUP
4,341.3 224.9 5.2% 4,272.2 248.5 5.8%

233
7.1.2 Description of Business Units
Following the acquisition of Staci in 2024, bpostgroup has put in place a revised strategy to transition into a regional leader in high-value
flexible logistics organised into three integrated businesses: Belgium and Netherlands Last Mile activities (“BeNe Last-Mile”), 3PL (“Third-
Party Logistics”) and Global Cross-border. Changes consist of moving the Dynagroup, Leen Menken and Euro-Sprinters out of the former
business unit E-Logistics Eurasia to BeNe Last-Mile whereas the remaining activities of the former business unit E-Logistics Eurasia have been
transferred to Global Cross-border. Furthermore out of the former business unit E-Logistics North America the Landmark Global activities
have been transferred to Global Cross-border whereas the Radial activities have been transferred to 3PL activities.
bpostgroup operates through three business units, which benefit from the services of various support units.
BeNe Last-Mile activities
In Belgium and the Netherlands, bpostgroup offers modern, high-quality and flexible postal and parcel services, certain contract logistics,
press distribution, certain banking activities and other value-added services. Its main expertise lies in B2C services, with the possibility of
expanding into B2B and omnichannel logistics.
Some of the key services include:
• Handling and distribution of mail:
- transactional mail (residential mail or administrative mail from businesses and government);
- addressed and unaddressed advertising mail (door-to-door);
• Home delivery of newspapers and periodicals through commercial agreements with publishers;
• Deliveries of parcels of all sizes and weights, wherever and whenever the customer desires. bpostgroup has the largest pickup and delivery
network for parcels in Belgium:
- More than 650 post offices offer a complete range of postal services and products, along with certain banking services in partnership
with BNP Paribas Fortis;
- More than 660 post points provide the most common postal services;
- Customers can also pick up and send parcels at parcel points and via more than 900 parcel lockers;
• Value-added services, such as simplifying administrative procedures and optimising activities that are not part of the customer’s core
business, for example the handling traffic fines and distributing or deregistering license plates.
• Personalised Logistics through its entities Dynalogic and Euro Sprinters.
3PL activities
Thanks to its extensive range of services dedicated to the entire e-commerce chain, bpostgroup aims to facilitate e-commerce. It provides
integrated third-party logistics (3PL) services, emphasising flexibility and added value for B2C, B2B and omnichannel segments. With an
extensive range of efficient fulfilment solutions, bpostgroup manages the entire logistics process of orders, adapting it to the client’s needs –
from product storage to return processing, all the way to order preparation for delivery to the intended destinations.
• From a mouse click to the doorbell: once the online order is confirmed by the consumer, bpostgroup through its subsidiaries such as Radial
and Active Ants, handles everything else. bpostgroup warehouses products, manages stocks, picks items, prepares packages for shipping
and entrusts them to transportation partners. Staci is a renowned fulfilment and logistics services specialist that offers multichannel
logistics and distribution solutions, including B2B, D2C and e-commerce to a wide range of industries including beauty & healthcare,
telecom, retail, food & beverage and the public sector.
• Beyond fulfilment: innovative solutions connect brands to their consumers using advanced omnichannel technologies, including intelligent
payment solutions, fraud protection, tailored supply chain services and customer support.
Global Cross-border activities
Global Cross-border activities relate to shipping parcels across national borders, thereby dealing with transportation, customs, taxes and
other formalities.
• bpostgroup through its entities Landmark Global and IMX, offers integrated cross-border management and transportation capabilities.
With the expertise, infrastructure, and operational capabilities required, it manages parcel shipping, mail distribution, order processing,
and returns. Collaborating with a broad range of partners, its experts worldwide ensure swift handling of customs formalities.
• bpostgroup operates an extensive network of road and air connections in North America, Europe and Asia. It combines its own last-mile
networks, access to carriers and customs services through robust IT platforms.
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, Transformation, 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.

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7.1.3 Business Unit performance: BeNe Last-Mile
BeNe Last-Mile
IN MILLION EUR 2024 2023 CHANGE %
Transactional mail 724.3 747.1 -3.1%
Advertising mail 191.8 179.0 7.2%
Press 299.0 349.6 -14.5%
Parcels Belgium 531.3 499.1 6.5%
Proximity and convenience retail network 271.7 292.1 -7.0%
Value added services 118.9 132.5 -10.3%
Personalized logistics 129.7 133.1 -2.5%
Intersegment operating income & other 82.8 66.9 23.8%
TOTAL OPERATING INCOME
2,349.5 2,399.4 -2.1%
Operating expenses 2,122.8 2,198.7 -3.5%
EBITDA
226.7 200.6 13.0%
Depreciation, amortization 95.8 99.9 -4.1%
PROFIT FROM OPERATING ACTIVITIES (EBIT REPORTED)
130.9 100.7 30.0%
Margin (%) 5.6% 4.2%
PROFIT FROM OPERATING ACTIVITIES (EBIT ADJUSTED)
133.7 178.6 -25.1%
Margin (%) 5.7% 7.4%
Total operating income in 2024 amounted to 2,349.5 mEUR and showed a decrease of -49.9 mEUR or -2.1%, mainly driven by the end of
the Press Concession as from 1st of July 2024. Furthermore higher intersegment revenues from inbound Cross-border volumes handled in
the domestic network and 10.0 mEUR higher other revenue in 2024 tied to last year’s impact of State services repricing, in 2024 recognized
under VAS.
Revenues from Domestic mail (i.e. Transactional, Advertising and Press combined) decreased by -60.7 mEUR to 1,215.1 mEUR, mainly
driven the decrease of the Press revenue. Press revenues decreased by -50.6 mEUR reflecting the structural volume decline (-8.7%), reduced
governmental compensation for extended Press concession in the first half of the year 2024 (-7.7 mEUR) and the end of the Press Concession
as of the 1st of July 2024. Revenues in Transactional and Advertising mail slightly down by -10.1 mEUR or -1.1%, including approximately
6.0 mEUR uplift from European, Federal and Regional elections in June and September 2024, due to the underlying volume decline of -6.3%
partly compensated by price/mix impact of +5.2%.
BeNe Last-Mile
EVOLUTION UNDERLYING VOLUMES
FY23 1Q24 2Q24 3Q24 4Q24 FY24
DOMESTIC MAIL
-8.4% -6.7% -2.9% -6.3% -7.0% -5.7%
Transactional mail -9.2% -8.3% -6.4% -8.9% -10.2% -8.4%
Advertising mail -11.9% -3.8% +11.6% +2.4% +0.2% +2.5%
Press -9.4% -10.3% -5.6% -11.9% -7.5% -8.7%
PARCELS
+6.3% +2.9% +2.5% +8.7% +6.9% +5.3%
Parcels Belgium increased by +32.2 mEUR (or +6.5%) to 531.3 mEUR resulting from the parcels volume growth of +5.3%, mainly driven by
strong contribution and outperformance of marketplaces and improved price/mix of +1.2%.
Proximity and convenience retail network decreased by -20.3 mEUR to 271.7 mEUR mainly driven by the indexation of the Management
Contract offset by lower banking revenues.
Stable operational revenues for Value added services, as the revenues amounted to 118.9 mEUR and showed a decrease of -13.6 mEUR
versus last year due to the negative repricing impact now reported under VAS (vs. Other revenue in 2023).
Personalised Logistics amounted to 129.7 mEUR and decreased by -3.4 mEUR in 2024 reflecting lower revenues from DynaGroup.
Operating expenses (including D&A) decreased by +80.1 mEUR or -3.5%, mainly driven by last year’s provision related to overcompensation
(75.0 mEUR). Excluding this provision, operating expenses (including D&A) remained stable as the higher salary costs per FTE (+3% from 2
salary indexations year-over-year) was more than offset by stable FTE’s despite higher parcel volumes, lower intersegment Corporate costs
and higher recoverable VAT.
Reported EBIT increased by +30.2 mEUR and amounted to 130.9 mEUR mainly due to last year’s provision for overcompensation. Adjusted
EBIT decreased by -44.8 mEUR with a margin of 5.7%, this decrease was driven by the new Press contracts and payroll cost inflation.

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7.1.4 Business Unit performance: 3PL
3PL
IN MILLION EUR 2024 2023 CHANGE %
3PL Europe 516.2 158.0 -
3PL North America 936.1 1,150.9 -18.7%
Intersegment operating income & other 8.0 7.1 12.0%
TOTAL OPERATING INCOME
1,460.4 1,316.0 11.0%
Operating expenses 1,271.3 1,196.4 6.3%
EBITDA
189.1 119.5 58.1%
Depreciation, amortization 455.7 112.6 -
PROFIT FROM OPERATING ACTIVITIES (EBIT REPORTED)
(266.7) 7.0 -
Margin (%) - 0.5%
PROFIT FROM OPERATING ACTIVITIES (EBIT ADJUSTED)
52.0 16.2 -
Margin (%) 3.6% 1.2%
Total operating income amounted to 1,460.4 mEUR and increased by +144.4 mEUR, or +11.0% as the continued revenue pressure at Radial
North America was offset by the integration of Staci (+338.1 mEUR).
3PL Europe increased by +358.3 mEUR to 516.2 mEUR reflecting the acquisition of Staci on August 1, 2024 (337.7 mEUR). In addition, Radial
Europe and Active Ants revenue grew by +13.8% reflecting higher sales from international expansion (new customer onboardings) and
upselling from existing customers.
3PL North America decreased by -214.8 mEUR or -18.7%, reflecting lower sales from existing customers and contribution of new customers
partially mitigating revenue churn from terminated contracts announced in 2023.
Operating expenses (including D&A) increased by -418.0 mEUR resulting from the non-cash impairment charges on Radial US and the
integration of Staci as of August 1, 2024. Excluding Staci and the impairment charges, operating expenses decreased by +189.3 mEUR
reflecting lower variable operating expenses in line with the revenue development in Radial North America, sustained improvement in Radial
North America’s variable contribution margin (+4.6% year-over-year, currently at its highest level).
Reported EBIT amounted to -266.7 mEUR down by -273.6 mEUR mainly driven by the non-cash impairment charges on Radial US (299.4
mEUR), more than offset by Staci’s contribution and productivity gains in Radial North America to partially offset topline pressure. Adjusted
EBIT amounted to 52.0 mEUR, up by +35.8 mEUR. At constant perimeter, adjusted EBIT down by -5.0 mEUR as Staci consolidation impact of
40.7 mEUR.
7.1.5 Business Unit performance: Global Cross-border
Global Cross-border
IN MILLION EUR 2024 2023 CHANGE %
Cross-border Europe 361.6 349.5 3.5%
Cross-border North America 248.1 277.4 -10.5%
Intersegment operating income & other 5.1 6.6 -22.8%
TOTAL OPERATING INCOME
614.8 633.4 -2.9%
Operating expenses 511.4 519.1 -1.5%
EBITDA
103.4 114.4 -9.6%
Depreciation, amortization 24.2 23.6 2.6%
PROFIT/(LOSS) FROM OPERATING ACTIVITIES (EBIT REPORTED)
79.2 90.8 -12.7%
Margin (%) 12.9% 14.3%
PROFIT/(LOSS) FROM OPERATING ACTIVITIES (EBIT ADJUSTED)
79.8 91.4 -12.6%
Margin (%) 13.0% 14.4%
Total operating income decreased by -18.6 mEUR (or -2.9%) and amounted to 614.8 mEUR.
Cross-border Europe increased by +12.1 mEUR and amounted to 361.6 mEUR mainly from existing and recent customer wins, growth in
Asian volumes with destination Belgium, partly offset by continued adverse UK market conditions and Asian consolidators shifting away from
untracked services.

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Cross-border North America decreased by -29.2 mEUR and amounted to 248.1 mEUR mainly due to lower sales at Landmark US reflecting
downtrading customers and limited contribution of new business and Amazon’s insourcing.
Operating expenses (including D&A) were down by +7.1 mEUR or -1.3%, mainly explained by lower volume driven transport costs in line with
lower North American volumes and positive mix impact from higher volumes with destination Belgium, slightly higher salary costs reflecting
international activity ramp-up and inflationary pressure.
Reported EBIT and adjusted EBIT decreased by -11.6 mEUR compared to last year same period and respectively amounted to 79.2 mEUR
(margin of 12.9%) and 79.8 mEUR (margin of 13.0%). Lower EBIT and margin dilution tied to ongoing pressures at Landmark US.
7.1.6 Business Unit performance: Corporate
Corporate
IN MILLION EUR 2024 2023 CHANGE %
EXTERNAL OPERATING INCOME
4.3 7.0 -39.1%
Intersegment operating income 406.8 422.6 -3.7%
TOTAL OPERATING INCOME
411.1 429.6 -4.3%
Operating expenses 396.2 386.4 2.5%
EBITDA
14.9 43.3 -65.6%
Depreciation, amortization 76.4 81.0 -5.6%
LOSS FROM OPERATING ACTIVITIES (EBIT REPORTED)
(61.5) (37.7) 63.3%
Margin (%) -15.0% -8.8%
LOSS FROM OPERATING ACTIVITIES (EBIT ADJUSTED)
(40.7) (37.7) 7.9%
Margin (%) -9.9% -8.8%
External operating income in 2024 decreased by -2.7 mEUR driven by lower building sales.
Net operating expenses after intersegment (including D&A) increased by -21.1 mEUR, mainly explained by the merger and acquisition
costs (20.9 mEUR), by inflationary pressure on payroll costs (+3.0% from 2 salary indexations), and slightly higher FTEs tied to transformation
and corporate projects.
Reported EBIT at -61.5 mEUR and adjusted EBIT at -40.7 mEUR down by -3.0 mEUR.
7.1.7 Statement of cash flows
IN MILLION EUR 2024 2023 CHANGE %
Net cash from operating activities 534.9 376.2 42.2%
Net cash used in investing activities (1,422.0) (152.4) -
Net cash from financing actvities 758.6 (428.7) -
NET MOVEMENT IN CASH AND CASH EQUIVALENTS
(128.5) (204.9) -37.3%
FREE CASH FLOW
(887.1) 223.8 -
In 2024, the net cash outflow decreased compared to the same period last year by 76.4 mEUR to 128.5 mEUR. This decrease was driven by the
positive working capital evolution, lower dividends paid, loans evolution partially compensated by the acquisition of Staci.
Reported and adjusted free cash flow amounted respectively to negative 887.1 mEUR and negative 875.3 mEUR.
Cash flow from operating activities before change in working capital and provisions increased by 79.2 mEUR compared to 2023 in line
with the positive EBITDA variation – amongst other due to the provision for the overcompensation – and the lower corporate income tax
payments.
Cash outflow related to collected proceeds due to Radial’s clients was 14.9 mEUR higher (11.7 mEUR outflow in 2024 compared to an inflow of
3.2 mEUR last year).
The variance in change in working capital and provisions (+94.3 mEUR) was mainly explained by the favourable evolution of accounts
receivable, including the end of the Press concession as July 1, 2024 which was traditionally settled in the following year, and the deferred
payment of 2022 withholding taxes on payroll in the first quarter 2023 (+30.6 mEUR), a measure granted at that time by the Belgian
government in the context of the energy crisis, partially offset by last year’s provision related to overcompensation.

237
Investing activities resulted in a cash outflow of 1,422.0 mEUR in 2024, compared to a cash outflow of 152.4 mEUR last year. This evolution
was mainly explained by the acquisition of Staci (1,277.3 mEUR) partially compensated by lower capex in 2024 (8.2 mEUR).
Capex stood at 146.6 mEUR in 2024 and was mainly spent on 3PL, domestic fleet, operational infrastructure, parcels & lockers capacity and
site improvements. The decrease compared to last year was in line with the capital allocation to purchase logistics real estate for Radial North
America instead of leasing (in line with capex guidance).
In 2024 the cash inflow relating to financing activities amounted to 758.6 mEUR compared to -428.7 mEUR last year, mainly explained by the
bond issuance to acquire Staci (+1,0 bnEUR), a lower dividend payment (+53.9 mEUR) and the repayment of the 185 mUSD term loan maturing
on December 29, 2023 partially compensated by leasing contracts related payments (-33.3 mEUR).
7.1.8 Net debt
As at 31 December
IN MILLION EUR 2024 2023
NET DEBT/(NET CASH)
Interest bearing loans and borrowings 2,547.9 1,291.0
Bank overdrafts (0.3) 0.0
Non-interest bearing loans and borrowings 0.1 0.1
Investment securities 0.0 0.0
Cash and cash equivalents (747.4) (870.6)
TOTAL
1,800.4 420.5
The increase of net debt by 1,379.9 mEUR was mainly explained by the issuance of a 1,000 mEUR dual-tranche bond offering in the context of
the acquisition of Staci and the lease liabilities of Staci which has been consolidated as of August 1, 2024 . Net debt position of 1,800.4 mEUR
includes 889.8 mEUR of lease liabilities.
7.1.9 Balance sheet
IN MILLION EUR 2024 2023 IN MILLION EUR 2024 2023
ASSETS EQUITY AND LIABILITIES
Property, plant and equipment 1,627.7 1,372.0 Total equity 860.0 1,026.5
Intangible assets 1,945.5 810.9 Interest-bearing loans and
borrowings (incl. overdraft)
2,547.6 1,291.0
Investments in associates and joint
ventures
0.1 0.1 Employee benefits 234.3 249.8
Other assets 32.5 38.0 Trade and other payables 1,430.5 1,432.5
Trade and other receivables 968.3 1,001.2 Provisions 115.6 106.0
Inventories 32.3 25.4 Derivative instruments 0.5 0.2
Cash and cash equivalents 747.4 870.6 Other liabilities 165.9 12.8
Assets held for sale 0.6 0.6 Liabilities directly related to assets
held for sale
0.0 0.0
TOTAL ASSETS
5,354.4 4,118.8
TOTAL EQUITY AND LIABILITIES
5,354.4 4,118.8
Property, plant and equipment increased by 255.7 mEUR mainly driven by the integration of Staci, as well as the capital expenditure and the
new right-of-use assets, partially offset by the depreciation.
Intangible assets increased by 1,134.6 mEUR on the one hand due to the acquisition of Staci, for which goodwill amounted to 826.4 mEUR and
intangibles throughout purchase price allocation amounted to 570.0 mEUR (mainly customer relationships). On the other hand the non-cash
impairment of the goodwill related to the Radial US explains a decrease of 299.4 mEUR.
The decrease of trade and other receivables by -32.9 mEUR was mainly driven by the settlement of the press concession for the year 2023,
lower terminal dues and lower sales in the US, partially offset by the integration of Staci.
Cash & cash equivalents decreased by -123.2 mEUR mainly due to the acquisition of Staci, partially offset by the bonds issued (1 bnEUR) to
acquire Staci.

238
The increase of the interest-bearing loans and borrowings by 1,256.6 mEUR was mainly explained by the issuance of a 1,000 million EUR dual-
tranche senior unsecured bond offering across 5- and 10-year maturities and the increase of the lease liabilities, explained by the acquisition
of Staci.
The slight decrease of trade and other payables by -2.0 mEUR was mainly due to the decrease of the terminal dues payables, partially offset by
the increase of the social and trade (related) payables, explained by the integration of Staci.
The increase of the other liabilities was mainly explained by the increase of the deferred tax liabilities, mainly explained by the deferred tax
liabilities recognised through the purchase price allocation of Staci.
7.1.10 Alternative Performance Measures (unaudited)
bpostgroup 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 bpostgroup.
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
definitions below.
Definitions
Adjusted performance (adjusted operating income/adjusted EBITDA/adjusted EBIT/adjusted EAT): bpostgroup defines the adjusted
performance 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. bpostgroup 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 whatever 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.
bpostgroup’s management believes this measure provides the investor a better insight and comparability over time of the economic
performance of bpostgroup.
Constant exchange rate: bpostgroup excludes in the performance at constant exchange rate the impact of the different exchange rates
applied in different periods. The reported figures in local currency of the prior comparable period are converted with the exchange rates
applied for the current reported period.
bpostgroup’s management believes that the performance at constant exchange rate provides the investor an understanding of the operating
performance.
Capex: capital expenditure for tangible and intangible assets including capitalized development costs, excluding right of use assets.
Earnings Before Interests, Taxes, Depreciation and Amortization (EBITDA): bpostgroup defines EBITDA as earnings from operating
activities (EBIT) plus depreciations and amortizations and is derived from the consolidated income statement.
Net debt/(Net cash): bpostgroup defines Net debt/(Net cash) as the non-current and current interest-bearing loans and borrowings (incl.
lease liabilities) 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: bpostgroup 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 arrangement, 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 volume: bpostgroup defines the evolution of Parcels as the difference, expressed as a percentage, of the reported volumes
between the current and prior comparable period of the parcels processed by bpost NV/SA in the last mile delivery.
Underlying volume (Transactional mail, Advertising mail and Press): bpostgroup defines underlying mail volume as the reported mail
volume including some corrections.

239
Reconciliation of Reported to Adjusted Financial Metrics
Operating income for the year ended 31 December EVOLUTION
IN MILLION EUR 2024 2023 2024 – 2023
Total operating income 4,341.3 4,272.2 1.6%
ADJUSTED TOTAL OPERATING INCOME
4,341.3 4,272.2 1.6%
Operating expenses for the year ended 31 December EVOLUTION
IN MILLION EUR 2024 2023 2024 – 2023
Total operating expenses excluding depreciation, amortization (3,807.2) (3,794.4) 0.3%
Merger & acquisitions costs
(1)
20.9 0.0
Provisions related to overcompensation
(2)
0.0 75.0 -100.0%
ADJUSTED TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION, AMORTIZATION
(3,786.4) (3,719.4) 1.8%
EBITDA for the year ended 31 December EVOLUTION
IN MILLION EUR 2024 2023 2024 – 2023
EBITDA 534.1 477.8 11.8%
Merger & acquisitions costs
(1)
20.9 0.0 -
Provisions related to overcompensation
(2)
0.0 75.0 -
ADJUSTED EBITDA
554.9 552.8 0.4%
EBIT for the year ended 31 December EVOLUTION
IN MILLION EUR 2024 2023 2024 – 2023
EBIT (118.1) 160.8 -
Non-cash impact of purchase price allocation (PPA)
(3)
22.7 12.7 79.0%
Merger & acquisitions costs
(1)
20.9 0.0 -
Provisions related to overcompensation
(2)
0.0 75.0 -
Impairment on goodwill
(4)
299.4 0.0 -
ADJUSTED RESULT FROM OPERATING ACTIVITIES (EBIT)
224.9 248.5 -9.5%
Results for the year ended 31 December (EAT, earnings after taxes) EVOLUTION
IN MILLION EUR 2024 2023 2024 – 2023
Result of the year (204.1) 64.8 -
Provisions related to overcompensation
(2)
0.0 73.8 -
Merger & acquisitions costs
(1)
16.9 0.0 -
Non-cash impact of purchase price allocation (PPA)
(3)
15.6 9.3 67.6%
Impairment on goodwill
(4)
299.4 0.0
ADJUSTED RESULT OF THE YEAR
127.8 147. 9 -13.6%
(1) As merger and acquisitions costs exceed the threshold of 20.0 mEUR, in line with the definition of adjusting items within the APMs the 2024
merger and acquisition costs are being adjusted.
(2) In 2023 bpost had voluntary launched 3 compliance reviews concerning the processing of traffic fines, the management of 679 accounts, and
the delivery/cancellation of licence plates and concluded an in-dept legal and economic assessment regarding the remuneration paid by the
Belgian State for these 3 services. As part of bpost’s commitment to repay any overcompensation, a provision of 75.0 mEUR had been recorded.
The provision, as is customary concerning the repayment of State Aid, was already net of corporate income taxes paid on the incompatible aid
principal amount. As a result, the amount except for the compound interest was not tax deductible. In line with the definition of adjusting items
within the APMs and as this provision exceeds the threshold of 20.0 mEUR, this provision was being adjusted.
(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.
(4) In accordance with IAS 36 and the CGU (cash generating units) impairment testing, goodwill impairments were recognized within 3PL as
an impairment loss of 313.5 mUSD was recognized for Radial North America. This in the context of material recent client churn at Radial
US, combined with a continued challenging market environment and related materializing downside risks tied to the long term plan. The
reassessment results in a value in use landing significantly below the carrying value, ultimately yielding an CGU impairment of 313.5 mUSD
and a statutory impairment of the participation of 370.6 mUSD within the books of bpost NV/SA.

240
Reconciliation of reported to free cash flow and adjusted free cash flow
EVOLUTION
IN MILLION EUR 2024 2023 2024 – 2023
Net Cash from operating activities 534.9 376.2 42.2%
Net Cash used in investing activities (1,422.0) (152.4) -
OPERATING FREE CASH FLOW
(887.1) 223.8 -
Deposits received from third parties 0.0 0.0
Collected proceeds due to clients 11.7 (3.2) -
ADJUSTED OPERATING FREE CASH FLOW
(875.3) 220.7 -

241
7.2 Outlook for 2025
In the context of its ongoing transformation, bpostgroup projects an adjusted EBIT of 150-180 mEUR for 2025, with Staci’s strategic
contribution helping to mitigate domestic challenges and the impact of new Press contracts, while Radial US’s strong cost control alleviates
topline pressure from recent customer losses. The group’s total operating income for 2025 is expected to grow by a high single digit
percentage.
BeNe Last-Mile
• Slightly lower total operating income
1
, notably driven by:
- c. 55 mEUR lower Press revenues from 2024 new contracts and structural volume decline.
- Mail (excluding Press): lower revenues reflecting a volume decline -7% to -9% and a price increase and mix impacts of 4% to 5%.
- Parcels: higher revenues reflecting mid- to high single-digit percentage underlying volume growth and low single-digit percentage price/
mix, excluding strike impacts
• 2 to 3% adjusted EBIT margin reflecting - beyond structural mail impact - margin erosion from new Press contracts, higher payroll costs
due to salary indexations
2
, strikes and delays in reorganizations affecting efficiency improvement targets.
3PL
• 20-25% growth in total operating income, driven by:
- Consolidation of Staci (acquired in August 2024, mid-single digit % growth proforma)
- Continued growth of Active Ants and Radial Europe, and
- Radial US net revenues decline due to enterprise customer losses, with contributions from new mid-market customers (including Radial
Fast Track program) not yet compensating the impact, amid adverse market conditions.
• 4 to 6% adjusted EBIT margin reflecting (i) Staci’s contribution (EBIT margin of 10-12%) and (ii) accelerated productivity improvement
at Radial US, along with costs reductions to mitigate topline pressures.
Global Cross-border
• Mid-single-digit percentage growth
1
in total operating income reflecting:
- Gradual topline recovery at Landmark Global US driven by customer wins.
- Continued growth of European and Asian Cross-Border Commercial activities including the development of new lanes.
• 11 to 13% adjusted EBIT margin with profitability dilution mainly tied to product mix (commercial vs. postal).
Group adjusted EBIT will include a decline in EBIT at Corporate level reflecting higher payroll costs from salary indexations, higher FTEs, and
increased OPEX to support transformation initiatives.
Gross capex envelope is expected to be around 180.0 mEUR.
1 based on macro-economic assumptions as of February 28, 2024, does not capture direct / indirect revenues strike impacts, potential impacts
from US trade tariffs
2 based on latest monthly forecast, the next +2% salary indexations should occur in March and October ’25, resulting in a weighted average
annual indexation of +3.0%

242
7.3 Financial consolidated
statements 2024
1. Consolidated Income Statement 243
2. Consolidated statement of comprehensive income 244
3. Consolidated statement of financial position 245
4. Consolidated statement of changes in equity 246
5. Consolidated statement of cash flows 247
6. Notes to the consolidated financial statements 248
6.1 General information 248
6.2 Basis of preparation 248
6.3 Significant accounting judgments and estimates 249
6.4 Material accounting policy information 250
6.5 Business combinations 261
6.6 Segment information 264
6.7 Revenue 267
6.8 Other operating income 267
6.9 Other operating expenses 267
6.10 Material costs 268
6.11 Services and other goods 268
6.12 Payroll costs 268
6.13 Financial income and financial costs 269
6.14 Income tax/Deferred tax 270
6.15 Earnings per share 272
6.16 Property, plant and equipment 273
6.17 Investment property 276
6.18 Assets held for sale 278
6.19 Intangible assets 277
6.20 Investment in associates and joint ventures 280
6.21 Trade and other receivables 280
6.22 Inventories 281
6.23 Cash and cash equivalents 282
6.24 Interest-bearing loans and borrowings 282
6.25 Employee benefits 283
6.26 Trade and other payables 293
6.27 Provisions 294
6.28 Financial assets and financial liabilities 296
6.29 Financial instruments and financial risk management 298
6.30 Contingent liabilities and contingent assets 301
6.31 Rights and commitments 302
6.32 Related party transactions 302
6.33 Group Companies 305
6.34 Events after the statement of financial position date 309
7. Summary financial statements of bpost NV/SA 310

243
1. Consolidated Income Statement
For the year ended 31 December
EVOLUTION
IN MILLION EUR NOTES 2024 2023 2024 – 2023
Revenue 6.7 4,328.7 4,257.5 1.7%
Other operating income 6.8 12.6 14.7 -14.2%
TOTAL OPERATING INCOME
4,341.3 4,272.2 1.6%
Material costs 6.10 (85.1) (84.8) 0.5%
Services and other goods 6.11 (1,834.1) (1,851.6) -0.9%
Payroll costs 6.12 (1,845.4) (1,741.7) 6.0%
Other operating expenses 6.9 (42.6) (116.3) -63.4%
Depreciation, amortization and impairment 6.16|6.19 (652.1) (317.0) -
TOTAL OPERATING EXPENSES
(4,459.4) (4,111.4) 8.5%
RESULT FROM OPERATING ACTIVITIES (EBIT)
(118.1) 160.8 -
Financial income 6.13 47.0 33.2 41.7%
Financial costs 6.13 (77.8) (74.8) 4.0%
Remeasurement of assets held for sale at fair value
less costs to sell
0.0 0.0 -
Share of result of associates and joint ventures 6.20 0.0 0.0 -
RESULT BEFORE TAX
(148.8) 119.2 -
Income tax expense 6.14 (55.3) (54.5) 1.4%
RESULT FROM CONTINUING OPERATIONS
(204.1) 64.8 -
RESULT OF THE YEAR (EAT – EARNINGS AFTER TAXES)
(204.1) 64.8 -
ATTRIBUTABLE TO
Owners of the Parent (205.1) 65.7 -
Non-controlling interests 1.0 (1.0) -
EARNINGS PER SHARE
IN EUR 2024 2023
Basic, profit/(loss) for the year attributable to ordinary equity holders of the parent (1.03) 0.33
Diluted, profit/(loss) for the year attributable to ordinary equity holders of the parent (1.03) 0.33

244
2. Consolidated statement of comprehensive income
For the year ended 31 December
IN MILLION EUR
NOTES 2024 2023
RESULT OF THE YEAR
(204.1) 64.8
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 0.0 4.7
Net gain on cash flow hedges 6.29 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)
57.2 (29.4)
NET OTHER COMPREHENSIVE INCOME/(LOSS) TO BE RECLASSIFIED
TO PROFIT OR LOSS IN SUBSEQUENT PERIODS
59.0 (22.9)
OTHER COMPREHENSIVE INCOME NOT TO BE RECLASSIFIED
TO PROFIT OR LOSS IN SUBSEQUENT PERIODS:
Remeasurement gain on defined benefit plans 6.25 0.4 (0.6)
Gross gain on defined benefit plan 0.5 (0.8)
Income tax effect (0.1) 0.2
NET OTHER COMPREHENSIVE INCOME NOT TO BE RECLASSIFIED
TO PROFIT OR LOSS IN SUBSEQUENT PERIODS
0.4 (0.6)
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX
59.4 (23.5)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX
(144.6) 41.3
ATTRIBUTABLE TO
Owners of the Parent (145.6) 42.2
Non-controlling interests 1.0 (1.0)
(1)
The exchange differences on translation of foreign operations were mainly impacted by the movements of intangible assets (2023|2024: -20.9
mEUR | 51.7 mEUR out of which -18.1 mEUR| 39.6 mEUR related to the goodwill), mainly due to the evolution of the exchange rate of the USD. See
note 6.19 for more details.

245
3. Consolidated statement of financial position
As at 31 December
IN MILLION EUR NOTES 2024 2023
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 6.16 1,627.7 1,372.0
Intangible assets 6.19 1,945.5 810.9
Investments in associates and joint ventures 6.4 0.1 0.1
Investment properties 6.17 3.2 3.4
Deferred tax assets 6.14 24.3 22.6
Trade and other receivables 6.21 51.3 31.7
3,652.0 2,240.6
CURRENT ASSETS
Inventories 6.22 32.3 25.4
Income tax receivable 6.14 5.1 12.0
Trade and other receivables 6.21 916.9 969.5
Cash and cash equivalents 6.23 747.4 870.6
1,701.8 1,877.6
Assets held for sale 6.18 0.6 0.6
TOTAL ASSETS
5,354.4 4,118.8
Equity and liabilities
Issued capital 364.0 364.0
Reserves 596.7 550.6
Foreign currency translation 103.9 46.8
Retained earnings (205.1) 65.7
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
859.5 1,027.0
Equity attributable to non-controlling interests 0.5 (0.5)
TOTAL EQUITY
4 860.0 1,026.5
Non-current liabilities
Interest-bearing loans and borrowings 6.24 2,333.5 1,152.0
Employee benefits 6.25 234.3 249.8
Trade and other payables 6.26 13.1 2.4
Provisions 6.27 17.5 11.5
Deferred tax liabilities 6.14 148.9 9.9
2,747.2 1,425.5
Current liabilities
Interest-bearing loans and borrowings 6.24 214.4 139.0
Bank overdrafts (0.3) 0.0
Provisions 6.27 98.2 94.5
Income tax payable 6.14 17.1 2.9
Derivative intruments 6.29 0.5 0.2
Trade and other payables 6.26 1,417.4 1,430.1
1,747.2 1,666.8
TOTAL LIABILITIES
4,494.4 3,092.3
TOTAL EQUITY AND LIABILITIES
5,354.4 4,118.8

246
4. Consolidated statement of changes in equity
Attributable to equity holders of the parent
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 2023
364.0 (6.6) 19.4 (12.1) 82.3 388.5 231.7 1,067.1 (1.7) 1,065.4
Result of the year 2023 0.0 0.0 0.0 0.0 0.0 0.0 65.7 65.7 (1.0) 64.8
Other comprehensive income 0.0 1.9 (0.6) 4.7 (29.4) 231.7 (231.7) (23.5) 0.0 (23.5)
TOTAL COMPREHENSIVE INCOME
0.0 1.9 (0.6) 4.7 (29.4) 231.7 (165.9) 42.2 (1.0) 41.3
Dividends (Pay-out) 0.0 0.0 0.0 0.0 0.0 (80.0) 0.0 (80.0) (0.3) (80.3)
Other 0.0 0.0 (9.3) 0.0 1.4 5.6 0.0 (2.3) 2.4 0.1
AS PER 31 DECEMBER 2023
364.0 (4.7) 9.6 (7.4) 54.2 545.7 65.7 1,027.0 (0.5) 1,026.5
AS PER 1 JANUARY 2024
364.0 (4.7) 9.6 (7.4) 54.2 545.7 65.7 1,027.0 (0.5) 1,026.5
Result of the year 2024 0.0 0.0 0.0 0.0 0.0 0.0 (205.1) (205.1) 1.0 (204.1)
Other comprehensive income 0.0 1.9 0.4 0.0 57.2 65.7 (65.7) 59.4 0.0 59.4
TOTAL COMPREHENSIVE INCOME
0.0 1.9 0.4 0.0 57.2 65.7 (270.8) (145.6) 1.0 (144.6)
Dividends (Pay-out) 0.0 0.0 0.0 0.0 0.0 (26.0) 0.0 (26.0) 0.0 (26.0)
Other 0.0 0.0 0.0 0.0 0.0 4.1 0.0 4.1 0.0 4.1
AS PER 31 DECEMBER 2024
364.0 (2.9) 10.0 (7.4) 111.4 589.6 (205.1) 859.5 0.5 860.0
Total equity amounted to 860.0 mEUR out of which 226.3 mEUR distributable retained earnings and legal reserves of 50.8 mEUR within bpost
NV/SA.
Equity decreased by 166.5 mEUR, or -16.2%, to 860.0 mEUR as of December 31, 2024 from 1,026.5 mEUR as of December 31, 2023. This
decrease was mainly explained by the loss of the year (204.1 mEUR, in turn mainly explained by the impairments for 299.4 mEUR on the
Radial US activities) and dividend payments of 26.0 mEUR, partially offset by the exchange differences on translation of foreign operations
(57.2 mEUR) and the effective part of a cash-flow hedge entered into to hedge the cash flow risk of the bond (1.9 mEUR). The cash-flow hedge
reserve will be reclassified to profit or loss over the 8 years after the issuance date of the bond.
At December 31, 2024, the shareholding of bpost is as follows:
TOTAL THE BELGIAN STATE
(1)
FREE FLOAT
AS PER 1 JANUARY 2024
200,000,944
102,075,649 97,925,295
Changes during the year
0
0 0
AS PER 31 DECEMBER 2024
200,000,944 102,075,649 97,925,295
(1) via the Federal Holding and Investment Company (SFPI/FPIM).
The shares have no nominal value and are fully paid up. Distributions made and proposed:
IN MILLION EUR 2024 2023
CASH DIVIDENDS ON ORDINARY SHARES DECLARED AND PAID
Final dividend for 2023: 0.13 EUR per share (2022: 0.40 EUR per share) 26.0 80.0
PROPOSED DIVIDENDS ON ORDINARY SHARES
Final cash dividend for 2024: 0.00 EUR per share (2023: 0.13 EUR per share) 0.0 26.0
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.

247
5. Consolidated statement of cash flows
As at 31 December
IN MILLION EUR NOTES 2024 2023
OPERATING ACTIVITIES
Result before tax 1 (148.8) 119.2
Adjustments to reconcile result before tax to net cash flows
Depreciation, amortization and impairment losses 652.1 317.0
Impairment on debtors 6.9 (0.9) (2.3)
Result on sale of property, plant and equipment 0.5 (3.1)
Gain on disposal of subsidiaries 0.0 0.0
Net financial results 6.13 30.8 41.6
Other non-cash items (0.8) 5.0
Change in employee benefit obligations 6.25 (16.8) (15.8)
Remeasurement of assets held for sale at fair value less costs to sell 0.0 0.0
Share of result of associates and joint ventures 6.20 0.0 0.0
Dividends received 0.0 0.0
Income tax paid (48.7) (60.2)
Income tax (paid)/received on previous years 30.6 17.4
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL AND
PROVISIONS
498.0 418.9
Decrease/(increase) in trade and other receivables 254.7 (43.4)
Decrease/(increase) in inventories 1.1 (0.9)
Increase/(decrease) in trade and other payables (211.6) (80.8)
Increase/(decrease) in collected proceeds due to clients (11.7) 3.2
Increase/(decrease) in provisions 4.3 79.3
NET CASH FROM OPERATING ACTIVITIES
534.9 376.2
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 1.9 4.0
Disposal of subsidiaries, net of cash disposed off 6.18 0.0 0.0
Acquisition of property, plant and equipment 6.16 (126.9) (140.8)
Acquisition of intangible assets 6.19 (19.7) (13.9)
Acquisition of share in equity 0.0 0.0
Loan to associate 0.0 0.0
Acquisition of subsidiaries, net of cash acquired 6.5 (1,277.3) (1.7)
NET CASH USED IN INVESTING ACTIVITIES
(1,422.0) (152.4)
FINANCING ACTIVITIES
Proceeds from cash and cash equivalents and borrowings 20.0 10.8
Net proceeds from 2024 bond issuance 6.24 995.6 0.0
Payments related to borrowings (8.6) (170.0)
Interests related to borrowings (17.0) (17.5)
Payments related to lease liabilities 6.24 (194.0) (160.7)
Changes in ownership interests in controlled entities (11.2) (11.0)
Dividends paid 4 (26.1) (80.0)
Dividends paid to minority interests 4 0.0 (0.3)
NET CASH FROM FINANCING ACTIVITIES
758.6 (428.7)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(128.5) (204.9)
NET FOREIGN EXCHANGE DIFFERENCE
11.0 (6.3)
Cash and cash equivalents less bank overdraft and bpaid balance as of 1
st
January 839.3 1,050.6
Cash and cash equivalents less bank overdraft and bpaid balance as of 31
st
December 721.8 839.3
MOVEMENTS BETWEEN 1
ST
JANUARY AND 31
ST
DECEMBER
(117.5) (211.3)

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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 “bpostgroup”) 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,
fulfillment services, 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, box 1, 1000
Brussels
. The shares of bpost NV/SA are listed on the regulated market of Euronext Brussels since June 21, 2013 (share ticker BPOST).
6.2 Basis of preparation
bpostgroup’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 21 to 53, 122 to 164, 232 to 238, 241, 309 and 318 of the annual report for the financial
year ended December 31, 2024 were authorized for issue by the Board of Directors on March 25, 2025.
The consolidated financial statements
of bpostgroup have been prepared in accordance with the IFRS accounting standards, as adopted for use by the European Union. bpostgroup
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.
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 bpostgroup’s annual consolidated financial
statements for the year ended December 31, 2023, except for the adoption of new standards and interpretations effective as from January 1,
2024.
The following amendments to existing standards apply for the first time as from 2024:
• IAS 1 - Amendments – Classification of Liabilities as Current or Non-current
• IFRS 16 - Amendments – Lease liability in a Sale and Leaseback
• IAS 7 and IFRS 7 – Amendments - Supplier Finance Arrangements
Standards and Interpretations issued but not yet applied by bpostgroup
The following standards, interpretations, amendments and revision issued but not yet effective or which are yet to become mandatory,
have not been applied by bpostgroup for the preparation of its consolidated financial statements.
Standards and Interpretations issued but not yet applied by bpostgroup
The following standards, interpretations, amendments and revision issued but not yet effective or which are yet to become mandatory,
have not been applied by bpostgroup for the preparation of its consolidated financial statements.
STANDARD OR INTERPRETATION EFFECTIVE FOR IN REPORTING PERIODS STARTING ON OR AFTER IAS 21 – Amendments – Lack of exchangeability 1 January 2025 IFRS 10 and IAS 28 – Amendments – Sale or Contribution of Assets between an - Investor and its Associate or Joint Venture (*) Annual Improvements Volume 11(*) - IFRS 9 and IFRS 7 - Amendment - Classification and Measurement of Financial 1 January 2026 Instruments IFRS 18 - Presentation and Disclosure in Financial Statements 1 January 2027 IFRS 19 - Subsidiaries without Public Accountability: Disclosures 1 January 2027
(*) Not yet endorsed by the EU as per date of this report
bpostgroup 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 bpostgroup’s consolidated financial statements.

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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 bpostgroup’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
bpostgroup 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. bpostgroup
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 2022 to 2024 for December 2024). 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.
By law, defined contribution pension plans in Belgium are subject to minimum guaranteed rates of return. Hence, those plans classify as
defined benefit plans which would require that the Projected Unit Credit method is applied in order to measure the benefit obligations.
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. bpostgroup applies the so-called PUC (“Projected Unit Credit”) methodology 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
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.
For most benefits, an average cost per inactive member is used for the valuation of the benefits. This average cost has been estimated
by dividing 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. bpostgroup used the
Towers Watson RATE:link tool
3
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 valuation models. When the contingent consideration meets the definition of a liability, it is subsequently re-measured to fair value at
each reporting 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.
3 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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Revenue and revenue related accruals
bpostgroup 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.
Income taxes and deferred taxes
bpostgroup is subject to income taxes in a number of different jurisdictions. Deferred taxes are calculated at the level of each fiscal entity.
bpostgroup 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, bpostgroup uses estimates of taxable income by jurisdiction in which
bpostgroup 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, bpostgroup uses an incremental borrowing rate for buildings based on currency,
economic environment 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.
bpostgroup 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.
6.4 Material accounting policy information
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 bpostgroup 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 bpostgroup 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 bpostgroup 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 bpostgroup controls 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
consolidated income statement the financial performance of the acquiree and recognizes in the consolidated statement of financial position
the acquired 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 bpostgroup has significant influence. Significant influence is the power to participate in the financial and
operating policy decisions of the investee but not to control those policies. It is assumed to exist when bpostgroup 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
relevant activities require the unanimous consent of the parties sharing control.

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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
consolidated statement of financial position (under the caption “Investments in associates and joint ventures”) at the closing date at an
amount corresponding 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 bpostgroup 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
ventures 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
consideration 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 statement (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, bpostgroup 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 bpostgroup considers that it has acquired present economic
interest in the shares concerned), bpostgroup (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 recognized in profit or loss as financial income or financial
costs. When in an acquisition, 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 recognized 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 bpostgroup’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 bpostgroup;
(iii) bpostgroup 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
indirect 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 research
phase are recognized in the consolidated income statement. Within bpostgroup, 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

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INTANGIBLE ASSETS USEFUL LIFE Software 5 years maximum Customer relationships** including point of sale network (replacement costs) Between 5 and 23 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
consolidated 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:
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
bpostgroup 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, bpostgroup applies a single recognition and measurement approach for all leases, except for short-term leases and leases of
low-value assets. bpostgroup 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 commencement
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. 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

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that bpostgroup 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 bpostgroup exercising the option to terminate. For the so-called 3/6/9 commercial lease agreements in Belgium
bpostgroup 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 bpostgroup 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, bpostgroup 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 remeasured
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”.
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 owned by bpostgroup is carried at its revalued amount, less a discount for its lack of liquidity. Revaluations are
performed every five years based on prevailing market prices, with the last revaluation completed in 2020. While the collection is reported
under “Other Property, Plant and Equipment” in the statement of financial position, it is not subject to depreciation. This reflects its
classification as a collectible asset with an indefinite useful life, which typically maintains or increases in value over time, distinguishing it
from conventional depreciable assets.
Impairment of assets
bpostgroup 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), bpostgroup 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 bpostgroup can recover through sale) and its value in use
(corresponding to the cash that bpostgroup 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.

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Impairment on goodwill may never be reversed at a later date. Impairment on other fixed assets is reversed if the initial conditions that
prevailed 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
importance 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,
including 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.
bpostgroup recognizes advance customer payments on its balance sheet as deferred income and presents this as contract liability if the
performance 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.
bpostgroup 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.
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).
bpostgroup recognizes a trade receivable when it has an unconditional right to payment of a consideration as a result of satisfying a
performance obligation.
bpostgroup 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
bpostgroup recognizes as assets the incremental costs to obtain a contract and to fulfill a contract if bpostgroup expects to recover them. If
other standards 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
services 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
comprehensive income (“OCI”), and fair value through profit or loss (“FVPL”). The classification of investment securities at initial recognition
depends on the financial asset’s contractual cash flow characteristics and bpostgroup’s business model for managing them. bpostgroup
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 bpostgroup’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 (Solely Payment of Principal and Interest).
• Financial assets at FVPL comprise only derivative instruments.

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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 reporting
date. However, when there has been a significant increase in the credit risk since origination, the allowance will be based on the lifetime
ECL. bpostgroup considers an investment security to be in default (totally or partially) when internal or external information indicates that
bpostgroup 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 that are held for meeting short-term cash
commitments and not for investment purpose. Cash and cash equivalents are highly liquid (i.e. the entire principal amount can be
withdrawn in less than 3 months through a formal notification) and are readily convertible into a known amount of cash and are subject to an
insignificant risk of changes (cf. risk scale) 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 and bpaid balances.
bpaid cards
The bpaid card from bpostgroup is a prepaid Mastercard that allows customers to load funds onto the card for use in online and offline
purchases wherever Mastercard is accepted. Initially, when funds are loaded onto the bpaid card, cash is recognized, and a corresponding
liability is recorded to reflect the obligation to provide funds for future purchases. As the client uses the card for purchases, bpostgroup pays
Mastercard, resulting in a reduction of both cash and liability.
bpaid balances refer to the funds that customers have pre-loaded onto their bpaid card. These balances represent the amount of money
available on the card for the cardholder to use for purchases. These balances are separately disclosed under the caption "Trade and Other
Payables". Note that the cash is being excluded from the cash flow statement as bpostgroup has no impact on the amount or the timing of the
pre-loads or the use of the funds on the card.
Factoring arrangements
bpostgroup has entered into non-recourse factoring arrangements via some of the Staci entities, where it sells its trade receivables to a
factor. Given the non-recourse nature of these arrangements, bpostgroup transfers substantially all risks and rewards to the factor, and
therefore, the trade receivables are derecognized. The factored receivables are removed from the consolidated statement of financial
position, and no corresponding liability is recognized for the cash received from the factor. Cash inflows from factoring arrangements are
presented as operating activities, reflecting the sale of receivables.
Share capital
Ordinary shares are classified under the caption “issued capital”.
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.
Employee benefits
Short-term benefits
Short-term benefits are recognized as an expense when an employee has rendered the services to bpostgroup. Benefits not paid for on the
statement 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
constructive 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).

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Remeasurements, comprising of actuarial gains and losses, are recognized immediately in the statement of financial position with a
corresponding 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
assumptions 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
methodology 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
amendment or curtailment occurs; and (2) the entity recognizes related restructuring costs in accordance with IAS 37. Past service costs are
recognized 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 bpostgroup 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.
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
assumptions 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
amendment or curtailment occurs; and (2) the entity recognizes related restructuring costs in accordance with IAS 37. Past service costs are
recognized in the income statement.

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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.
Management Incentive plan (Staci)
As part of the bpostgroup’s strategy to align the interests of key management personnel of Staci with the long-term performance, a
Management Incentive Plan (MIP) has been introduced. This plan provides managers with an opportunity to participate in the growth and
value creation of Staci.
Managers are required to subscribe to Ordinary Shares at fair value. In addition, they are granted Preferred Shares, subject to specific
performance and service conditions. The Preferred Shares are designed to incentivise long-term commitment and achievement of critical
financial targets.
The accounting treatment of the MIP involves judgment under IFRS, as outlined below:
• Ordinary Shares: The Ordinary Shares subscribed by managers are accounted for under the requirements of IAS 32 – Financial
Instruments: Presentation. A gross liability for the non-controlling interest (NCI) put option is recognised, as bpost is obliged to repurchase
the Ordinary Shares at their fair value. The liability is initially and subsequently measured at the present value of the estimated redemption
amount (which approximates fair value), with changes in the fair value recognised in profit or loss as part of the financial result. In the
event of a manager’s departure as a "bad leaver" before the exercise date (2028), a negative compensation adjustment will be recognized
whereas “good leavers” are entitled to a compensation by buying back the Ordinary Shares. This adjustment reflects an illiquidity discount,
reducing the repurchase price of the Ordinary Shares below their fair value.
• Preferred Shares: The Preferred Shares granted to managers are accounted for under IAS 19 – Employee Benefits. These shares are
contingent on the achievement of specific EBITDA targets for the year 2027 and are subject to vesting conditions. At each reporting
date, the fair value of the Preferred Shares is estimated based on the probability-weighted assessment of achieving the EBITDA target.
The estimated fair value is then recognised as payroll costs pro rata over the vesting period. The fair value of the Preferred Shares is
remeasured at each reporting date, with any adjustments to the payroll costs recognised. In case of early departure, penalties such as
discounts on the value of the Preferred Shares are applied until the end of the vesting period.
Considering their specific nature and measurement, the above liabilities arising from the MIP are presented under ‘Other payables’ (current or
non-current, depending on their expected maturity), in line with current bonus provisions.
Termination benefits
Where bpostgroup 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 for bpostgroup.
Provisions
A provision is recognized only when:
(1) bpostgroup 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
increase in the provision due to the passage of time is recognized as a financial expense.
A provision for restoring polluted sites is recognized if bpostgroup has an obligation in this respect. Provisions for future operating losses are
prohibited.
If bpostgroup 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 bpostgroup 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
restructuring; 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. bpostgroup only considers substantively enacted tax laws when estimating the
amount of deferred taxes to be recognized.

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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.
Deferred income tax liabilities are generally recognized for all taxable temporary differences and deferred income tax assets are recognized to
the extent that it is probable that future taxable profits will be available against which deductible temporary differences, carried forward tax
credits or carried forward losses 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
presented 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
prevailing 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 the foreign operations are translated into Euro at the exchange rate prevailing at the reporting
date and their income statements are translated on a monthly basis at average exchange rate for that month. The exchange differences
arising from translation to Euro for the consolidation for those entities whose functional currency is not Euro 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
bpostgroup earns revenue from a range of services including national and international postal and parcels services, e-commerce logistics,
fulfillment services, back-office, proximity and convenience services and sells a range of products including banking and financial, postal
and retail products. bpostgroup 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 separate section).
bpostgroup 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 bpostgroup 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 Chief
Operating Decision Maker (“CODM”).
bpostgroup’s business activities can be split into four different revenue recognition streams: (i) Distribution and transport services, (ii)
Logistic and fulfilment services, (iii) Back-office and proximity and convenience services and (iv) Global Supply chain.
(i) Distribution and transport services
Service included in product line items: Transactional mail, Advertising mail, Press, Parcels Belgium, Personalised Logistics, Cross-border
(amongst other inbound and outbound) and 3PL.
This class of services includes the delivery of domestic and international mail and parcels encompassing the collection, transport, sorting and
distribution of addressed and non-addressed mail, printed documents, newspapers, parcels, and other goods through bpost’s own last mile
network or subcontractors.
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. bpostgroup 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, bpostgroup makes direct delivery to the households and business (“users”) for their subscribed newspapers and periodicals (reported
as product line “Press”). In this case, bpostgroup 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 (“customers”). The remunerations received from the publishing companies
for the delivery are based on the volume handled.
Secondly, bpostgroup (through its wholly-owned subsidiaries AMP and Aldipress) delivers these newspapers and periodicals to newsstand
(reported as product line “Press”). In this situation, AMP and Aldipress act as an agent on behalf of the publishing company (“customer”) and
is remunerated based on the number of delivered volumes and a commission on the retail price.

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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. bpostgroup provides universal postal services in Belgium on the basis of a
management 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 bpostgroup 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 bpostgroup 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
satisfied. 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, bpostgroup 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 (Global 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 bpostgroup 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 bpostgroup 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 assumptions (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 bpostgroup ensures that the variable consideration constrains of IFRS 15 is respected, i.e.: bpostgroup 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: 3PL and Global Cross-border (logistics & fulfillment and custom duties), Personalised Logistics (repair)
This class of services consists of e-commerce fulfilment, including warehousing (including cold storage) 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. bpostgroup generally considers
that it’s the agent in logistic and fulfilment services. bpostgroup performs the service of processing returned goods on behalf of the customer,
but bpostgroup does not take on any liability hence no liability for return is booked at bpostgroup.
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: 3PL (call center and For Payment, Tax and Fraud (“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-
produced goods (mainly philately), retail products and goods of partners, including 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
obligation, the promise to deliver a service or a good to the customer, is satisfied at a point in time (e.g. over-the-counter service, processing
of items or sale of a good) or over time (e.g. access to network). bpostgroup generally considers that it is the principle in back-office services
and sale of retail and self-produced goods and that bpostgroup is the agent receiving a commission in case of bank products and sale of
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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 (recognized 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.
(iv) Global Supply chain (“GSC”)
Service included in product line items: 3PL
GSC refers to services provided beyond the traditional logistics services, it relates to the acquisition of clients’ inventory for resale to the
client’s network. Under tripartite agreements a third party (not part of bpostgroup) manages inventory purchase and carrying, whereas
bpostgroup takes care of the distribution and transport services (see point i).
In this context bpostgroup acts as an agent as they are primarily responsible for the fulfilment of the goods to the buyer (see point i). There’s
no inventory risk as bpostgroup has no legal ownership of the goods (consignment stock), does not manage the inventory levels and has no
return risk. The inventory is being managed by the third party. Only net revenue (markup) is recognized by bpostgroup, no purchases and
sales of goods. Revenue is recognized when the performance obligation, the promise to deliver a good to the customer, is satisfied at a point
in time.
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.
Derivative financial instruments
bpostgroup 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, bpostgroup 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 resulting 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
bpostgroup 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, bpostgroup 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, bpostgroup 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
comprehensive 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 bpostgroup 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
accumulated 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.

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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.
6.5 Business combinations
Acquisition of non-controlling interest of IMX
In May 2024 bpost NV/SA acquired the remaining 31.4% shares of Marceau 1 to reach the total of 100% shares for a price of 10.0 mEUR.
Marceau 1 is a holding company owning IMX France and IMX GmbH. This transaction has no impact on the originally calculated goodwill as
bpostgroup had an outstanding liability for the purchase of the remaining shares of 9.7 mEUR. In line with the accounting policies, bpostgroup
has recognized a financial cost of 0.3 mEUR for the difference between the price of the sale purchase agreement and the outstanding liability.
Acquisition of 95% of b2boost
In 2022 bpost NV/SA took a minority stake (5% of the shares for 0.1 mEUR) in b2boost.com BV, a Belgian company specialized in digitizing
B2B data processes. This investment was recognized under shares in equity as they were not held for a purpose of trading but acquired
with a long-term strategic view. The share purchase and shareholders’ agreement furthermore foresaw for bpost NV/SA the option to buy
the remaining 95% of the shares through a call option or sell back the 5% shares through a put option. On November 30, 2023 bpost NV/SA
bought the remaining 95% of the shares. The goal of this acquisition is to be – together with Speos - a specialized partner of B2B customers
for the digitization of financial and administrative processes. In this context, bpostgroup also wants to support their customers who have
an obligation to switch to electronic invoicing by January 1, 2026. b2boost was consolidated in the BeNe Last-Mile operating segment using
the full-integration method as of December 1, 2023. The purchase price for 100% of the shares amounted to 2.4 mEUR, of which 0.5 mEUR is
sitting on an escrow account to be released when certain conditions have been met. The limited transaction costs related to this acquisition
were included in the operating expenses of 2023.
The calculated goodwill is presented as follows:
IN MILLION EUR 2024 FAIR VALUE OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED IN THE ACQUIRED ENTITY NON-CURRENT ASSETS 0.3 Property, plant and equipment 0.0 Intangible assets 0.3 CURRENT ASSETS 0.6 Trade and other receivables 0.5 Cash and cash equivalents 0.1 CURRENT LIABILITIES (0.3) Trade and other payables (0.3) FAIR VALUE OF NET ASSETS ACQUIRED 0,6 Goodwill arising on acquisition 1.9 PURCHASE CONSIDERATION TRANSFERRED 2.5 of which: Cash paid in 2023 1.8 Cash paid in 2022 0.1 Contingent consideration (escrow account) 0.5 ANALYSIS OF CASH FLOWS ON ACQUISITION Net cash acquired with the subsidiary 0.1 Cash paid in 2022 and 2023 (1.9) NET CASH OUTFLOW (1.8)
The fair value of the current and non-current trade receivables amounted to 0.5 mEUR and it is expected that the full contractual amounts can
be collected.

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The goodwill of 1.9 mEUR – compared to 1.4 mEUR initial goodwill recognized in 2023 - derives from future growth and expected synergies
within BeNe Last-Mile activities. None of the goodwill is expected to be deductible for income tax purposes.
Acquisition of assets of Mailtin’ Post
bpostgroup expands its footprint in France as in March 2024 IMX France acquired the assets of Mailtin’ Post for a price of 1.1 mEUR, as these
assets constitutes a business this transaction was accounted for as a business combination under IFRS 3. Mailtin’Post situated in Lyon,
specializes in cross-border mail solutions. The limited transaction costs related to this acquisition were included in the operating expenses
of 2024. The assets of Mailtin’ Post are included within IMX France, hence contribute to the Global Cross-border operating segment as from
March 2024.
The calculated goodwill is presented as follows:
IN MILLION EUR 2024 FAIR VALUE OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED IN THE ACQUIRED ENTITY NON-CURRENT ASSETS 0.1 Property, plant and equipment 0.1 Intangible assets 0.0 CURRENT ASSETS 0.0 Trade and other receivables 0.0 Cash and cash equivalents 0.0 CURRENT LIABILITIES 0.0 Trade and other payables 0.0 FAIR VALUE OF NET ASSETS ACQUIRED 0.1 Goodwill arising on acquisition 1.0 PURCHASE CONSIDERATION TRANSFERRED 1.1 of which: Cash paid in 2024 1.1 ANALYSIS OF CASH FLOWS ON ACQUISITION Net cash acquired with the subsidiary 0.0 Cash paid in 2024 (1.1) NET CASH OUTFLOW (1.1)
The goodwill of 1.0 mEUR derives from future growth and expected synergies within Global Cross-border activities. None of the goodwill is
expected to be deductible for income tax purposes.
Acquisition of Staci
On August 1, 2024 - after having obtained all necessary approvals from the relevant competition authorities - bpost NV/SA successfully
completed the acquisition of 100% of the shares of Staci, a leading European specialist in third-party logistics, marking a pivotal milestone
and expected to be a key accelerator in bpostgroup’s growth strategy. This strategic move enhance bpostgroup to strengthen its B2B offering
while unlocking significant synergy across bpostgroup. The total consideration paid for 100% of the shares on a debt free basis amounted
to 1,345.1 mEUR. The transaction triggered a change of control provision in the Structured Finance Agreement (“SFA”), entitling the senior
facility lenders to cancel their commitments under the SFA and require payment of all amounts owed to them under the senior finance
documents.
Management of Staci purchased 1.25% of the shares capital of Augusta Progress – the holding above the Staci group – in line with the
conditions of the agreed Management Incentive Plan (MIP), as a result bpostgroup owns 98.75% of Staci. As part of the bpostgroup’s
strategy to align the interests of key management personnel of Staci with the long-term performance, a MIP has been introduced for which
management are required to subscribe to Ordinary Shares. For the Ordinary Shares a gross liability for the non-controlling interest put option
(exercise date 2028) has been recognized for 10.7 mEUR and will be subsequently remeasured via profit and loss statement as financial income
or financial costs.
Staci was consolidation within the 3PL operating segment the full-integration method as from August 1, 2024. Transaction costs of 19.2 mEUR
were expensed and were included in the operating expenses in 2024.The assessment of the fair value of the assets acquired is still on-going.
Consequently, the determination of the carrying amount of the acquired entity and the purchase price allocation is still provisional and is
foreseen to be final in June 2025.

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The provisional calculated goodwill is presented as follows:
IN MILLION EUR 2024 FAIR VALUE OF THE ASSETS ACQUIRED AND LIABILITIES ASSUMED IN THE ACQUIRED ENTITY NON-CURRENT ASSETS 852.1 Property, plant and equipment 244.3 Intangible assets 583.6 Deferred tax assets 19.7 Trade and other receivables 4.5 CURRENT ASSETS 246.3 Inventories 7.9 Income tax receivable 0.3 Trade and other receivables 170.3 Cash and cash equivalents 67.7 NON-CURRENT LIABILITIES (347.8) Interest-bearing loans and borrowings (196.6) Employee benefits (1.3) Provisions (5.3) Deferred tax liabilities (144.0) CURRENT LIABILITIES (221.9) Interest-bearing loans and borrowings (52.7) Bank overdrafts 0.4 Provisions 0.0 Income tax payable (3.2) Trade and other payables (166.3) FAIR VALUE OF NET ASSETS ACQUIRED 529.4 Goodwill arising on acquisition 826.4 PURCHASE CONSIDERATION TRANSFERRED 1,355.8 of which: Cash paid 1,345.1 Contingent consideration 10.7 ANALYSIS OF CASH FLOWS ON ACQUISITION Net cash acquired with the subsidiary 67.7 Cash paid (1,345.1) NET CASH OUTFLOW (1,277.3)
The fair value of the current and non-current trade receivables amounted to 174.8 mEUR and it is expected that the full contractual amounts
can be collected. The acquired lease liabilities were measured using the present value of the remaining lease payments at the date of
acquisition. The right-of-use assets (214.8 mEUR) were measured at an amount equal to the lease liabilities and adjusted to reflect the
favorable terms of the lease relative to market terms.
The goodwill has been provisionally reduced by 570.0 mEUR following the fair value impacts and the current purchase price allocation. The
adjustment to fair value consisted amongst others of the recognition of intangibles assets: tradename (useful life 10-year) and customer
relationships (useful life 23-year), respectively for an amount of 25.3 mEUR and 544.6 mEUR. Fair value assessment of assets and liabilities is
done with the assistance of an external independent expert.
For 2024 Staci contributed 337.7 mEUR of revenue and 19.0 mEUR to profit before tax from continuing operations for bpostgroup. The
resulting goodwill of 826.4 mEUR derives from future growth and expected synergies. None of the goodwill is expected to be deductible for
income tax purposes. Prior to the acquisition Staci group did not prepare financial statements in accordance with IFRS, hence no full year
2024 comparative IFRS figures are being disclosed.

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6.6 Segment information
Following the acquisition of Staci in 2024, bpostgroup has put in place a revised strategy to transition into a regional leader in high-value
flexible logistics organised into three integrated businesses: Belgium and Netherlands Last Mile activities (“BeNe Last-Mile”), 3PL (“Third-
Party Logistics”) and Global Cross-Border. This integrated approach is expected to enhance synergies across the units, with the Global
Cross-Border business acting as a gateway for mail and parcel flows in and out of Belgium, benefiting the 3PL operations. Each business will
maintain a strong focus on its part of the value chain while leveraging the advantages of being part of the same group, which is expected to
lead to a more cohesive and valuable proposition for clients.
bpostgroup operates through three business units, which benefit from the services of various support units:
BeNe Last-Mile activities
In Belgium and the Netherlands, bpostgroup offers modern, high-quality and flexible postal and parcel services, certain contract logistics,
press distribution, certain banking activities and other value-added services. Its main expertise lies in B2C services, with the possibility of
expanding into B2B and omnichannel logistics.
Some of the key services include:
• Handling and distribution of mail:
- transactional mail (residential mail or administrative mail from businesses and government);
- addressed and unaddressed advertising mail (door-to-door);
• Home delivery of newspapers and periodicals through commercial agreements with publishers;
• Deliveries of parcels of all sizes and weights, wherever and whenever the customer desires. bpostgroup has the largest pickup and delivery
network for parcels in Belgium:
- More than 650 post offices offer a complete range of postal services and products, along with certain banking services in partnership
with BNP Paribas Fortis;
- More than 660 post points provide the most common postal services;
- Customers can also pick up and send parcels at parcel points and via more than 900 parcel lockers;
• Value-added services, such as simplifying administrative procedures and optimising activities that are not part of the customer’s core
business, for example the handling traffic fines and distributing or deregistering license plates.
• Personalised Logistics through its entities Dynalogic and Euro Sprinters.
3PL activities
Thanks to its extensive range of services dedicated to the entire e-commerce chain, bpostgroup aims to facilitate e-commerce. It provides
integrated third-party logistics (3PL) services, emphasising flexibility and added value for B2C, B2B and omnichannel segments. With an
extensive range of efficient fulfilment solutions, bpostgroup manages the entire logistics process of orders, adapting it to the client’s needs –
from product storage to return processing, all the way to order preparation for delivery to the intended destinations.
• From a mouse click to the doorbell: once the online order is confirmed by the consumer, bpostgroup through its subsidiaries such as Radial
and Active Ants, handles everything else. bpostgroup warehouses products, manages stocks, picks items, prepares packages for shipping
and entrusts them to transportation partners. Staci is a renowned fulfilment and logistics services specialist that offers multichannel
logistics and distribution solutions, including B2B, D2C and e-commerce to a wide range of industries including beauty & healthcare,
telecom, retail, food & beverage and the public sector.
• Beyond fulfilment: innovative solutions connect brands to their consumers using advanced omnichannel technologies, including intelligent
payment solutions, fraud protection, tailored supply chain services and customer support.
Global Cross-border activities
Global Cross-border activities relate to shipping parcels across national borders, thereby dealing with transportation, customs, taxes and
other formalities.
• bpostgroup through its entities Landmark Global and IMX, offers integrated cross-border management and transportation capabilities.
With the expertise, infrastructure, and operational capabilities required, it manages parcel shipping, mail distribution, order processing,
and returns. Collaborating with a broad range of partners, its experts worldwide ensure swift handling of customs formalities.
• bpostgroup operates an extensive network of road and air connections in North America, Europe and Asia. It combines its own last-mile
networks, access to carriers and customs services through robust IT platforms.
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, Transformation, 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.

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As bpostgroup identifies its CEO as the chief operating decision maker (“CODM”), the operating segments are based on the information
provided to the CEO. bpostgroup computes its profit from operating activities (EBIT) at the segment level and is measured consistently with
the financial statements’ 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 bpostgroup the net financial result, income tax and share
of profit of associates and joint ventures are only disclosed at the level of bpostgroup.
The following tables present an overview of the segment results:
For the year ended 31 December
GLOBAL BENE LAST-MILE 3PL CROSS-BORDER CORPORATE ELIMINATIONS GROUP IN MILLION EUR 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 External operating 2,272.2 2,327.6 1,455.5 1,310.4 609.3 6 27.2 4.3 7.0 0.0 0.0 4,341.3 4,272.2 income Intersegment 77.3 71.8 4.8 5.6 5.5 6.2 406.8 422.6 (494.5) (506.3) 0.0 0.0 operating income TOTAL OPERATING 2,349.5 2,399.4 1,460.4 1,316.0 614.8 633.4 411.1 429.6 (494.5) (506.3) 4,341.3 4,272.2 INCOME Operating expenses 2,122.8 2,198.7 1,271.3 1,196.4 511.4 519.1 396.2 386.4 (494.5) (506.3) 3,807.2 3,794.4 Depreciation, 95.8 99.9 455.7 112.6 24.2 23.6 76.4 81.0 0.0 0.0 652.1 317.0 amortization PROFIT/(LOSS) FROM 130.9 100.7 (266.7) 7.0 79.2 90.8 (61.5) (37.7) 0.0 0.0 (118.0) 160.8 OPERATING ACTIVITIES (EBIT) Shares 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 (30.8) (41.6) Income tax expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55.3 54.5 PROFIT/(LOSS) OF 130.9 100.7 (266.7) 7.0 79.2 90.8 (61.5) (37.7) 0.0 0.0 (204.1) 64.8 THE PERIOD (EAT)

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The table presented below provides the disaggregation of bpostgroup’s revenue from contracts with customers.
For the year ended 31 December
EXTERNAL OPERATING INCOME REVENUE IN MILLION EUR 2024 2023 CHANGE % 2024 2023 CHANGE % BENE LAST-MILE 2,272.2 2,327.6 -2.4% 2,266.7 2,322.6 -2.4% Transactional mail 724.3 747.1 -3.1% 724.3 747.1 -3.1% Advertising mail 191.8 179.0 7.2% 191.8 179.0 7.2% Press 299.0 349.6 -14.5% 299.0 349.6 -14.5% Parcels Belgium 531.3 499.1 6.5% 531.3 499.1 6.5% Proximity and convenience retail 271.7 292.1 -7.0% 271.7 292.1 -7.0% network Value added services 118.9 132.5 -10.3% 118.9 132.5 -10.3% Personalized logistics 129.7 133.1 -2.5% 129.7 133.1 -2.5% Other 5.5 (4.9) - 0.0 (9.9) - 3PL 1,455.5 1,310.4 11.1% 1,452.4 1,308.1 11.0% 3PL Europe 516.2 158.0 - 516.2 157.2 - 3PL North America 936.1 1,150.9 -18.7% 936.1 1,150.9 -18.7% Other 3.1 1.5 - 0.0 0.0 - GLOBAL CROSS-BORDER 609.3 627.2 -2.9% 609.7 626.8 -2.7% Cross-border Europe 361.6 349.5 3.5% 361.6 349.5 3.5% Cross-border North America 248.1 277.4 -10.5% 248.1 277.4 -10.5% Other (0.4) 0.4 - 0.0 0.0 - CORPORATE 4.3 7.0 -39.1% 0.0 0.0 0.0% TOTAL 4,341.3 4,272.2 1.6% 4,328.8 4,257.5 1.7%
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.
EVOLUTION IN MILLION EUR 2024 2023 2024 – 2023 Belgium 929.5 903.4 0.6% Rest of Europe 1,427.9 272.6 - US 1,171.5 966.3 21.2% Rest of world 98.9 75.7 30.6% TOTAL NON-CURRENT ASSETS 3,627.7 2,218.0 63.6% Belgium 2,422.6 2,443.4 -0.9% Rest of Europe 575.8 328.4 75.4% US 1,219.9 1,370.9 -11.0% Rest of world 122.9 129.5 -5.1% TOTAL OPERATING INCOME 4,341.3 4,272.2 1.6%
Total non-current assets consist out of property, plant and equipment, intangible assets, investment properties and trade and other
receivables (> 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 BeNe Last-Mile segment, no single external customer exceeded 5% of bpostgroup’s operating income.

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6.7 Revenue
For the year ended 31 December
IN MILLION EUR 2024 2023 Revenue excluding the SGEI remuneration 4,100.9 3,945.7 SGEI remuneration 227.8 311.9 TOTAL 4,328.7 4,257.5
Compared to last year, revenue slightly increased by 71.2 mEUR or +1.7% to 4,328.7 mEUR.
The revenue increase excluding the SGEI remuneration (155.3 mEUR or +3.9%) was mainly driven by the revenue increase (144.1 mEUR) in 3PL,
reflecting the integration of Staci as of August 2024, partially offset by continuous pressure in North America.
SGEI remuneration is disclosed under Press and Proximity and convenience retail network in the BeNe Last-Mile segment and decreased by
84.1m or 27.0% compared to last year, mainly driven by the end of the Press Concession as from July 1, 2024.
6.8 Other operating income
For the year ended 31 December
IN MILLION EUR 2024 2023 Gain on disposal of property, plant and equipment 0.8 3.4 Rental income of investment property and sublease 1.9 0.7 Third party cost recovery 4.1 5.0 Insurance recovery 1.9 0.0 Other 3.8 5.6 TOTAL 12.6 14.7
Gains on disposal of property, plant and equipment decreased by -2.6 mEUR due to lower revenues on the sales of buildings in 2024 compared
to 2023.
The third party cost recovery mainly relates to reimbursements by third parties of non-core services and sales realized by bpost’s restaurants.
The insurance recovery in 2024 mainly relates to flooding events in Belgium in previous years.
6.9 Other operating expenses
For the year ended 31 December
IN MILLION EUR 2024 2023 Provisions (2.5) 73.3 Local, real estate and other taxes 23.7 34.4 Impairment on trade receivables and charge backs payment services 5.8 5.8 Losses on disposals of property, plant and equipment 1.0 0.3 Other 14.6 2.5 TOTAL 42.6 116.3
Other operating expenses decreased by 73.7 mEUR, this decrease was mainly due to last year’s provision of 75.0 mEUR for overcompensation.
In 2023 bpostgroup had voluntary launched 3 compliance reviews concerning the processing of traffic fines, the management of 679 accounts,
and the delivery/cancellation of licence plates and concluded an in-dept legal and economic assessment regarding the remuneration paid
by the Belgian State for these 3 services. As part of bpostgroup’s commitment to repay any overcompensation, a provision of 75.0 mEUR had
been recorded related to the period before 2023 in 2023. The provision, as is customary concerning the repayment of State Aid, is already net
of corporate income taxes paid on the incompatible aid principal amount. For more detail see note 6.27 provisions.
The decrease of local, real estate and other taxes by 10.7 mEUR was amongst others due to the higher VAT recuperation in 2024 at the time of
the yearly VAT revision.

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6.10 Material costs
Material costs are in line with last year, slight increase of 0.4 mEUR or 0.5%.
6.11 Services and other goods
The cost of goods and services decreased by 17.5mEUR to 1,834.1 mEUR. This decrease was mainly driven the lower variable operating
expenses (transport costs and interim employees) in line with the revenue development in North America, partially offset by the
incorporation of Staci as of August 1, 2024.
For the year ended 31 December
EVOLUTION IN MILLION EUR 2024 2023 2024 – 2023 Rent and rental costs 108.2 104.6 3.5% Maintenance and repairs 118.0 111.3 6.0% Energy delivery 71.6 77.0 -7.0% Other goods 26.7 31.9 -16.3% Postal and telecom costs 13.3 11.7 14.2% Insurance costs 39.3 31.6 24.3% Transport costs 838.8 801.1 4.7% Publicity and advertising 27.1 24.9 8.9% Consultancy 15.2 26.3 -42.1% Interim employees 264.5 326.3 -18.9% Third party remuneration, fees 214.8 203.5 5.5% Other services 96.6 101.4 -4.8% TOTAL 1,834.1 1,851.6 -0.9%
• Transport costs amounted to 838.8 mEUR and increased by 37.7 mEUR, mainly explained by the incorporation of Staci as of August 1, 2024,
partially compensated by lower volume driven transport costs in line with the revenue evolution in North America.
• Cost of interim employees decreased by 61.8 mEUR mainly due the lower average number of interims, in turn due to the revenue evolution
in North America (variable labor management) and productivity gains, partly compensated by the higher costs per FTE due to inflation
and the incorporation of Staci as of August 1, 2024. Note that the interim costs should be viewed together with the evolution of the payroll
costs, see note 6.12.
• Third party remuneration, fees increased by 11.3 mEUR mainly explained by the merger and acquisition costs.
• Other services relate to costs for payment processing, HR services, training costs and administration costs. The decrease by 4.8 mEUR was
mainly due to lower payments processed by Radial US in line with the revenue evolution.
6.12 Payroll costs
For the year ended 31 December
IN MILLION EUR 2024 2023 Wages and salaries 1,527.1 1,448.0 Social security costs 296.5 275.0 Pension costs (note 6.26) 11.5 9.3 Termination benefits, Other long-term benefits and Post-employment 10.3 9.4 benefits other than Pension (note 6.26) TOTAL 1,845.4 1,741.7

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As at December 31, 2024, the headcount of bpostgroup amounted to 36,527 (2023: 35,035) and was composed as follows:
• Statutory personnel : 5,602 (2023: 6,210);
• Contractual personnel : 30,925 (2023: 28,825).
The average FTE for 2024 was 32,434 (2023: 31,240).
The average FTE and interims for 2024 was 37,500 (2023: 37,782).
Payroll costs (1,845.4 mEUR) and interim costs (264.5 mEUR) in 2024 amounted to 2,109.9 mEUR (2,068.1 mEUR in 2023). Payroll and interim
costs increased by 41.9 mEUR (payroll costs increased by 103.7 mEUR while interim costs decreased by 61.8 mEUR) compared to last year.
The payroll and interim costs increase was driven by inflationary pressure (amongst other in Belgium +3% from 2 salary indexations year-
over-year), the effects of the Collective Labor Agreements (“CLA”) 2023-2024, merit increases and slightly higher salary costs reflecting
international activity ramp-up, partially compensated by the favorable exchange rate evolution, leading to a negative price impact of 72.2
mEUR. The effects mentioned above were partly offset by several factors. Firstly, the decrease in interim staff at Radial North America, in
line with their revenue development, partly compensated by the integration of Staci as of August 1, 2024 and slightly higher FTEs tied to
transformation and corporate projects, which generated 22.5 mEUR lower costs. And secondly, by a positive mix effect of 7.8 mEUR, amongst
other driven by a decrease of statutory and pay scale contractual postmen and an 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 2024 2023 Financial income 47.0 33.2 Financial costs (77.8) (74.8) TOTAL (30.8) (41.6)
Net financial result (i.e. net of financial income and financial costs) of 2024 amounted to -30.8 mEUR and increased by 10.8 mEUR compared
to 2023. This increase was primarily due to last year’s non-cash negative financial result related to IAS 19 employee benefits triggered by a
decrease in discount rates at that time and favourable exchange difference results, partially offset by higher banking fees, higher interests
costs given increased loans, borrowings and leases.
Financial income
For the year ended 31 December
IN MILLION EUR 2024 2023 Financial income on cash and cash equivalents 18.6 23.9 Gain from exchange differences 24.2 2.1 Contingent consideration: changes related to purchase of minority interests 0.0 6.0 Financial income on defined benefit obligations (IAS 19) 2.8 0.0 Other 1.5 1.2 TOTAL 47.0 33.2
The decrease in financial income on cash and cash equivalents is in line with the decreased market interest rates and the lower amount of
cash and cash equivalents.
In 2023 bpostgroup bought the remaining shares of of Anthill B.V. (25%) and Active Ants International B.V. (25%) for a price of 12.2 mEUR,
hence bpostgroup recognized in 2023 a financial gain of 6.0 mEUR for the difference between the price of the sales purchase agreement and
the outstanding liability of 18.3 mEUR at that time.
The gain from exchange differences should be reviewed together with the loss from exchange differences.

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Financial costs
For the year ended 31 December
IN MILLION EUR 2024 2023 Financial costs on defined benefit obligations (IAS 19) 1.2 20.6 Lease interest expenses (IFRS 16) 23.8 15.7 Interest on loans 8.6 9.7 Interest and costs related to long-term bond 15.3 9.3 Unwinding of pre-hedge interest swap 2.5 2.5 Loss from exchange differences 16.6 9.6 Contingent consideration: unwinding of discount, effect of changes in 0.3 4.3 discount rate and change in ownership interests in controlled entities Transaction fees 4.0 0.0 Other finance costs 5.4 3.2 TOTAL 77.8 74.8
The decrease of financial costs related to the defined benefit obligations was mainly due to the evolution of the discount rates, which last
year decreased whereas 2024 experienced a slight increase in rates. The overall year-over-year impact (costs and income) of the evolution of
discount rates on IAS 19 employee benefits amounted to +22.1 mEUR (see also note 6.25).
The increase of lease interest expenses was mainly explained by the integration in scope of Staci.
The slight decrease in interest on loans in 2024 was due last year’s USD term loan (reimbursed in December 2023) with a floating interest rate,
partially offset by interests on the 1,000 mEUR bridge loan (between August and October) used for the acquisition of Staci, i.e. before two
bonds were issued.
The increase of interest and costs related to long-term bonds was due to bpostgroup's issuance of a 1,000 mEUR dual-tranche senior
unsecured bond in October 2024, resulting in interest expenses of 7.2 mEUR.
Additionally, 4 mEUR in transaction fees were recognized, primarily related to underwriting fees for the bridge loan and fees for the renewed
revolving credit facilities.
The loss from exchange differences should be reviewed together with the gain from exchange differences.
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 2024 amounted to 55.3 mEUR and breaks down as follows:
As at 31 December
IN MILLION EUR 2024 2023 TAX EXPENSE INCLUDED Current tax expenses 49.8 60.4 Adjustment recognized in the current year in relation (3.6) 0.1 to the current tax of prior year Deferred tax expenses 9.0 (6.0) TOTAL INCOME TAX EXPENSE RECOGNIZED IN INCOME STATEMENT 55.3 54.5

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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 2024 2023 Profit before tax (A) (148.8) 119.2 Statutory tax rate of the parent company (B) 25.00% 25.00% THEORETICAL INCOME TAX EXPENSES (C) = (A) X (B) (37.2) 29.8 RECONCILING ITEMS BETWEEN STATUTORY AND EFFECTIVE INCOME TAX EXPENSE Tax effect of non tax deductible expenses 8.1 5.8 Tax effects prior year (2.3) 0.1 Tax effect of internal compliance review (0.2) 20.1 Tax effect of CGU impairment 74.6 0.0 Tax effect of the remeasurement of assets held for sale at fair value less costs 0.0 0.0 to sell Tax effect of tax losses utilized by subsidiaries for which no deferred tax asset 0.0 0.0 or no full deferred tax asset was recognized Subsidiaries in loss situation for which no deferred tax asset or no full 18.9 1.8 deferred tax asset was recognize on their tax losses Associates (equity method) 0.0 0.0 OTHER: Tax effect of subsidiaries liquidation 0.0 0.0 Tax effect of the changes in tax rates 0.0 0.2 Other differences (6.7) (3.3) TOTAL 55.3 54.5 Tax using effective rate (current period) (55.3) (54.5) Profit before income tax (148.8) 119.2 Effective tax rate 37.1% 45.7%
The provision for compliance review was not tax deductible at the time of its recognition hence contributed to an increase in the effective tax
rate in 2023.
The increased effective tax rate in 2024 is mainly due to the non deductible tax effect of the CGU impairment.
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.
As of December 31, 2024 bpost recognized a net deferred income tax liability of 124.5 mEUR. This net deferred income tax liability is
composed as follows:
IMPACT ON IMPACT ON IMPACT OF RESULT OF OTHER COMPRE- BUSINESS EXCHANGE RATE IN MILLION EUR 2023 THE YEAR HENSIVE INCOME COMBINATIONS DIFFERENCE 2024 DEFERRED TAX ASSETS Employee benefits 7.7 (0.2) (1.4) 0.0 0.0 6.1 Provisions 1.3 0.1 0.0 0.0 0.0 1.4 Tax losses carried forward 53.8 (14.9) 0.0 13.6 1.4 54.1 Property plant and equipment (49.3) 6.3 0.0 0.0 (0.4) (45.3) Intangible assets (29.2) 6.1 0.0 (145.0) (2.9) (171.1) Leases 8.1 (7.4) 0.0 3.6 0.0 6.2 Other 20.2 1.0 (0.6) 3.5 0.1 24.1 NET DEFERRED TAX ASSETS / (LIABILITIES) 12.7 (9.0) (0.4) 0.0 (1.8) (124.5)
The deferred tax assets related to tax losses carried forward are stable compared to last year as the partial release of the deferred tax asset
for Radial US (from 40.9 mEUR to 25.1 mEUR) is compensated by the impact of business combinations (13.6 mEUR).
The increased deferred tax liability related to intangible assets is in line with the evolution of the intangible assets following purchase price
allocation of acquired entities.

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Recognized and unrecognized deferred taxes on tax attributes
Deferred tax assets on the tax attributes (mainly tax losses carried forward) are only recognized to the extent it is likely that those tax
attributes are expected to offset a taxable profit in the foreseeable future.
Further to this assessment, deferred tax assets have been recognized for 212.8 mEUR of carried forward tax losses. These recognized tax
losses relate to entities located in the United States (112.1 mEUR), the United Kingdom (29.4 mEUR ), France (24.6mEUR), Belgium (16.7 mEUR),
the Netherlands (14.7 mEUR), Germany (13.0 mEUR), Singapore (1.3 mEUR), Italy (0.8 mEUR) and Spain (0.2 mEUR). However, no deferred tax
asset has been recognized for 187.5 mEUR of carried forward tax losses. These unrecognized tax losses relate to entities located in Germany
(62.3 mEUR), the United States (56.2 mEUR), Luxembourg (20.9 mEUR), the Netherlands (16.8 mEUR), the United Kingdom (7.4 mEUR), Belgium
(6.1 mEUR) and Italy (0.2mEUR). In Belgium, Germany, Italy, the Netherlands (since 2022) and the United Kingdom, 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. In the United States, the tax losses of Radial US prior to 2018 have an expiration date ranging
between 2034 and 2037 and the tax losses incurred as from 2018 can be carried forward indefinitely.
The unrecognized tax credits in the United States amounts to 17.6 mEUR.
Pillar 2
Per 31 December 2024, all the constituent entities in bpostgroup qualify for the Transitional Safe Harbour rule under the Pillar 2 legislation. As
a result, no additional tax provision was booked related to Pillar 2.
In 2023, the European Union endorsed IASB amendments to IAS 12 Income taxes on the implementation of the Pillar 2 model rules. These
amendments notably aim at providing temporary relief from accounting for deferred taxes arising from the implementation of the Pillar 2
model rules. These amendments to IAS 12 are to be applied immediately in accordance with IAS 8 Accounting policies, changes in accounting
estimates and errors. bpostgroup has applied the mandatory exception to recognizing and disclosing information about deferred tax assets
and liabilities related to Pillar 2 income taxes.
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 bpostgroup, 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 2024 2023 Net profit/(loss) attributable to ordinary equity holders of the parent for (205.1) 65.7 basic earnings Adjustments for the effect of dilution Net profit/(loss) attributable to ordinary equity holders of the parent (205.1) 65.7 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 (1.03) 0.33 parent Diluted, profit/(loss) per share attributable to ordinary equity holders of the (1.03) 0.33 parent

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6.16 Property, plant and equipment
OTHER PROPERTY, FURNITURE FIXTURES PROPERTY, PLANT AND LAND AND PLANT AND AND AND PLANT AND EQUIPMENT RIGHT-OF- IN MILLION EUR BUILDINGS EQUIPMENT VEHICLES FITTINGS EQUIPMENT (EXCL. ROU) USE (ROU) TOTAL COST BALANCE AT 1 JANUARY 2023 595.6 455.3 548.5 294.3 60.1 1,953.8 1,018.8 2,972.6 Acquisitions 33.4 26.4 26.2 26.8 28.0 140.8 154.9 295.7 Acquisitions through business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 combinations Disposals 0.0 (8.3) (12.2) (5.7) 0.0 (26.2) (86.0) (112.2) 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 (5.0) 0.0 0.0 0.0 0.0 (5.0) 0.0 (5.0) investment property Exchange rate difference (1.0) 0.0 (10.4) (0.7) (0.1) (12.2) (12.1) (24.2) Other movements 21.2 8.0 51.3 (11.1) (73.2) (3.9) (2.4) (6.3) BALANCE AT 31 DECEMBER 2023 644.1 481.4 603.5 303.6 14.8 2,047.5 1,073.2 3,120.7 BALANCE AT 1 JANUARY 2024 644.1 481.4 603.5 303.6 14.8 2,047.5 1,073.2 3,120.7 Acquisitions 2.6 21.0 34.6 49.7 19.0 126.9 189.2 316.1 Acquisitions through business 6.2 30.8 23.6 45.1 2.5 108.3 226.3 334.6 combinations Disposals (1.3) (0.1) (3.0) 0.0 0.0 (4.4) (72.0) (76.4) 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 investment property Exchange rate difference 2.2 1.7 19.9 2.0 0.2 26.0 23.9 49.9 Other movements 30.0 0.3 9.8 (25.9) (27.7) (13.5) (12.5) (26.0) BALANCE AT 31 DECEMBER 2024 683.9 535.2 688.2 374.5 8.9 2,290.7 1,428.2 3,718.9
The other movements from other property, plant and equipment (-27.7 mEUR) was mainly explained by the putting into use in 2024 of
a number of assets, this triggered a transfer from assets under construction (part of other property, plant and equipment) to the other
categories.
The other movements on fixture and fittings are related to their remapping to land and buildings category without impact on total cost of
property, plant and equipment and total depreciation and impairment losses.
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 31 DECEMBER 2023 0.0 0.0 0.0 0.0 7.4 7.4 0.0 7.4 BALANCE AT 31 DECEMBER 2024 0.0 0.0 0.0 0.0 7.4 7.4 0.0 7.4

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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 DEPRECIATION AND IMPAIRMENT LOSSES BALANCE AT 1 JANUARY 2023 (360.2) (312.1) (352.9) (167.5) (3.8) (1,196.5) (384.6) (1,581.1) Depreciations through business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 combinations Disposals 0.0 7.9 11.7 5.0 0.0 24.6 58.9 83.5 Disposals through business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 combinations Depreciation and impairment losses (14.6) (26.8) (55.1) (25.6) 0.0 (122.0) (151.9) (273.9) Assets classified as held for sale or 5.0 0.0 0.0 0.0 0.0 5.0 0.0 5.0 investment property Exchange rate difference 0.0 0.2 4.6 0.2 0.0 5.0 5.5 10.5 Other movements (9.2) (6.0) 5.0 6.2 3.8 (0.2) 0.1 (0.1) BALANCE AT 31 DECEMBER 2023 (378.9) (336.9) (386.7) (181.7) 0.0 (1,284.2) (471.9) (1,756.1) BALANCE AT 1 JANUARY 2024 (378.9) (336.9) (386.7) (181.7) 0.0 (1,284.2) (471.9) (1,756.1) Depreciations through business (4.2) (22.1) (16.8) (35.7) 0.0 (78.8) (11.5) (90.3) combinations Disposals 0.0 0.0 2.0 0.0 0.0 2.1 52.5 54.6 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) (33.8) (57.2) (26.8) 0.0 (129.3) (172.8) (302.1) 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 (0.2) (0.8) (10.5) (0.8) 0.0 (12.4) (11.8) (24.1) Other movements (5.6) 5.3 0.8 10.7 0.0 11.2 8.2 19.4 BALANCE AT 31 DECEMBER 2024 (400.4) (388.4) (468.3) (234.3) 0.0 (1,491.4) (607.2) (2,098.6)
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 CARRYING AMOUNT At 31 December 2023 265.2 144.6 216.8 121.8 22.3 770.7 601.3 1,372.0 At 31 December 2024 283.5 146.9 219.9 140.2 16.3 806.7 820.9 1,627.7
Amortization and depreciation charges related to property, plant and equipment amounted to 302.1 mEUR and increased by 28.2 mEUR as
compared to last year. This increase was mainly explained by increased depreciation of leases and plant and equipment well as furniture and
vehicles, which respectively increased by 20.9 mEUR and 7.0 mEUR and are mainly explained by the consolidation of Staci as of August 1, 2024.
6.16.1 Property, plant and equipment (excluding right-of-use assets)
Property, plant and equipment increased by 36.1 mEUR from 770.7 mEUR to 806.7 mEUR. This increase was mainly explained by:
• Acquisitions for 126.9 mEUR (140.8 mEUR in 2023), was mainly spent on 3PL, domestic fleet, operational infrastructure, parcels & lockers
capacity and site improvements;
• Consolidation of Staci (29.5 mEUR),
• Exchange rate impact of 13.7 mEUR (compared to a decrease of 7.1 mEUR in 2023);
• partially compensated by
• Depreciation 129.3 mEUR (122.0 mEUR in 2023);
All amortization and depreciation charges are included in the section “Depreciation, amortization and impairment” of the income statement.

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6.16.2 Right-of-use assets and leases
The right-of-use assets increased by 219.7 mEUR and amounted to 820.9 mEUR. This increase was mainly explained by:
• 189.2 mEUR additions (154.9 mEUR in 2023), mainly related additional warehouse leases and additional vehicles for distribution amongst
other due to higher lease cost for electric vans;
• Consolidation of Staci (214.8 mEUR);
• 12.1 mEUR of exchange rate differences;
partially compensated by
• Disposals amounting to 19.4 mEUR;
• Depreciations amounting to 172.8 mEUR (mainly 141.2 mEUR for buildings and 29.8 mEUR for vehicles);
bpostgroup 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, 2024 CARRYING AMOUNT DEC 31, 2023 Land and Buildings 3 to 25 years 724.6 531.9 Vehicles 4 or 5 years (8 years for trucks) 89.8 67.3 Machinery and other equipment 1 to 15 years 6.6 2.1 TOTAL 820.9 601.3
The carrying amounts and movements (including cash outflows) of the lease liabilities (under interest-bearing loans and borrowings) are
being disclosed in note 6.24, whereas the maturity analysis is available in note 6.29.
bpostgroup has leases for vehicles with lease terms of 12 months or less, 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 6.31 rights and commitments.
All amortization and depreciation charges are included in the section “depreciation, amortization and impairment” of the income statement.
bpostgroup as a lessor
bpostgroup has entered into operating leases on its investment property and some subleases related to certain office buildings and
e-commerce fulfillment centers.
Future minimum rentals receivable under non-cancellable operating leases as at December 31 are, as follows:
For the year ended 31 December
IN MILLION EUR 2024 2023 Less than one year 2.6 2.3 Between one year and five years 6.3 6.7 More than five years 0.6 1.5 TOTAL 9.6 10.5
The lease income related to leases in property is recognized in the section “Other operating income” (1.9 mEUR in 2024).

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6.17 Investment property
IN MILLION EUR LAND AND BUILDINGS ACQUISITION COST BALANCE AT 1 JANUARY 2023 11.5 Acquisitions 0.0 Transfer from/(to) other asset categories 0.1 BALANCE AT 31 DECEMBER 2023 11.6 BALANCE AT 1 JANUARY 2024 11.6 Acquisitions 0.0 Transfer from/(to) other asset categories (0.3) BALANCE AT 31 DECEMBER 2024 11.3 DEPRECIATION AND IMPAIRMENT LOSSES BALANCE AT 1 JANUARY 2023 (8.1) Depreciations 0.0 Transfer from/(to) other asset categories (0.1) BALANCE AT 31 DECEMBER 2023 (8.2) BALANCE AT 1 JANUARY 2024 (8.2) Depreciations 0.0 Transfer from/(to) other asset categories 0.1 BALANCE AT 31 DECEMBER 2024 (8.1) CARRYING AMOUNT At 31 December 2023 3.4 At 31 December 2024 3.2
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 and subleases amounted to 1.9 mEUR (2023: 0.7 mEUR). The estimated fair value of the
investment property is stable around 3.2 mEUR.
6.18 Assets held for sale
As at 31 December
IN MILLION EUR 2024 2023 ASSETS Property, plant and equipment 0.6 0.6 ASSETS HELD FOR SALE 0.6 0.6
Property, plant and equipment
The number of buildings recognized in assets held for sale amounted to 8 at the end of 2023 versus 1 at the end of 2024. 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 0.8 mEUR (2023: 3.4 mEUR) were accounted for in the income statement in the section 6.9 Other Operating Income.

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6.19 Intangible assets
CUSTOMER IN MILLION EUR GOODWILL DEVELOPMENT SOFTWARE RELATIONSHIP TRADENAME TOTAL COST BALANCE AT 1 JANUARY 2023 718.6 166.8 222.0 126.0 54.0 1,287.3 Acquisitions 0.0 6.7 7.1 0.0 0.0 13.9 Acquisitions and additions through 1.4 3.3 (0.0) 0.0 0.0 4.6 business combinations Disposals 0.0 0.0 (5.6) 0.0 0.0 (5.6) 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 0.0 0.0 0.0 investment property Exchange rate difference (18.0) (0.2) (2.6) (2.8) (1.1) (24.7) Other movements 0.0 6.8 (8.0) 3.6 (0.8) 1.6 BALANCE AT 31 DECEMBER 2023 702.0 183.3 212.9 126.7 52.1 1,277.1 BALANCE AT 1 JANUARY 2024 702.0 183.3 212.9 126.7 52.1 1,277.1 Acquisitions 1.0 7.8 10.9 0.0 0.0 19.7 Acquisitions and additions through 826.9 51.6 5.9 544.6 25.3 1,454.3 business combinations Disposals 0.0 (3.8) (1.1) 0.0 0.0 (4.9) 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 0.0 0.0 0.0 investment property Exchange rate difference 42.2 0.6 5.2 12.9 1.9 62.7 Other movements 0.0 1.9 3.0 0.0 0.0 4.9 BALANCE AT 31 DECEMBER 2024 1,572.2 241.4 236.8 684.2 79.2 2,813.7
CUSTOMER IN MILLION EUR GOODWILL DEVELOPMENT SOFTWARE RELATIONSHIP TRADENAME TOTAL AMORTIZATION AND IMPAIRMENT LOSSES BALANCE AT 1 JANUARY 2023 (27.0) (132.0) (185.9) (60.9) (25.8) (431.6) Acquisitions through business 0.0 (2.9) 0.0 0.0 0.0 (2.9) combinations Disposals 0.0 0.0 5.6 0.0 0.0 5.6 Disposals via business combinations 0.0 0.0 0.0 0.0 0.0 0.0 Amortization 0.0 (15.2) (13.8) (7.8) (4.7) (41.5) 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 0.0 0.0 0.0 0.0 investment property Exchange rate difference (0.1) 0.2 2.0 1.2 0.6 3.8 Other movements 0.0 (5.5) 8.3 (1.7) (0.8) 0.4 BALANCE AT 31 DECEMBER 2023 (27.1) (155.5) (183.8) (69.2) (30.6) (466.2) BALANCE AT 1 JANUARY 2024 (27.1) (155.5) (183.8) (69.2) (30.6) (466.2) Acquisitions through business 0.0 (39.3) (4.3) 0.0 0.0 (43.7) combinations Disposals 0.0 3.7 1.0 0.0 0.0 4.8 Disposals via business combinations 0.0 0.0 0.0 0.0 0.0 0.0 Amortization 0.0 (14.8) (13.5) (17.8) (5.1) (51.2) Impairment losses (299.4) 0.4 0.0 0.0 0.0 (299.0) Assets classified as held for sale or 0.0 0.0 0.0 0.0 0.0 0.0 investment property Exchange rate difference (2.6) (0.5) (4.1) (2.5) (1.3) (11.0) Other movements 0.0 (1.9) 0.0 0.0 0.0 (1.9) BALANCE AT 31 DECEMBER 2024 (329.1) (207.9) (204.6) (89.5) (37.1) (868.3)
OTHER CUSTOMER INTANGIBLE IN MILLION EUR GOODWILL DEVELOPMENT SOFTWARE RELATIONSHIP ASSETS TOTAL CARRYING AMOUNT At 31 December 2023 674.9 27.9 29.1 57.5 21.5 810.9 At 31 December 2024 1,243.0 33.4 32.2 594.7 42.2 1,945.5

278
Depreciation and impairment charges amounted to 51.2 mEUR in 2024 and increased by 9.7 mEUR compared to last year (41.5 mEUR) due to
the increased depreciation on customer relationship in line with the acquisition of Staci.
All amortization and depreciation charges are included in the section “Depreciation, amortization” of the income statement. Intangible
assets increased by 1,134.6 mEUR, mainly due to:
• the evolution of the exchange rate 51.7 mEUR, mainly related to the evolution of the goodwill in USD;
• the increase in goodwill by 827.9 mEUR mainly due to the acquisition of Staci;
• the intangibles recognized throughout the purchase price allocation for Staci (570.0 mEUR);
• acquisitions of 19.7 mEUR mainly related to ICT development costs capitalized and software;
partially compensated by,
• the impairment of the goodwill on the CGU Radial US (299.4 mEUR);
• depreciation and amortization amounting to 51.2 mEUR.
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the
consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquired entity.
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.
E-LOGISTICS BELGIUM PERSONALISED RADIAL NORTH IN MILLION EUR LAST MILE LOGISTICS EUROPE ACTIVE ANTS CROSS BORDER AMERICA TOTAL BALANCE AT 1 JANUARY 2023 77.0 17. 9 13.3 29.9 22.9 530.6 691.6 Acquisitions 1.4 0.0 0.0 0.0 0.0 0.0 1.4 Disposals 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 Transfer 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Exchange rate difference 0.0 0.0 0.2 0.0 0.0 (18.3) (18.1) BALANCE AT 31 DECEMBER 2023 78.3 17.9 13.5 29.9 22.9 512.3 674.9
PERSO- E-LOGIS- BELGIUM NALISED RADIAL ACTIVE CROSS TICS NORTH IN MILLION EUR LAST MILE LOGISTICS EUROPE ANTS STACI BORDER RADIAL US AMERICA TOTAL BALANCE AT 1 JANUARY 2024 78.3 17.9 13.5 29.9 0.0 22.9 0.0 512.3 674.9 Acquisitions 0.6 0.0 0.0 0.0 826.4 1.0 0.0 0.0 827.9 Disposals 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Transfer 0.0 0.0 0.0 0.0 0.0 137.8 374.5 (512.3) 0.0 Impairment 0.0 0.0 0.0 0.0 0.0 0.0 (299.4) 0.0 (299.4) Exchange rate difference 0.0 0.0 0.0 0.0 11.4 8.1 20.0 0.0 39.6 BALANCE AT 31 DECEMBER 2024 78.9 17. 9 13.5 29.9 8 37.8 169.9 95.1 0.0 1,243.0
The increase of the goodwill from 674.9 mEUR to 1,243.0 mEUR is due to the acquisition of Staci and the evolution of the exchange rates,
partially compensated by the non-cash impairment of the goodwill related to Radial US.
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 CGU’s were first
tested before reorganization (i.e. Belgium Last Mile, Personalised Logistics, Radial Europe, Active Ants, Cross border and e-Logistics North
America) and after the reallocation of the goodwill. 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. These business plans and budgets include the impact of bpostgroup’s sustainability
strategy to reduce Greenhouse Gas emissions.
• 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.

279
Following the acquisition of Staci in 2024, the organization structure of bpostgroup has been updated with the operating segments Bene
Last-Mile, 3PL and Global Cross-border. In line with the strategy to transform into a regional leader in high-value flexible logistics, the changes
consist of moving the Dynagroup, Leen Menken and Euro-Sprinters out of the former business unit E-Logistics Eurasia to BeNe Last-Mile and
the remaining activities of the former business unit E-Logistics Eurasia have been transferred to Global Cross-border. Furthermore out of the
former business unit E-Logistics North America the Landmark Global activities have been transferred to Global Cross-border whereas the
Radial activities have been transferred to 3PL activities.
The cash generating units were reorganized to reflect the lowest group of assets generating independent cash inflows. 3PL US Radial has
been carved out of the former CGU E-Logistics North America and is a CGU within the business unit 3PL. Out of the goodwill of the former CGU
E-Logistics North America, 374.5 mEUR was reallocated to the CGU 3PL US Radial using a relative value approach.
The remaining group of assets and activities of the former CGU E-Logistics North America have been merged into the existing CGU Cross-
border. This CGU is not bigger than the operating segment Cross-border and is the smallest level of identifiable group of assets that generates
cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The assets within Cross-border are
combined to align with the strategy to enhance integrated cross-border and transportation management capabilities (e.g. creation of “group
transport excellence” where all transport teams strongly work together), open new lanes and establish strong partnerships to achieve scale.
To achieve greater scale and efficiency, this CGU leverages a robust mix of resources (e.g. common IT platform), including bpost’s own last-
mile network, enhanced carrier access for all bpostgroup entities and common strategic agreements. These changes support the broader
organizational goals by improving operational alignment and enabling to better capitalize on growth opportunities in key markets. Out of the
goodwill of the former CGU E-Logistics North America, 137.8 mEUR was reallocated to the CGU Cross-border using a relative value approach.
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 developments adapted for changing market conditions. The EBITDA is the result of volume evolutions, price
evolution 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).
The long-term growth rate was set at 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 2024 2023 2024 2023 Belgium Last mile 9.1% 7.8% 2% 1% Personalised logistics 9.1% 9.2% 2% 2% Radial Europe 9.1% 9.2% 2% 2% Active Ants 9.1% 9.2% 2% 2% Staci 9.1% - 2% - Cross Border 10.3% 9.2% 2% 1% Radial US 10.3% - 2% - E-logistics North America 10.3% 9.9% 2% 2%
The impairment tests performed at CGU level did not lead to any impairment of assets, as the recoverable amounts of the CGUs were higher
than their carrying amounts, except for the CGU Radial US. In the context of material recent client churn at Radial US, combined with a
continued challenging market environment and related materializing downside risks tied to the long term plan, an impairment loss on
goodwill of 313.5 mUSD (299.4 mEUR) was recognized for Radial US as the reassessment results in a value in use below the carrying value.
For the purpose of impairment testing Staci is being presented as a single CGU, bpostgroup is in the process of streamlining operations
and aligning the different entities within the business unit 3PL. As this structure is not finalized, it is not feasible to allocate goodwill to
distinct CGU’s for Staci. Although there are no impairment indicators, an impairment test was done for the CGU Staci as bpostgroup deems
it’s relevant for the users of the financial statements. This did not lead to an impairment loss to be recognized. Goodwill allocation will be
finalized next year and thus impairment testing for Staci goodwill may be performed differently in the next reporting periods.
The difference between the CGUs’ carrying amount and their value in use (headroom) represents for Belgium Last Mile, Cross-Border and
Active Ants and Radial Europe at least more than 100% of their carrying amount and for Personalized Logistics and Staci above 20%. 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, except if the EBITDA would decrease significantly for Personalized Logistics (see sensitivity analysis hereunder).

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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:
PERSON- BELGIUM ALISED RADIAL ACTIVE CROSS LAST MILE LOGISTICS EUROPE ANTS STACI BORDER RADIAL US Sensitivity to long-term growth rate -1% -9.5% -9.3% -10.1% -10.5% -9.4% -7.0% -8.8% Sensitivity to long-term growth rate +1% 12.7% 12.4% 13.4% 13.9% 12.5% 8.9% 11.2% Sensitivity to discount rate -0.5 % 7.9% 7.7% 8.2% 8.6% 7.8% 5.9% 7.3% Sensitivity to discount rate +0.5 % -6.8% -6.7% -7.1% -7.4% -6.8% -5.3% -6.5% Sensitivity to EBITDA margin -1.0 % -20.3% -20.3% -9.8% -8.8% -6.5% -9.1% -17.7% Sensitivity to EBITDA margin +1.0 % 20.3% 20.3% 9.8% 8.8% 6.5% 9.1% 17.7%
6.20 Investment in associates and joint ventures
IN MILLION EUR 2024 2023 BALANCE AT 1 JANUARY 0.1 0.1 Share of results 0.0 0.0 BALANCE AT 31 DECEMBER 0.1 0.1
Investment in associates and joint ventures relates to the joint venture Jofico CV.
6.21 Trade and other receivables
As at 31 December
IN MILLION EUR 2024 2023 Trade receivables 6.0 0.0 Contract costs - assets recognized to obtain or fulfil a contract 4.4 7.8 Long-term guarantees 15.0 12.1 Subleases 8.5 6.8 Other receivables 17.5 4.9 NON-CURRENT TRADE AND OTHER RECEIVABLES 51.3 31.7
The increase of the non-current trade receivables was mainly explained by an agreement in 2024 to recover a pre-bankruptcy receivable
balance through equal installments over a 30-month period.
The increase of the other receivables was mainly explained by a payroll tax credit in the United States.
As at 31 December
IN MILLION EUR 2024 2023 Trade receivables 660.8 668.8 Terminal dues 139.6 222.2 Tax receivables, other than income tax 33.3 5.8 Contract costs - assets recognized to obtain or fulfil a contract 3.0 4.1 Other receivables 80.2 68.6 CURRENT TRADE AND OTHER RECEIVABLES 916.9 969.5

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As at 31 December
IN MILLION EUR 2024 2023 Accrued income 3.8 13.0 Deferred charges 56.6 40.9 Other receivables 19.8 14.7 CURRENT - OTHER RECEIVABLES 80.2 68.6
Current trade and other receivables decreased by 52.6 mEUR to 916.9 mEUR (2023: 969.5 mEUR), mainly due to the decrease of terminal
dues by 82.6 mEUR, partially offset by the increase of tax receivables, other than income tax (27.5 mEUR). The decrease of the terminal dues
receivable should be reviewed together with the decrease of the terminal dues payables (115.8 mEUR) and was mainly explained by the
settlements with some major postal operators. Tax receivables relate to outstanding VAT amounts to be received, the increase compared to
last year was mainly explained by the integration of Staci.
The decrease of the accrued income by 9.2 mEUR was mainly explained by the lower financial income on cash and cash equivalents.
The increase of the deferred charges (15.7 mEUR) was amongst others explained by the consolidation of Staci.
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, bpostgroup applies a simplified approach in calculating ECL’s for trade and terminal dues receivables.
Therefore, bpostgroup recognizes 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 27.2 mEUR in 2024 in line with 2023 (27.2 mEUR). See note
6.29 Financial instruments and financial risk management.
6.22 Inventories
As at 31 December
IN MILLION EUR 2024 2023 Raw materials 16.5 11.0 Finished products 2.2 3.5 Goods purchased for resale 15.0 11.7 Reductions in value (1.5) (0.7) INVENTORIES 32.3 25.4
Inventories increased by 6.9 mEUR, mainly due to the incorporation of Staci.
Raw materials include consumables, i.e. materials used for printing purposes. Finished products are stamps available for sale. Goods
purchased for resale mainly include post cards, supplies for resale and press distribution inventory.

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6.23 Cash and cash equivalents
As at 31 December
IN MILLION EUR 2024 2023 Cash in postal network 133.8 122.5 Transit accounts 60.6 79.1 Cash payment transactions under execution (38.4) (28.5) Bank current accounts 456.1 447.0 Cash equivalents 135.3 250.6 CASH AND CASH EQUIVALENTS 747.4 870.6
Cash and cash equivalents decreased by 123.2 mEUR, mainly driven by the acquisition of Staci in 2024, which was partially financed by
internal cash flow.
Cash equivalents consists of deposit accounts, term deposits, commercial papers and money market funds predominantly made by bpost SA/
NV. These very short-term investments are readily convertible into a known amount of cash and usually mature within three months or less of
the investment date.
Note furthermore that bpost also has two undrawn revolving credit facilities for a total amount of 475.0 mEUR, see note 6.31 “rights and
commitments”.
6.24 Interest-bearing loans and borrowings
As at 31 December 2023
NON-CASH FLOW CHANGES IN MILLION EUR 2022 CASH FLOWS FOREIGN EXCHANGE MOVEMENT ADDITION REASSESSMENT DISPOSAL DISPOSAL THROUGH BUSINESS COMBINATIONS TRANSFER TRANSFER TO AHFS OTHER 2023 Bank loans 0,0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term bond 646.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 647.1 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 534.9 0.0 (5.6) 98.9 56.1 (27.6) 0.0 (167.5) 0.0 15.7 504.9 NON CURRENT INTEREST- 1,180.9 0.0 (5.6) 98.9 56.1 (27.6) 0.0 (167.5) 0.0 16.8 1,152.0 BEARING LOANS AND BORROWINGS
NON-CASH FLOW CHANGES IN MILLION EUR 2022 CASH FLOWS FOREIGN EXCHANGE MOVEMENT ADDITION REASSESSMENT DISPOSAL DISPOSAL THROUGH BUSINESS COMBINATIONS TRANSFER TRANSFER TO AHFS OTHER 2023 Bank loans 173.4 (170.0) (14.6) 0.0 0.0 0.0 0.0 0.0 0.0 11.2 0.0 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 (0.2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 Current Lease liabilities 134.1 (160.7) (1.9) 0.0 0.0 0.0 0.0 167.5 0.0 0.0 139.0 CURRENT INTEREST-BEARING 307. 3 (330.7) (16.5) 0.0 0.0 0.0 0.0 167.5 0.0 11.4 139.0 LOANS AND BORROWINGS

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As at 31 December 2024
NON-CASH FLOW CHANGES IN MILLION EUR 2023 CASH FLOWS FOREIGN EXCHANGE MOVEMENT ADDITION REASSESSMENT DISPOSAL DISPOSAL THROUGH BUSINESS COMBINATIONS TRANSFER TRANSFER TO AHFS OTHER 2024 Bank loans 0.0 0.0 16.9 (13.1) 3.8 Long-term bond 647.1 995.6 1.4 1,644.1 Other loans 0.0 0.5 0.5 Non-Current Lease liabilities 504.9 10.8 108.3 80.9 (19.5) 179.1 (202.1) 22.8 685.1 NON CURRENT INTEREST- 1,152.0 995.6 10.8 108.3 80.9 (19.5) 196.6 (215.3) 0.0 24.2 2,333.5 BEARING LOANS AND BORROWINGS
Non-current interest-bearing loans and borrowings increased by 1,181.6 mEUR to 2,333.5 mEUR, this increase was due to bpostgroup's
issuance of the of 1,000 mEUR (995.6 mEUR net of issuance costs) dual-tranche senior unsecured bond in October 2024 and the increase
of lease liabilities mainly driven by the integration in scope of Staci (see note 6.28). All movements related to additions through business
combinations and lease details are explained in note 6.16.
Bank loans were primarily acquired through the business combination of Staci, with the longest maturity dates being August 2026 and June
2029, respectively.
NON-CASH FLOW CHANGES IN MILLION EUR 2023 CASH FLOWS FOREIGN EXCHANGE MOVEMENT ADDITION REASSESSMENT DISPOSAL DISPOSAL THROUGH BUSINESS COMBINATIONS TRANSFER TRANSFER TO AHFS OTHER 2024 Bank loans 0.0 (4.1) 0.3 13.1 9.3 Commercial papers 0.0 0.0 Other loans 0.1 0.5 (0.1) 0.5 Current Lease liabilities 139.0 (194.0) 3.5 52.4 202.1 1.7 204.6 CURRENT INTEREST-BEARING 139.0 (198.1) 3.5 0.5 0.0 0.0 52.7 215.3 0.0 1.6 214.4 LOANS AND BORROWINGS
Current interest-bearing loans and borrowings increased by 75.3 mEUR to 214.4 mEUR, mainly explained by the integration in scope of Staci.
Interests related to borrowings (-17.0 mEUR) within the cash flow are related 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 475.0 mEUR, see note 6.31 “rights and
commitments”.
There are no covenants on the loans.
6.25 Employee benefits
bpostgroup 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 bpostgroup’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 employees: pay scale contractual employees, non-pay scale contractual employees and logistic and postal workers.

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The employee benefits are as follows:
As at 31 December
IN MILLION EUR 2024 2023 Post-employment benefits (note 6.25.1) 15.1 14.9 Other long-term benefits (note 6.25.2) 208.6 225.8 Termination benefits (note 6.25.3) 10.6 9.1 TOTAL 234.3 249.8
Net of the deferred tax assets related to them, employee benefits amount to 229.2 mEUR (2023: 242.8 mEUR).
As at 31 December
IN MILLION EUR 2024 2023 Employee benefits 234.3 249.8 Deferred tax assets impact (5.1) (7.0) EMPLOYEE BENEFITS NET OF DEFERRED TAX 229.2 242.8
bpost’s net liability for employee benefits comprises the following:
As at 31 December
IN MILLION EUR 2024 2023 Present value of total obligations 305.0 319.7 Fair value of plan assets (70.7) (69.9) Present value of net obligations 234.3 249.8 NET LIABILITY 234.3 249.8 Employee benefits amounts in the statement of financial position Liabilities 234.3 249.8 NET LIABILITY 234.3 249.8
The changes in the present value of the obligations are as follows:
IN MILLION EUR 2024 2023 Present value at 1 January 319.7 305.7 Service cost 33.1 24.5 -Current service cost 33.0 26.3 -Past service cost 0.1 (1.7) Net interest 9.4 10.6 Benefits paid (35.8) (32.9) Remeasurement (gains)/losses in P&L (17.8) 8.4 -Actuarial (gains)/losses (17.8) 8.4 Remeasurement (gains)/losses in OCI (4.5) 3.3 -Actuarial (gains)/losses (4.5) 3.3 Liabilities acquired in business combination 1.1 0.0 DEFINED BENEFIT OBLIGATION AT 31 DECEMBER 305.0 319.7
The fair value of the plan assets can be reconciled as follows:
IN MILLION EUR 2024 2023 Fair value of plan assets at 1 January (69.9) (61.5) Contributions by employer (36.4) (34.5) Contributions by employee (2.0) (1.9) Benefits paid 35.8 32.9 Interest (income)/cost on assets (P&L item) (2.3) (2.4) Actuarial (gain)/loss on assets (OCI item) 4.0 (2.5) Assets acquired in business combination 0.0 0.0 FAIR VALUE OF PLAN ASSETS AT 31 DECEMBER (70.7) (69.9)

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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
company, and are composed of the reserves accumulated from the employer and employee contributions (insured contracts with a
guaranteed return).
2024 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 2024 319.7 (69.9) 249.8 Service cost 33.1 33.1 Contributions by employee (2.0) (2.0) Actuarial (gains)/losses reported as operating (9.2) (9.2) Subtotal included in Payroll P&L (note 6,13) 23.9 (2.0) 21.8 Interest cost 9.4 9.4 Interest (income)/cost on assets (P&L item) (2.3) (2.3) Actuarial (gains)/losses reported as financial (8.6) (8.6) Subtotal included in Financial P&L (note 6,14) 0.8 (2.3) (1.5) Benefits paid (35.8) 35.8 0.0 Contributions by employer (36.4) (36.4) SUBTOTAL CASH FLOWS STATEMENT (11.2) (4.9) (16.1) Remeasurement (gains)/losses in OCI (4.5) 4.0 (0.5) Business combination 1.1 0.0 1.1 31 DECEMBER 2024 305.0 (70.7) 234.3
The expense recognized in the income statement is presented hereafter:
As at 31 December
IN MILLION EUR 2024 2023 Service cost 31.0 22.7 -Current service cost 30.9 24.4 -Past service cost 0.1 (1.7) Net interest 7.1 8.2 Remeasurement (gains)/losses (17.8) 8.4 - Actuarial (gains)/losses reported as financial (8.6) 12.4 - Actuarial (gains)/losses reported as operating (9.2) (4.0) NET EXPENSE 20.3 39.3
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 2024 2023 Payroll costs (note 6.12) 21.8 18.7 Financial costs/(income) (note 6.13) (1.5) 20.6 NET EXPENSE 20.3 39.3
The decrease of the financial costs was mainly due to the evolution of the discount rates, which last year slightly decreased whereas in 2024
rates remained relatively stable. The first triggered one-off non-cash financial costs related to IAS 19 employee benefits in 2023, whereas the
latter triggered slight non-cash positive financial gains related to IAS 19 employee benefits in 2024.

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The expense recognized in the other comprehensive income is presented hereafter:
As at 31 December
IN MILLION EUR 2024 2023 Remeasurement gains/(losses) (0.5) 0.8 - Actuarial (gains)/losses (0.5) 0.8 NET EXPENSE (0.5) 0.8
The main assumptions used in computing the benefit obligations at the statement of financial position date are the following:
2024 2023 Rate of inflation 2.0% First year: 4.0% Years after: 2.5% Future salary increase < 40 yo: Inflation + 1.5% Merit < 40 yo: Inflation + 1.5% Merit [40-50] yo: Inflation +1.0% Merit [40-50] yo: Inflation +1.0% Merit > 50 yo: Inflation + 0.5% 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
2024 range from 2.75% to 3.95% (2023: 3.20% to 3.95%):
DISCOUNT RATE NET LIABILITY BENEFIT DURATION 2024 2023 2024 Family allowances 5.2 3.10% 3.25% 8.8 Funeral expense 6.0 3.20% 3.25% 1.7 Gratification from 9.5 to 10.4 3.30% 3.25% 1.3 Group insurance from 8.4 to 14.2 from 3.20% to 3.40% 3.20% 1.8 Accumulated compensated absences 2.5 2.85% 3.20% 13.2 Workers compensation in case of 9.8 3.35% 3.20% 91.4 accidents Medical expenses in case of 13.3 3.40% 3.20% 6.2 accidents Pension saving days 7.5 3.25% 3.25% 79.5 Jubilee Premiums from 4.1 to 6.3 from 3.15% to 3.20% 3.25% 0.8 DSPR/DVVP for Job Mobility Center 6.6 3.25% 3.25% 12.0 Part-time regime (54+) from 0.5 to 4.7 from 2.80% to 3.10% 3.20% 5.5 Early retirement scheme from 0.4 to 1.9 from 2.75% to 3.95% from 3.20% to 3.95% 10.6 End-of-career allowances from 10.3 to 24.0 3.50% n/a 1.3
The average duration of the defined benefit plan obligation at the end of 2024 is 8.7 years (2023: 9.2 years).
A quantitative sensitivity analysis for significant assumptions at December 31, 2024 has been determined based on a method that
extrapolates 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:
DISCOUNT RATE MORTALITY TABLE MR/FR MEDICAL TREND RATE IN MILLION EUR 50 BP INCREASE 50 BP DECREASE DECREASE BY 1 YEAR 100 BP INCREASE Impact on defined benefit obligation (12.3) 13.2 3.6 0.8 (decrease)/increase

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The following are the expected payments or contributions to the defined benefit plan in future years:
IN MILLION EUR 2024 Within the next 12 months 22.8 Between 2 and 5 years 89.7 Between 5 and 10 years 99.6 Beyond 10 years 200.4 TOTAL EXPECTED PAYMENTS 412.5
6.25.1 Post-employment
Post-employment benefits include family allowances, funerary costs, retirement gifts, Belgian group insurances and French end-of-career
indemnities.
Family allowances
bpost NV/SA civil servants (both active and retired) 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.
Group Insurance
bpostgroup offers to its active contractual employees (under certain conditions such as the function level) in Belgium, a pension plan (lump
sum benefit at retirement), insured with an insurance company in which contributions are defined in the plan rules (DC plan under Belgian
legislation). 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
contributions. The legal minimum return on employer contributions is a “career average” return and not a year-by-year return where the legal
minimum on the employee contributions should be granted on a year-by-year basis. 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. and a maximum of 3.75% p.a. Part of this return is guaranteed by the insurance company (contractual interest
guarantee).
bpost uses 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 for determining the asset value. 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 than the reserves when guaranteed interest rates are higher than the discount
rates, resulting in a lower net liability (and vice versa). Currently, discount rates are higher than the guaranteed interest rates by the insurance
company, resulting in lower assets.
End-of-career indemnities
bpostgroup funds the French mandatory end-of-career indemnity plans. As mandated by French labor law, retiring employees are entitled
to end-of-career indemnities, which is calculated based upon the employee’s length of service and final salary. The amount is defined by the
relevant Collective Bargaining Agreement.
The net liability for employee post-employment benefits comprises the following:
As at 31 December
IN MILLION EUR 2024 2023 Present value of total obligations 85.8 84.8 Fair value of plan assets (70.7) (69.9) Present value of net obligations 15.1 14.9 NET LIABILITY 15.1 14.9 Employee benefits amounts in the statement of financial position Liabilities 15.1 14.9 NET LIABILITY 15.1 14.9

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Last year’s past service cost related to the former bank benefit (reduction of fees for current accounts, favorable interest rates, reductions on
savings certificates,…) for bpost NV/SA employees. As of 2024 – given the integration of bpost bank into BNP Paribas Fortis following bpost’s
sale of its participation in bpost bank – it was no longer possible to grant this advantage, as a result the underlying liability was extinguished
on December 31, 2023 and a past service of 1.7 mEUR was recognized in 2023.
The fair value of the plan assets is presented as follows:
IN MILLION EUR 2024 2023 Fair value of plan assets at 1 January (69.9) (61.5) Contributions by employer (12.6) (11.7) Contributions by employee (2.0) (1.9) Benefits paid 12.1 10.1 Interest (income)/cost on assets (P&L item) (2.3) (2.4) Actuarial (gain)/loss on assets (OCI item) 4.0 (2.5) Assets acquired in business combination 0.0 0.0 FAIR VALUE OF PLAN ASSETS AT 31 DECEMBER (70.7) (69.9)
The expense recognized in the income statement is presented hereafter:
As at 31 December
IN MILLION EUR 2024 2023 Service cost 11.7 8.1 - Current service cost 11.7 9.9 - Past service cost 0.0 (1.7) Net interest 0.2 0.4 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 12.0 8.5
The impact on payroll costs and financial costs is presented hereafter:
As at 31 December
IN MILLION EUR 2024 2023 Payroll costs 11.7 8.1 Financial costs 0.2 0.4 NET EXPENSE 12.0 8.5
The expense recognized in other comprehensive income is presented hereafter:
As at 31 December
IN MILLION EUR 2024 2023 Remeasurement (gains)/losses (0.5) 0.8 - Actuarial (gains)/losses (0.5) 0.8 NET EXPENSE (0.5) 0.8

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6.25.2 Other long-term employee benefits
Other long-term employee benefits include accumulated compensated absences, pension saving days, part-time benefits, worker
compensation 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 2023. 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,
derived from the statistics over the 12 months of 2024. 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
between 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 maximum 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 2024, as provided by the human resources department. The
individual “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 NV/SA employees (plans accessible to civil servants and pay scale contractual
employees only) is as follows:
• Framework Agreement of December 20, 2012: partial (50%) career interruption is accessible to the distributors aged 54 and older. bpost NV/
SA makes contributions equal to 7.5% of the gross annual salary for a maximum period of 72 months.
• Framework Agreement of May 22, 2014: the plan approved in 2012 and accessible to the distributors is extended to the employees working
during night, 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.
• Framework Agreement of June 2, 2016 : the plan approved in 2012 for distributors and extended in 2014 to employees working during night
is also applicable for collect agents. bpost NV/SA makes contributions equal to 7.5% of the gross annual salary for a maximum period of 72
months. The plan is valid until December 2016.
• 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 contributions
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.
• Framework Agreement of May 25, 2023: (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 contributions
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 2025 following the Framework Agreement of December
19, 2024.

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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 2024 2023 Present value of total obligations 208.6 225.8 Fair value of plan assets 0.0 0.0 Present value of net obligations 208.6 225.8 NET LIABILITY 208.6 225.8 Employee benefits amounts in the statement of financial position Liabilities 208.6 225.8 NET LIABILITY 208.6 225.8
The changes in the present value of the obligations are as follows:
IN MILLION EUR 2024 2023 Present value at 1 January 225.7 217.7 Service cost 12.6 12.1 - Current service cost 12.6 12.1 - Past service cost 0.1 Net interest 6.7 7.6 Benefits paid (19.4) (18.2) Remeasurement (gains)/losses in P&L (17.0) 6.5 - Actuarial (gains)/losses (17.0) 6.5 Remeasurement (gains)/losses in OCI 0.0 0.0 - Actuarial (gains)/losses 0.0 0.0 Liabilities acquired in business combination 0.0 DEFINED BENEFIT OBLIGATION AT 31 DECEMBER 208.6 225.7
The expense recognized in the income statement is presented hereafter:
As at 31 December
IN MILLION EUR 2024 2023 Service cost 12.6 12.1 - Current service cost 12.6 12.1 - Past service cost Net interest 6.7 7.6 Remeasurement (gains)/losses (17.0) 6.5 - Actuarial (gains)/losses reported as financial (8.7) 12.3 - Actuarial (gains)/losses reported as operating (8.3) (5.8) NET EXPENSE 2.3 26.3

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The impact on payroll costs and financial costs is presented hereafter:
As at 31 December IN MILLION EUR 2024 2023 Payroll costs 4.3 6.3 Financial costs (2.0) 19.9 NET EXPENSE 2.3 26.3
6.25.3 Termination benefits
Early Retirement scheme
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
departure 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 ended 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 ended 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 was 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.
The net liability for termination benefits comprises the following:
As at 31 December
IN MILLION EUR 2024 2023 Present value of total obligations 10.6 9.1 Fair value of plan assets 0.0 0.0 Present value of net obligations 10.6 9.1 NET LIABILITY 10.6 9.1 Employee benefits amounts in the statement of financial position Liabilities 10.6 9.1 NET LIABILITY 10.6 9.1

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The changes in the present value of the obligations are as follows:
IN MILLION EUR 2024 2023 Present value at 1 January 9.2 9.2 Service cost 6.5 2.4 - Current service cost 6.3 2.4 - Past service cost 0.1 0.0 Net interest 0.2 0.2 Benefits paid (4.3) (4.6) Remeasurement (gains)/losses in P&L (0.8) 1.9 - Actuarial (gains)/losses (0.8) 1.9 Remeasurement (gains)/losses in OCI 0.0 0.0 - Actuarial (gains)/losses 0.0 0.0 Liabilities acquired in business combination 0.0 0.0 DEFINED BENEFIT OBLIGATION AT 31 DECEMBER 10.6 9.2
The expense recognized in the income statement is presented hereafter:
As at 31 December
IN MILLION EUR 2024 2023 Service cost 6.3 2.4 - Current service cost 6.3 2.4 - Past service cost 0.0 0.0 Net interest 0.2 0.2 Remeasurement (gains)/losses (0.8) 1.9 - Actuarial (gains)/losses reported as financial 0.1 0.1 - Actuarial (gains)/losses reported as operating (0.9) 1.8 NET EXPENSE 5.7 4.5
The impact on payroll costs and financial costs is presented hereafter:
As at 31 December
IN MILLION EUR 2024 2023 Payroll costs 5.4 4.2 Financial costs 0.2 0.3 NET EXPENSE 5.7 4.5

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6.26 Trade and other payables
As at 31 December
IN MILLION EUR 2024 2023 Trade payables 2.1 2.4 Other payables 11.0 0.0 NON-CURRENT TRADE AND OTHER PAYABLES 13.1 2.4
The other payables include the liabilities arising from the Management Incentive Plan for the management of Staci:
• For the buy-back obligation of Ordinary Shares, a liability of 10.7 mEUR (put on non-controlling interests) was recognized upon acquisition
of Staci which represent the fair value at reporting date of the expected redemption amount.
• The expected value of the Preferred Shares put option held by management, pro rated over the vesting period, amounts to 0.3 mEUR at
reporting date. The maximum cash out under this plan for bpost (in 2028) is capped at 70.5 mEUR mainly depending on the EBITDA level
that will be achieved.
As at 31 December
IN MILLION EUR 2024 2023 Trade payables 427.6 337.3 Collected proceeds due to clients 57.3 66.4 Terminal dues 157.5 273.3 Payroll and social security payables 413.4 399.1 Tax payable other than income tax 40.4 11.6 Transit account franking machines 13.9 12.0 Working capital provided for postal financial services 18.8 18.8 Cash guarantees received 10.8 10.6 bpaid balance 25.9 31.3 Accruals (excluding terminal dues) 181.9 189.9 Contract liabilities 65.2 58.7 Contingent considerations 0.0 11.0 Other payables 4.7 10.2 CURRENT TRADE AND OTHER PAYABLES 1,417.4 1,430.1
The carrying amounts are considered to be a reasonable approximation of the fair value.
The current trade and other payables slightly decreased by 12.7 mEUR as the decrease of the terminal dues (115.8 mEUR) was partially offset
by the increase of the trade payables (90.3 mEUR). The decrease of the terminal dues payables should be reviewed together with the decrease
of the terminal dues receivable (82.6 mEUR), and was mainly explained by the settlements with some major postal operators. The increase of
the trade payables was mainly explained by the integration of Staci.
Last year’s contingent considerations were mainly related to the call and the put for the remaining minority shares of Marceau (IMX), which
have been exercised in 2024, see note business combinations.
The increase of the payroll and social security payables and tax payables other than income tax were mainly explained by the integration
of Staci.
Contract liabilities
As at 31 December
IN MILLION EUR 2024 2023 Stamps sold not yet used and credit on franking machine 38.7 39.9 Other contract liabilities 26.5 18.7 CONTRACT LIABILITIES 65.2 58.6
The considerations paid already by customers that have been allocated to the remaining performance obligation that are (partially)
unsatisfied at reporting date amounted to 38.7 mEUR and are mainly related to stamps and credits on franking machine sold but not yet used
by customers 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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6.27 Provisions
RESTRUCTURING & IN MILLION EUR LITIGATION ENVIRONMENT ONEROUS CONTRACT OTHER TOTAL BALANCE AT 1 JANUARY 2023 17.3 0.5 1.4 7.4 26.7 Additional provisions recognized 88.0 0.3 0.0 3.9 92.2 Provisions used (1.5) 0.0 (1.2) (4.1) (6.8) Provisions reversed (4.0) (0.4) (0.3) (1.3) (6.0) Exchange rate difference 0.0 0.0 0.0 0.0 0.0 BALANCE AT 31 DECEMBER 2023 99.8 0.4 0.0 5.9 106.0 Non current balance at end of year 10.9 0.4 0.0 0.3 11.5 Current balance at end of year 88.9 0.0 0.0 5.7 94.5 99.8 0.4 0.0 5.9 106.0 BALANCE AT 1 JANUARY 2024 99.8 0.4 0.0 5.9 106.0 Additional provisions recognized 9.0 0.0 0.0 5.8 14.8 Addition through Business 0.0 0.0 0.0 5.3 5.3 Combinations Provisions used (0.1) 0.0 0.0 (2.5) (2.6) Provisions reversed (6.4) 0.0 0.0 (1.4) (7.9) Exchange rate difference 0.0 0.0 0.0 0.0 0.0 Other movements 0.0 0.0 0.0 0.0 0.0 BALANCE AT 31 DECEMBER 2024 102.2 0.4 0.0 13.0 115.6 Non current balance at end of year 10.3 0.4 0.0 6.7 17.5 Current balance at end of year 91.9 0.0 0.0 6.3 98.2 102.2 0.4 0.0 13.0 115.6
The provision for litigation, representing the expected financial outflow relating to different (actual or imminent) litigations between bpost
and third parties, amounted to 102.2 mEUR as per December 31, 2024 and slightly increased by 2.5 mEUR compared to December 2023, out
of which 89.2 mEUR is related to the compliance review (see hereunder). 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.
At the start of 2023, bpost has voluntarily launched 3 compliance reviews, following the compliance review conducted in 2022 with regard to
(the tender for) the concession for the delivery of newspapers and magazines in Belgium. These compliance reviews specifically concerned
the processing of traffic fines, the management of 679 accounts, and the delivery/cancellation of licence plates.
A thorough investigation was carried out, using external experts and forensic investigative methods. The main findings have been shared in
the meanwhile with the relevant public services, in a spirit of close cooperation and resolution.
Certain compliance reviews revealed that a limited number of people inside and outside the company acted against the Code of Conduct
of bpostgroup and potentially applicable laws and regulation. Within this context, bpostgroup took disciplinary action, including in certain
cases termination of collaboration.
bpost has also taken measures of cooperation with public authorities, including the public prosecutor, so as to mitigate any risk of
enforcement.
Traffic fines (Cross Border Fines – CBF)
Background
Since 2006, bpost has been managing the administrative and financial processes for handling traffic fines on behalf of the Federal Public
Service of Justice (FPS Justice), initially focusing solely on national fines, and since 2015, extending its services to international fines. These
services comprise the sending of fines, the business process outsourcing tasks (including amongst others a call center, back office operations,
and returns handling) as well as the management of the IT platform and further IT developments. The provision of these services has
significantly contributed to modernizing and professionalizing the management of fines.
These services were initially included in the fourth Management Contract, and continued to be part of the following Management Contracts.
The compensation of these services was subsequently set out in Deepening Conventions
4
and various other agreements.
4 Deepening conventions are agreements between the Belgian State and bpost which are based on the Management Contract and further
elaborate on specific services covered in the Management Contract ("Deepening Conventions").

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Main findings
The compensation received by bpost may in part constitute unlawful State aid. The CBF services were set out in Management Contracts, but
their compensation was set in separate agreements and were not covered by State aid decisions declaring the compensation for the relevant
Management Contracts compatible.
The investigation also reveals that certain other services were included in the Deepening Conventions
4
that are strictly speaking separate
from the services for the collection of fines. The majority of these services are linked to the development of the ICT platform, as well as the
recruitment of consultants. These services were not tendered.
Next steps
bpost continues to engage with the FPS Justice to mutually determine necessary remedial measures in light of the above-referenced findings.
bpost will refund any compensation received which would be in excess of applicable State aid rules. The compensation for the period until
a new tender for CBF services is awarded will also be reviewed. Within these discussions, bpost and FPS Justice will need to delineate in
detail the nature and scope of the CBF services to be provided, the level of compensation bpost is entitled to receive and the way in which the
continuity of the services can be secured. Services insufficiently linked to the collection of fines are progressively phased out.
679 accounts
Background
Since 1912, bpost has managed the bank accounts for the government and more than 200 public agencies (such as VAT payments).
The FPS Finance entrusted this historical service to bpost on the basis of contracts without initiating a tender procedure. A tender procedure
has been finalized in 2024. The bpost/speos consortium was one of the three candidates selected to participate. However, BNP Paribas Fortis
has been selected as the winning bid.
Main findings
The compensation received by bpost was never notified to the European Commission and may be partly considered to be unlawful State aid.
Next steps
bpost continues to engage with the FPS Finance to mutually determine necessary remedial measures in light of the above-referenced
findings. bpost will refund any compensation received which would be in excess of applicable State aid rules. The existing compensation will
also be revised for the period up to the award of the new contract for the management of 679 accounts.
Licence plates (European Licence Plates – ELP)
Background
The ELP services encompass the production and the delivery of license plates and the related registration certificate for new and used cars in
Belgium. The ELP services also involve the cancellation of license plates and the collection of payment for relevant services.
The bpost/speos consortium won the contract for these services in two successive tenders, launched by DIV (Vehicle Registration Department
of the Ministry of Mobility) in 2010 and 2019.
Main findings
There were no findings of infringements of competition laws with regard to the framework of the two tenders under which the concession was
awarded. The tender resulted in competitive pricing which is also confirmed by a pricing benchmark conducted by bpost.
Next steps
bpost engaged with the FPS Mobility to establish the validity of the concession conditions (including the compensation) in light of the above-
referenced findings. FPS Mobility has conducted its own analysis leading to diverging conclusions from bpost. FPS Mobility and bpost are in
discussion regarding the respective conclusions and findings.
Financial considerations
Besides the finalization of the internal compliance reviews, bpost, supported by independent economists and legal experts, has concluded an
in-depth legal and economic assessment regarding the remuneration paid by the Belgian State for the above-referenced three services. This
does not cover the press concession, for which reference is made in the note contingent liabilities and contingent assets.

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The next phase, involving resolution efforts with the relevant ministries, is ongoing. The timing of the outcome of this process is highly
uncertain and depends on various elements that are outside bpost’s control. Awaiting full resolution on the relevant files, bpost currently
deems a cash outflow probable. As part of its commitment to repay any overcompensation, bpost has a provision of 89.2 mEUR outstanding.
The provision, as is customary concerning the repayment of State aid, is already net of corporate income taxes paid on the incompatible aid
principal amount. As a result, this amount is not tax deductible at the moment of its recognition. Based on its in- depth legal and economic
assessment, bpost believes that such number constitutes the best available estimate of overcompensation to be repaid to the Belgian
State for the years up to 2024 for the three contracts. Such number remains preliminary, as it does not yet reflect the views of the Belgian
State. bpost will provide an update if and as soon as it would become apparent that the conclusion of the resolution efforts would result in a
materially different amount to be repaid as overcompensation.
Apart from these compliance reviews, bpost is currently involved in following legal proceeding 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 (“ECJ”) in the case between bpost and the Belgian Competition Authority. The case will now to
be ruled by the Brussels Court of Markets, taking into account the preliminary ruling of the ECJ. The procedure will likely resume in 2025. A
judgement is not expected before end of 2025.
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 to the EU Court of Justice
5
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. A final decision is not
expected before the end of 2025.
The provision related to environment issues amounted to 0.4 mEUR. It covers soil sanitation.
Other provisions include expected costs related to obligations for repairs and legal obligations among others. As at December 31, 2024 other
provisions amounted to 13.0 mEUR compared to 5.9 mEUR end of 2023, increase mainly driven by the consolidation of Staci.
6.28 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 2023
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 23.8 0.0 23.8 0.0 CURRENT Financial assets 1,836.1 0.0 1,836.1 0.0 TOTAL FINANCIAL ASSETS 1,859.9 0.0 1,859.9 0.0 FINANCIAL LIABILITIES MEASURED AT AMORTIZED COST (EXCEPT FOR DERIVATIVES) NON-CURRENT Long-term bond 647.1 639.7 Financial liabilities 507.3 507.3 CURRENT Derivatives instruments - forex swap 0.2 0.2 Derivatives instruments - forex forward Financial liabilities 1,569.2 1,569.2 TOTAL FINANCIAL LIABILITIES 2,723.7 639.7 2,076.6 0.0
5 The ECJ hands down its decision to the referring court, which is then obliged to implement the ruling.

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As of 31 December 2024
FAIR VALUE CATEGORIZED QUOTED PRICES SIGNIFICANT OTHER SIGNIFICANT IN ACTIVE MARKETS OBSERVABLE INPUTS UNOBSERVABLE INPUT IN MILLION EUR CARRYING AMOUNT (LEVEL 1) (LEVEL 2) (LEVEL 3) FINANCIAL ASSETS MEASURED AT AMORTIZED COST NON-CURRENT Financial assets 47.1 0.0 47.1 0.0 CURRENT Financial assets 1,661.3 0.0 1,661.3 0.0 TOTAL FINANCIAL ASSETS 1,708.4 0.0 1,708.4 0.0 FINANCIAL LIABILITIES MEASURED AT AMORTIZED COST NON-CURRENT Long-term bond 1,644.6 1,648.0 Financial liabilities 691.0 691.0 CURRENT Financial liabilities 1,632.1 1,632.1 FINANCIAL LIABILITY MEASURED AT FAIR VALUE NON-CURRENT Financial liabilities 11.0 11.0 CURRENT Derivatives instruments - forex swap 0.5 0.5 TOTAL FINANCIAL LIABILITIES 3,979.1 1,648.0 2,323.5 11.0
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.
Non-current financial assets consist of the non-current trade and other receivables, excluding the non-current contract costs – assets
recognized to obtain or fulfil a contract.
Current financial assets consist of cash and cash equivalents and current trade and other receivables, excluding the current contract costs –
assets recognized to obtain or fulfil a contract.
Financial liabilities measured at amortized cost – non-current
At the end of 2024, 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.
• 500 mEUR bond. The 10-year bond has been issued in October 2024 with a coupon of 3.632 %.
• 500 mEUR bond. The 5-year bond has been issued in October 2024 with a coupon of 3.29 %.
• Liabilities related to leases: 685.1 mEUR (2023 504.9 mEUR).
Derivative instruments
bpostgroup 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. bpostgroup uses foreign exchange forward 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. At year end 2024 the impact of the fair value of the forward contracts and foreign exchange swap
contracts amounted to an increase of the liabilities by 0.5 mEUR.
Financial liabilities measured at amortized cost – current
The outstanding balance of liabilities related to leases amounted to 204.6 mEUR end of 2024 (2023 139.0 mEUR).

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Financial liabilities measured at fair value – non-current
This liability relates to the put option held by Staci management on non-controlling interests of Staci (Ordinary shares). The initial fair value
was determined based on the price that bpostgroup paid for the acquisition of Staci. Going forward, this liability will be remeasured at its fair
value (present value of the expected redemption price) based on equity value estimates at possible exercise date, computed with a valuation
model based on (i) EBITDA projections, (ii) contractual multiple and (iii) projected net debt.
6.29 Financial instruments and financial risk management
bpostgroup is exposed to market risks from movements in foreign exchange rates, interest rates and other market prices (utility prices).
Furthermore bpostgroup is also exposed to credit risks and liquidity risks.
Foreign exchange rate risks
In its operational and financial activities, bpostgroup 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
exposure to the foreign exchange rate risk corresponds to the translation risk of the USD and GBP:
YEARLY AVERAGE (IE : MONTHLY AVERAGE DIVIDED BY 12) CURRENCY/ DATE 31/12/2024 31/12/2023 2024 2023 USD 1.038 1.105 1.08 1.08 GBP 0.828 0.862 0.84 0.87
There are no material monetary items.
Hedging instruments are used to mitigate these impacts.
bpostgroup 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.
The following table demonstrates the sensitivity to a reasonable possible change in the USD and GBP exchange rates, with all other variables
held constant. The translation risk is represented by the impact of the variation of the USD and GBP values on the EBIT and the equity of the
group for 2024. bpostgroup’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 +5% GBP VS EUR -5% GBP VS EUR Effect on EBIT (3.4) 3.8 (0.5) 0.5 Effect on Group equity after considering the net investment hedge (33.9) 37.5 (0.4) 0.5
Interest rate risks
bpostgroup is directly exposed to interest rate fluctuations through its external financing. However, bpostgroup mitigates this risk by
achieving a balance between fixed and variable rates. This balance currently only consists of fixed rates but may evolve according to market
situation.
In order to manage the interest rate structure of its debt, bpostgroup may use hedging instruments such as interest rate swaps.
At the end of 2024, the external financing consisted of 1,650.0 mEUR bonds.
A 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 of 20.0 mEUR and an ineffective part of 1.5 mEUR. The ineffective part was booked in
the income statement. The effective part of the cash-flow hedge (20.0 mEUR) has been recognized in other comprehensive 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 2024 a net amount of 1.9 mEUR has been reclassified
to the income statement.

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In October 2024, bpostgroup issued a 1,000 mEUR dual-tranche senior unsecured bond offering across 5- and 10-year maturities. The 5-year
500 mEUR bond has been issued with a coupon of 3.290% per annum, and the 10-year 500 mEUR bond has been issued with a coupon of
3.632% per annum. Use of proceeds went towards the refinancing of the bridge facility put in place in August 2024 in the context of the
acquisition of Staci.
Financial results of bpostgroup are also influenced by the evolution of the discount rates, used to calculate the employee benefits obligation.
At December 31, 2024, an increase of 50 bp of the average discount rates, would generate a decrease of financial charge of 12.3 mEUR. A
decrease of 50 bp of the average discount rates, would increase financial charges by 13.2 mEUR. For further detail, see note 6.25 employee
benefits.
Other market risks
The risk of a potential prolonged interruption of operations due to extreme natural events is increasing alongside climate change.
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.
In the fourth quarter of 2024 bpostgroup completed the first phase of a Climate Risk Assessment, covering the entire scope of its operations.
This initial phase focused on identifying both physical and transition risks, including the exposure of bpostgroup facilities and operations
to climate hazards under various scenarios. The second phase, scheduled for the first half of 2025, will involve a detailed analysis of the
magnitude of these risks and the vulnerability of bpostgroup assets.
More details about the climate related risk for bpostgroup and the outcome of our resilience analysis can be found in the CSRD section of this
report in the chapter 6.2.1.3 SBM3 : Material Impacts, Risks and Opportunities and Their Interaction with Strategy and Business Model.
Overall, bpostgroup's strategy and business model are resilient in relation to climate change. Although the Climate Risk Assessment is not yet
fully finalized, bpostgroup can already conclude that climate change does not pose critical and fundamental threats to its future existence.
For physical risks, exposure to several climate hazards has been identified, particularly in a high emissions scenario. However, bpostgroup
expects that most risks can be mitigated thanks to the distributed nature of its operations and through adaptation solutions, either
implemented directly by bpostgroup or by third parties (e.g., governments investing in flood defense systems).
On transition risks, bpostgroup considers increased climate-related regulations, reduced access to city centers, increased fuel cost (notably
linked to European ETF scheme that should impact the transport industry as of 2027) and growing customer expectations for low-carbon
deliveries as especially relevant topics being addressed in our plans.
The current lack of mature and affordable technologies for electrified mid and large truck fleets and other low-carbon technologies (heat
pumps, electricity storage) are seen as short-term challenges for rapid decarbonization. These issues affect the entire logistics industry.
Addressing the availability and cost of low-carbon solutions for air or long-distance freight will be the biggest challenge for our Global Cross-
border business.
The transition to a net-zero economy could also present opportunities for bpostgroup. With ambitious GHG emission reduction targets and
plans, bpostgroup is well-positioned to meet the growing demand for low-carbon logistic solutions.
Credit risks
bpostgroup 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 2024 2023 Cash and Cash equivalents 747.4 870.6 Trade receivables (Current and non-current) 806.4 891.0 Other receivables exposed at credit risk 51.7 49.5 CREDIT RISK CLASSES OF FINANCIAL ASSETS 1,605.5 1,811.2
Operational activities
The credit risk by definition only concerns that portion of bpostgroup’s activities that are not paid upfront in cash. bpostgroup actively
manages its exposure to credit risk by investigating the solvency of its customers. This translates into a credit rating and a credit limit.
bpostgroup 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.

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The following table summarizes the movement in the provision for expected credit losses:
IN MILLION EUR 2024 2023 AT 1 JANUARY 27.2 37.7 Impairments: Additions through business combinations 0.9 0.0 Impairments: Additions 3.1 2.6 Impairments: Utilization (1.8) (2.2) Impairments: Reversal (3.2) (10.4) Impairments: Translation differences 1.0 (0.5) AT 31 DECEMBER 27.2 27.2
The ageing analysis of the trade receivables and the credit risk exposure following the provision matrix is as follows:
DAYS PAST DUE IN MILLION EUR CURRENT < 60 DAYS 60 -120 DAYS > 120 DAYS TOTAL AS AT 31 DECEMBER 2023 Estimated total gross carrying amount at default 772.7 121.2 5.8 18.4 918.2 Expected credit loss rate 0.0% 3.7% 72.4% 100.0% Allowance for expected credit losses 0.0 (4.5) (4.2) (18.4) (27.2) TRADE RECEIVABLES AND TERMINAL DUES 772.7 116.7 1.6 0.0 891.0 AS AT 31 DECEMBER 2024 Estimated total gross carrying amount at default 658.2 129.6 20.3 19.5 827.6 Expected credit loss rate 0.0% 2.9% 19.2% 100.0% Allowance for expected credit losses 0.0 (3.8) (3.9) (19.5) (27.2) TRADE RECEIVABLES AND TERMINAL DUES 658.2 125.8 16.4 0.0 800.4
Investment of liquidities
Regarding bpostgroup’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
bpostgroup’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 bpostgroup performing the service.
The maturity of the liabilities are presented as follows:
IN MILLION EUR CURRENT NON CURRENT TOTAL LESS THAN 1 YEAR BETWEEN 1 AND 5 YEARS LATER THAN 5 YEARS 31 DECEMBER 2023 Lease obligations 166.1 382.7 168.7 717.4 Trade and other payables 1,430.1 2.4 0.0 1,432.5 Long term bond 8.1 662.4 0.0 670.5 Commercial papers 0.0 0.0 0.0 0.0 Derivative instruments 0.2 0.0 0.0 0.2 Bank overdraft 0.0 0.0 0.0 0.0 Bank loan 0.0 0.0 0.0 0.0 Other loans 0.1 0.0 0.0 0.1 TOTAL FINANCIAL LIABILITIES 1,604.6 1,047.5 168.7 2,820.7 31 DECEMBER 2024 Lease obligations 225.4 559.3 196.8 981.5 Trade and other payables 1,417.7 2.1 0.0 1,419.8 Long term bond 42.7 1,307.4 550.7 1,900.9 Derivative instruments 0.5 0.0 0.0 0.5 Bank overdraft (0.3) 0.0 0.0 (0.3) Bank loan 9.3 3.8 0.0 13.1 Other loans 0.5 0.0 0.0 0.5 Contingent consideration 0.0 11.0 0.0 11.0 TOTAL FINANCIAL LIABILITIES 1,695.8 1,883.6 747.5 4,326.9

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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 financials position date.
The liquidity risk is further mitigated by committed credit lines scaled according to the magnitude of bpostgroup operations.
6.30 Contingent liabilities and contingent assets
As described under note 6.27, 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
judgement dated February 19, 2020, the Brussels Court of Appeal decided to refer 2 questions to the ECJ
6
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 2025. 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.
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 tender of
the Belgian State for the distribution of recognized newspapers and periodicals in Belgium
6
.
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 relating to this tender and was based, in terms of fact finding, (1) on questionnaires and interviews of the
most relevant and senior persons working for bpost; and (2) on 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.
Early October 2022, new facts emerged that had not been disclosed to the compliance review team during the initial compliance review. This
led the Chair of the Board of Directors, on October 7, 2022, to extend the initial compliance review 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 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 compliance review, revealing elements that indicated potential violations
of bpostgroup’s codes, policies and applicable laws. On October 24, 2022, the Board of Directors and the bpostgroup CEO at the time mutually
agreed that the bpostgroup CEO at the time would temporarily step aside pending the review.
As the compliance review continued, it revealed non-compliance with the bpostgroup’s codes and policies as well as indications of non-
compliance with applicable laws. The compliance review was also extended to the current concession for the distribution of newspapers and
periodicals in Belgium and revealed elements that may indicate potential violations of applicable laws as well.
On December 9, 2022, the Board of Directors and the bpostgroup CEO decided to mutually terminate their collaboration. The internal
compliance review of the press concession is finalized. The external investigations which were triggered as a result of the internal compliance
review are still ongoing.
Throughout the process, bpost was assisted by external legal counsels and has actively cooperated with the competent authorities in order to
preserve its interests.
Potential impact
Based on the information currently at its disposal and discussions with its legal advisors, bpost has the following view on the potential impact
of results of the compliance review:
(i) bpost understands that the Belgian Competition Authority (“BCA”) has 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 has
cooperated, and continues to fully cooperate with the ongoing investigation of the BCA. The progress made on the ongoing investigation of
the BCA did not change bpost’s assessment of the risk of a fine, which remains possible but not probable.
(ii) The Belgian Government is conducting an audit on the compensation for the current press concession (2016-2020), which run until
6 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. 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. On February 23, 2023 the Belgian government published the new press concessions tender.
However, on December 12, 2023, the Belgian government decided to not award the tender and to extend the service concessions until June 30,
2024. On May 24, 2024, the European Commission approved the compensation granted to bpost relating to both extensions.

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mid-2024, and has announced its intention to re-claim any overcompensation. The costs associated with 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 of
Auditors (College des Commissaires) as part of the annual approval of the financial accounts and such reviews did not give rise to any finding
of overcompensation. bpost is currently unable to assess the risks associated with this ongoing external audit and its potential findings
considering that it is still ongoing. bpost has offered its cooperation to the Belgian State with respect to this ongoing audit.
(iii) Considering the self-cleaning measures taken by bpost, 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 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 various elements as explained in items i to iv above, bpost, supported by external legal counsel, currently continues to deem
the exposure of a cash outflow related to the (public tender for) the concession for the distribution of recognized newspapers and periodicals
in Belgium possible but not probable. Given the ongoing nature of the external investigations, and notwithstanding the possible but not
probable risk assessment, bpost is unable to provide any estimates of cash outflows, should they occur, at this stage.
6.31 Rights and commitments
Guarantees received
At 31 December 2024, bpostgroup benefits from bank guarantees amounting to 23.6 mEUR, issued by banks on behalf of bpostgroup’s
customers. These guarantees can be called in and paid against in the event of non-payment or bankruptcy. They therefore offer bpostgroup
financial certainty during the period of contractual relations with the customer.
Goods for resale on consignment
At 31 December 2024, merchandise representing a sales value of 1.7 mEUR had been consigned by partners for the purpose of sale through the
postal network.
Revolving credit facilities
bpost NV/SA has two undrawn revolving credit facilities for a total amount of 475.0 mEUR. The syndicated facility amounts to 400.0 mEUR,
which expires in June 2029 whereas the bilateral facility of 75.0 mEUR, which expires in December 2029 and allows for EUR and USD
drawdowns. Both facilities include an option to extend the maturity date by up to two additional years, through two one-year extension
periods. The 400.0 mEUR facility is classified as a "Sustainability-Linked Financing," with pricing linked to an ESG premium or discount based
on the borrower's performance against three predefined targets.
Guarantees given
bpost NV/SA has an agreement with BNP Paribas Fortis, Belfius, ING, KBC and Société Générale according to which they agree to provide
for up to 97.9 mEUR in guarantees for bpost upon simple request. Furthermore, bpostgroup has provided for an amount of 17.1 mEUR of
guarantees to third parties.
Funds of the State
bpost NV/SA 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.
6.32 Related party transactions
a) Relations with the shareholders
The Belgian State as a shareholder
The Belgian State, through the Société Fédérale de Participations et d’Investissement/Federale Participatie- en Investeringsmaatschappij
(“SFPI/FPIM”), is the majority shareholder of bpost NV/SA and holds 51.04% of bpost NV/SA. 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).

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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.
The Belgian State as a customer
The Belgian State is one of bpost’s largest customers. Including the remuneration for the SGEIs, 9.5% of bpostgroup’s total operating income
in 2024 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 bpostgroup’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 contracts.
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
network 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 system, 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
implementing agreements between bpost, the Belgian State and, where relevant, the other parties or institutions concerned.
bpost furthermore continued to provide the SGEIs of early delivery of newspapers and distribution of periodicals until June 30, 2024. 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 organized, 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 were 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
7
.
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 until end 2023.
In December 2023, following its decision not to award any new press concession and to replace it by a tax measure for the press publishers,
the Belgian government decided to extent the concession for an additional six months period (until June 30, 2024). On May 24, 2024, the
European Commission approved the compensation granted to bpost relating to both extensions.
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
management 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. On May 3, 2024 the
Belgian State informed bpost that the tender has been won by another bidder.
7 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.

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The compensation granted to bpost in respect of the SGEIs is being disclosed in note 6.7 of the annual report and amounted to 227.8 mEUR for
2024 (311.9 mEUR in 2023).
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
provider of operating without that obligation.
The compensation for the distribution of newspapers and periodicals consisted of a flat amount and a variable fee based upon distributed
volumes. This compensation was subject to further ex-post verifications and must be NAC compliant.
The outstanding amount owed by the Belgian State for the SGEI remuneration was fully settled at December 31, 2024 (compared to 74.6 mEUR
outstanding on December 31, 2023).
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
6.33 of this annual report.
Balances and transactions between bpost and its subsidiaries, which are related parties of bpost, have been eliminated within the
consolidated financial statements and are not disclosed in this note.
c) Relations with associates and joint ventures
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 bpostgroup. For
bpostgroup, 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 other members of the Executive Committee was first approved by the General Shareholders’ Meeting
on May 12, 2021 and has been applicable since January 1, 2021. Upon recommendation of the Remuneration and Nomination Committee, the
Board of Directors has prepared a revised version of the Remuneration Policy, mainly to introduce a long-term incentive plan. The revised
Remuneration Policy was approved by the Special General Shareholders’ Meeting of November 23, 2023. The revised Remuneration Policy
has been applicable since November 23, 2023.
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 2024, the total remuneration paid to the Board of Directors’ members (excluding the CEO) amounted to 0.6 mEUR (2023: 0.6 mEUR).
The remuneration package of the CEO and the other members of the Executive Committee consists of (i) a fixed base remuneration, (ii) a
variable short-term incentive, (iii) a variable long-term incentive, (iv) pension contributions and (v) various other benefits.
For the year ended on December 31, 2024, a total remuneration of 6.4 mEUR (2023: 5.5 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: 4,309,132.62 EUR (2023: 3,654,981.34 EUR);
• pension contribution : 605,893.83 EUR (2023: 593,570.26 EUR);
• other benefits : 421,341.73 EUR (2023: 1,201,789.03 EUR).
In addition, the other members of the Executive Committee (excluding the CEO) received in 2024 a global variable remuneration of 1,024,151.8
EUR (2023: 893,101.44 EUR).
Except for the variable long-term incentive of Thomas Mortier (see below), 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
2024. No options under previous stock option plans were still outstanding for the financial year 2024.
Following the acquisition of Staci Group on August 1, 2024, Thomas Mortier, CEO of Staci, joined the Executive Committee of the Company.
In order to foster this acquisition, the Company entered into a share-based management incentive plan with certain managers of the Staci
Group (“Staci MIP”), including Thomas Mortier, for a maximum period of 3 years (i.e. until 2027).

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Under the Staci MIP, certain managers of the Staci group were required to first subscribe and/or roll-over for ordinary shares in Augusta
Progress, the French subsidiary of the Company owning the Staci Group, at fair value. In addition, they were granted free preferred shares in
Augusta Progress, one for each ordinary share owned, subject to specific performance and service conditions.
The objectives of the free preferred shares are twofold: (i) to further align interests between certain key managers and the Company on the
realization of the business plans of Staci Group, Radial Europe and Active Ants, as well as the synergies expected to arise from the transaction
via a combined EBITDA target to be reached by the end of 2027, which will determine the ultimate value of these shares and (ii) therefore to
contribute to the retention of the key managers.
Thomas Mortier was granted, on August 7, 2024, 857.959 free preferred shares in Augusta Progress. The preferred shares vest after one year,
i.e. on August 7, 2025. After the vesting date follows a retention period of one year, i.e. until August 7, 2026, during which the preferred shares
cannot be transferred. Liquidity put/call options exercisable in 2028 allow the management to monetize their preferred shares. Performance
criteria have been set for Thomas Mortier as payout metrics depending on in particular (i) the realization of the Staci, Radial Europe and
Active Ants’ business plans (expressed in target EBITDA pre-IFRS16), (ii) the achievement of synergies within 3PL EU BU entities as well as with
other bpostgroup’s entities, (iii) the net financial debt of Staci, and (iv) the cumulative CapEx of Staci. Good leaver/bad leaver rules apply as
well in relation to the preferred shares.
A more detailed overview of the compensation of key management of bpost and (the application in 2024 of) bposgroup remuneration policy is
included in the remuneration report.
6.33 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
expedited and dedicated transportation, value-added forward and reverse warehousing services and end-mile delivery services in Canada.
• b2boost is specialized in the automation and digitization of B2B data interchanges with the aim of improving efficiency and cashflow at
its customers. b2boost has created a platform that guarantees the highest standards of robustness, legal compliance in 60 countries,
flexibility and a high degree of specialisation in B2B data process digitization.
• 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
businesses 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
corrective 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.
• Freight Distribution Management Systems and FDM Warehousing are specialized in providing a personalized customer service for
warehousing, fulfilment and distributing products in Australia and New Zealand. Its businesses consist of third party logistics (3PL)
warehousing, transport & distribution.
• IMX is a French-based international delivery provider that offers a full range of delivery services worldwide. Thanks to its partners and
agreements 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-commerce 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
security 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.

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• 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.
• Staci group is a renowned fulfillment and logistics services specialist that offers multichannel logistics and distribution solutions, including
B2B, D2C and ecommerce to a wide range of industries including beauty & healthcare, telecom, retail, food & beverage and the public
sector. With a unique expertise in multi-client shared warehouses, Staci is capable of implementing custom-made and cost-effective
logistic solutions. Thanks to the know-how, the processes, and the experience that the company has developed around fulfilment, pick
& pack, shared resources, transport optimisation, IT systems and stock financing, Staci is able to offer unique and fully integrated supply
chain management solutions.
SHARE OF VOTING RIGHTS IN % TERMS COUNTRY OF INCORPORATION NAME 2024 2023 Jofico CV 20% 20% 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 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 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 Holdings, LP 100.0% 100.0% USA Radial Commerce, Inc 100.0% 100.0% USA Radial South, LP 100.0% 100.0% USA

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SHARE OF VOTING RIGHTS IN % TERMS COUNTRY OF INCORPORATION NAME 2024 2023 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, SL1 - 100.0% Spain Radial GmbH 100.0% 100.0% Germany Radial Commerce Ltd 100.0% 100.0% UK 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 100.0% 100.0% Netherlands Anthill BV1 - 100.0% Netherlands Freight 4U Logistics BV 100.0% 100.0% Belgium Active Ants International BV1 - 100.0% Netherlands Active Ants Belgium BV 100.0% 100.0% Belgium Active Ants Germany GmbH 100.0% 100.0% Germany Active Ants UK Ltd 100.0% 100.0% UK Marceau 1 SAS 100.0% 68.6% France IMX France 100.0% 68.6% France IMX GmbH 100.0% 68.6% Germany Aldipress BV 100.0% 100.0% Netherlands b2boost NV-SA 100.0% 100.0% Belgium Augusta Progress2 98.75% - France Staci2 98.75% - France BLG Manco2 98.75% - Netherlands BLG Holding2 98.75% - Netherlands Staci Belgium2 98.75% - Belgium Sepia2 98.75% - Belgium Pixel Inspiration Holdings2 98.75% - France MDA2 98.75% - UK Staci Americas2 98.75% - USA Staci Deutschland2 98.75% - Germany Staci Logistics Spain2 98.75% - Spain Staci Asia Pacific2 98.75% - Hong Kong Eurodislog2 98.75% - France Publidispatch2 98.75% - France Logigones2 98.75% - France LM2S2 98.75% - France Staci Italia2 50.36% - Italy Staci Netherlands2 74.06% - Netherlands Base Logistics2 98.75% - Netherlands Special Logistic Services2 98.75% - Netherlands Healthlink Europe2 98.75% - Netherlands Sepia Digital2 98.75% - Belgium Pixel Inspiration France2 98.75% - France Healthlink Europe Services2 98.75% - Netherlands Healthlink International2 98.75% - USA
1 Liquidated.
2 Acquired - part of Staci Group

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bpostgroup structure
As per 31 December 2024
bpost
NV-SA
100,00%
CERTIPOST
NV-SA
100,00%
SPEOS BELGIUM
NV-SA
100,00%
RADIAL BELGIUM
NV-SA
100,00%
EURO-SPRINTERS
NV-SA
100,00%
AMP
NV-SA
100,00%
RADIAL NETHERLANDS
BV
100,00%
ALDIPRESS
BV
100,00%
B2BOOST
NV-SA
100,00%
FREIGHT 4U LOGISTICS
BV
20,00%
JOFICO
CV*
100,00%
100,00%
BPOST NORTH
AMERICA HOLDINGS
Inc
RADIAL III GP
LLC
GP interest
RADIAL COMMERCE
Inc
100,00%
100,00%
RADIAL HOLDINGS
LP
100,00%
100,00%
RADIAL
Inc
100,00%
RADIAL SOUTH
LP
100,00%
RADIAL OMNICHANNEL TECH-
NOLOGIES INDIA, PRIVATE
Ltd
LLC
RADIAL SOUTH GP
GP interest
100,00%
FREIGHT DISTRIBUTION
MANAGEMENT SYSTEMS PTY
Ltd
100,00%
FDM
WAREHOUSING PTY
Ltd
100,00%
LANDMARK TRADE
SERVICES (UK)
Ltd
100,00%
LANDMARK
GLOBAL
Inc
100,00%
LANDMARK TRADE
SERVICES (NETHERLANDS)
BV
100,00%
LANDMARK TRADE
SERVICES
Ltd
100,00%
APPLE EXPRESS
COURIER
Ltd
100,00%
BPOST US HOLDINGS
Inc
100,00%
APPLE EXPRESS
COURIER
Inc
100,00%
LANDMARK GLOBAL (UK)
Ltd
100,00%
BPOST HONG KONG
Ltd
100,00%
BPOST INTERNATIONAL
LOGISTICS (BEIJING) CO
Ltd
100,00%
BPOST SINGAPORE PTE.
Ltd
100,00%
DYNAGROUP
BV
100,00%
DYNALOGIC BENELUX
BV
0,08%
100,00%
LEEN MENKEN FOOD-
SERVICE LOGISTICS
BV
99,92%
DYNALOGIC BELGIUM
NV-SA
100,00%
RADIAL POLAND
Sp z o.o.
100,00%
DYNALOGIC COURIER
BV
100,00%
RADIAL ITALY
s.r.l.
100,00%
DYNAFIX
COMPUTER REPAIR
BV
100,00%
ACTIVE ANTS
BV
100,00%
DYNASURE
BV
100,00%
ACTIVE ANTS BELGIUM
BV
100,00%
DYNAFIX ONSITE
BV
100,00%
ACTIVE ANTS GERMANY
100,00%
DYNALINQ
BV
100,00%
ACTIVE ANTS UK
100,00%
DYNAFIX CARE
BV
100,00%
DYNAFIX REPAIR
BV
100,00%
RADIAL LUXEMBOURG
S.à.R.L.
100,00%
RADIAL GmbH
85,34%
RADIAL COMMERCE Ltd
14,66%
100,00%
RADIAL E-COMMERCE
(SHANGHAI) CORP. Ltd
100,00%
Marceau 1 SAS
100,00%
IMX France
37,00%
63,00%
IMX GmbH
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98,75%
AUGUSTA PROGRESS
100,00%
STACI
100,00%
BLG MANCO
10,55%
89,45%
BLG HOLDING
100,00%
BASE LOGISTICS
100,00%
SPECIAL LOGISTICS
SERVICES
100,00%
HEALTHLINK EUROPE
100,00%
HEALTHLINK EUROPE
SERVICES
100,00%
HEALTHLINK
INTERNATIONAL
55,70%
STACI BELGIUM
44,30%
100,00%
SEPIA
100,00%
SEPIA DIGITAL
100,00%
PIXEL INSPIRATION
HOLDING
100,00%
PIXEL INSPIRATION
FRANCE
100,00%
MDA
100,00%
STACI AMERICAS
100,00%
STACI DEUTSCHLAND
100,00%
STACI LOGISTICS SPAIN
100,00%
STACI ASIA PACIFIC
100,00%
EURODISLOG
100,00%
PUBLIDISPATCH
100,00%
LOGIGONES
100,00%
LM2S
51,00%
STACI ITALIA
75,00%
STACI NETHERLANDS
6.34 Events after the statement of financial position date
No significant events impacting financial position of bpostgroup have been observed after the statement of financial position date.

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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 2024.
The full version of the annual accounts is filed with the National Bank of Belgium and is also available free of charge on the website of
bpostgroup.
Balance sheet of bpost NV/SA (summary)
As at 31 December
IN MILLION EUR 2024 2023 ASSETS NON-CURRENT ASSETS Intangible assets (including formation expenses) 25.8 29.5 Tangible assets 456.4 442.7 Financial assets 2,273.1 1,209.9 Trade and other receivables 0.7 0.0 2,755.9 1,682.1 CURRENT ASSETS Inventories 8.2 8.9 Trade and other receivables 411.2 626.5 Cash and cash equivalents 582.6 757.9 Deferred charges and accrued income 48.1 38.0 1,050.1 1,431.2 TOTAL ASSETS 3,806.0 3,113.4 EQUITY AND LIABILITIES EQUITY Issued capital 364.0 364.0 Reevaluation surpluses 0.1 0.1 Reserves 63.7 67.9 Retained earnings 226.3 456.2 654.0 888.2 PROVISIONS Pension related provisions 29.4 28.7 Provision for repairs and maintenance 0.2 0.5 Other liabilities and charges 204.4 208.7 Deferred taxes 4.3 5.7 238.2 243.5 NON-CURRENT LIABILITIES Long term debts 1,648.9 648.1 1,648.9 648.1 CURRENT LIABILITIES Trade and other payables 302.0 314.1 Short term debts 68.7 58.8 Social debts payable 412.7 418.6 Tax payable 26.7 16.1 Other debts 281.4 359.6 Accrued charges and deferred income 173.4 166.3 1,264.8 1,333.5 TOTAL LIABILITIES 3,806.0 3,113.4

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Income statement of bpost NV/SA (summary)
For the year ended 31 December
IN MILLION EUR 2024 2023
Revenue 2,299.8 2,349.5
Other operating income 42.0 37.6
Non-recurring operating income 0.0 0.0
TOTAL OPERATING INCOME
2,341.8 2,387.0
Material costs 5.9 7.4
Payroll costs 1,333.1 1,300.3
Services and other goods 786.8 780.5
Other operating expenses 26.4 36.8
Provisions (3.9) (8.8)
Depreciation and amortization 83.9 85.8
Non-recurring operating expenses 0.3 3.1
TOTAL OPERATING EXPENSES
2,232.5 2,205.1
PROFIT FROM OPERATING ACTIVITIES
109.2 181.9
Financial gains/(losses) 84.7 57.2
Non-recurring financial gains / (losses) (396.3) (84.9)
Extraordinary gains/losses
PROFIT FOR THE PERIOD BEFORE TAXES
(202.3) 154.1
Transfer from postponed taxes (1.4) (1.4)
Income taxes 33.2 48.0
NET PROFIT FOR THE PERIOD
(234.1) 107. 5
Transfer to/(from) untaxed reserves (4.2) (4.1)
NET PROFIT FOR THE PERIOD AVAILABLE FOR
APPROPRIATION
(230.0) 111.5

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Independent joint auditors’ report to the
general meeting of bpost SA de droit
public/ bpost NV van publiek recht for
the year ended 31 December 2024
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 joint statutory auditors. This report includes our opinion on
the consolidated statement of financial position as at 31 December 2024, Consolidated statement of comprehensive income, Consolidated
statement of changes in equity and consolidated statement of cash flows for the year ended 31 December 2024 and the disclosures including
material accounting policy information (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 8 May 2024, 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 2026. We
performed the audit of the Consolidated Financial Statements of the Group during 16 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
consolidated statement of financial position on 31 December 2024, the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows of the year and the disclosures including the material accounting
policy information, which show a consolidated balance sheet total of € 5.354,4 million and of which the consolidated income statement shows
a loss for the year of € 204,1 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 2024, and of its consolidated results for the year then ended, prepared in accordance with the IFRS Accounting Standards as
adopted by the European Union and with applicable legal and regulatory requirements in Belgium.
Basis for the unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (“ISA’s”) 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
performance of our audit and we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Emphasis of certain matters – Contingent Liabilities
Without qualifying our opinion, we would like to draw the attention to Note 6.30 “Contingent liabilities and contingent assets” to the
Consolidated Financial Statements which describes the ongoing investigations related to the award of the press concession as well as
management’s risk assessment on the potential impacts.
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.

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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.
Business combinations
Description of the key audit matter
On August 1, 2024, bpostgroup completed the acquisition of 100% of the shares of Staci, a leading European specialist in third-party logistics.
As described in notes 6.5 and 6.19 to the Consolidated Financial Statements, the amounts of goodwill (€ 826,4 million) and intangibles (€ 570,0
million) recognized throughout the purchase price allocation following this acquisition are still provisional at 31 December 2024, considering
that the Company has one year to finalize the purchase price allocation in accordance with IFRS 3.
The purchase price allocation requires the alignment of the accounting records of the acquired entities with the accounting policies of the
Company and involves significant judgments and estimates by the management to assess the fair value of the assets acquired and liabilities
assumed in accordance with IFRS3.
This area is important to our audit because of the magnitude of the amounts concerned, the required involvement of external specialists
engaged by the Company and the complexity of the underlying estimations and calculations (which include elements of uncertainty).
Summary of the procedures performed
• We have performed audit procedures on the financial information of the acquired Staci entities at the date of acquisition. We have assessed
and discussed the key findings identified during the due diligence procedures performed by the external experts engaged by the Company.
We have obtained the signed agreements between both parties and reconciled the considerations paid. Finally, we have validated the
alignment of the accounting policies in the opening balances of the acquired Staci entities with the accounting policies of the Company.
• We have validated, with the assistance of our internal valuation experts, that the methodologies used by the Company for the estimation of
the fair value of assets acquired and liabilities assumed are in accordance with IFRS 3 and industry practices.
• With the assistance of our internal valuation experts, we have assessed and benchmarked the key inputs and assumptions (underlying
opening balances, business plans, discount rates, EBITDA margins, growth rates,…) used in the determination of the fair value of the assets
acquired and liabilities assumed prepared by the Company.
• We have assessed the competence, independence and integrity of the third party valuation experts used by the Company.
• We have validated all significant accounting entries relating to the fair value impacts on assets acquired and liabilities assumed resulting
from the purchase price allocation.
• Furthermore, we have assessed the adequacy and completeness of the disclosures in notes 6.5 and 6.19 to the Consolidated Financial
Statements based on the IFRS requirements.
Provisions for certain public contracts
Description of the key audit matter
The total provision for litigation between bpost and third parties amounts to € 102,2 million as per December 31, 2024, out of which € 89,2
million (compared to € 82,5 million in the prior year) relates to a provision for potential overcompensation received from the Belgian State,
relating to contracts for (i) Cross Border Fines, (ii) the 679 accounts and (iii) European License Plates.
The Note 6.27 “Provisions” to the Consolidated Financial Statements provides background, findings, and next steps on these specific services
between the Company and the Belgian State, including management’s risk assessment on the potential impacts and the resulting provisions
recorded.
bpost, conducted and finalized already last year an in-depth legal and economic assessment regarding the remuneration paid by the Belgian
State for the three services. Based on this assessment and subsequent interactions with the relevant public services, bpost continues to
believe that the potential overcompensation constitutes a probable risk for a cash-out flow as per IAS 37 (Provisions).
Due to the magnitude of the amounts concerned, the required involvement of external specialists engaged by the Company, the complexity of
the underlying estimations and calculations (which include elements of uncertainty), we consider this as a key audit matter.
Summary of the procedures performed:
• We have assessed the design of the internal controls relating to Management’s estimation process with respect to these contracts.
• We have evaluated the objectivity and competence of the Company’s external advisors with respect to the subject matter to which the
provisions relate.
• We have obtained and read legal confirmations from all external legal advisors that were engaged by bpost on the subject matter and
considered their risk assessment.
• We have challenged management’s updated calculations by investigating the movement of the provision compared to the prior year,
revalidating the assumptions used in the calculations of management and verification of the mathematical accuracy of the calculation.
• We performed an assessment of the exposure with the Company’s legal counsel, management and Board of Directors.

314
• We have read the minutes of the Audit Risk and Compliance Committee, ad hoc Committee and Board of Directors, to assess the
completeness and appropriateness of information used in determining the risk assessment and the related calculations for the provisions.
• We have monitored with the Company the evolutions of their discussions with the 3 relevant public services.
• We have assessed the adequacy and completeness of the disclosures on Provisions in the Consolidated Financial Statements based on the
requirements of IAS 37 (Provisions).
Long term employee benefits
Description of the key audit matter
Provisions for long term employee benefits amount to € 234,3 million as of 31 December 2024 and are disclosed in note 6.25 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 (Employee Benefits).
Summary of the procedures performed
We have assessed the design of the processes and controls established by the Company to manage the underlying 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
service, 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 6.25 of the Consolidated Financial Statement
based on the requirements of IAS19 (Employee Benefits).
Impairment of goodwill
Description of the key audit matter
As at 31 December 2024, the Consolidated Financial Statements include goodwill for a total amount of € 1.342 million.
As described in note 6.19, relating to impairment testing on goodwill, the Company reviews the carrying amounts of its cash generating
units (“CGU”) annually or 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. As part of the annual impairment exercise, management has decided to book an impairment on
their 3PL US CGU for an amount of € 299,4 million.
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 on goodwill.
Summary of the procedures performed
• We have assessed the design of the internal controls relating to Management’s impairment testing of goodwill.
• We evaluated and challenged management determination of CGU's and allocation of goodwill to those CGUs for the purpose of impairment
testing.
• We evaluated and challenged the changes that has been performed by the management of the Company on their CGU determination
• 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 reconciled the impairment for the CGU 3PL US and amounting to € 299,4 million as being the difference between the carrying amount
(before impairment charge) and the recoverable amounts of the CGU 3PL US to the accounting records as of 31 December 2024.
• 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 (Impairment of Assets) as included in
note 6.19 to the Consolidated Financial Statements.

315
Revenue Recognition relating to Radial US, Staci, 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 considering the amounts involved (€ 4,341.3 million of total operating income for
2024) and the complexity and assumptions used to estimate several revenue streams at year-end in accordance with IFRS 15 (Revenues from
Contracts with Customers). 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
periodicals for the first 6 months of the audited year are the result of complex calculations included in contractual agreements, and which
amounts to € 227,8 million for 2024 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 2024 for Radial US ($ € 96,5 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
customers. The estimation of the December 2024 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”) (€ 62,5 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 the 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 of key internal
controls.
• We have also evaluated the design and operating effectiveness of the IT general controls and key IT application controls supporting the
revenue processes with assistance of our internal IT experts.
• We have assessed the Management’s estimation process and challenged their calculations by performing:
- an assessment and comparison of the key inputs and assumptions in the calculation models with the contractual agreements,
- a validation on whether the transfer of risks and rewards are properly reflected based on the contractual agreements; and
- a reconciliation of the key underlying data used in the revenue calculation models (e.g. volumes, prices,…) with underlying IT systems,
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
revenue 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 2025 and comparing these
transactions 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 15 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 the IFRS Accounting Standards 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
assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with the ISA’s will always detect a material
misstatement 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.
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.

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As part of an audit in accordance with ISA’s, 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
appropriate 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
disclosures 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
joint auditors’ 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 joint auditors’ 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, 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 ISA’s applicable in Belgium, it is our responsibility to
verify, in all material respects, the Board of Directors’ report on the Consolidated Financial Statements, and other information included in the
annual report, as well as to report on these matters.
Aspects relating to Board of Directors’ report and other information included in the annual report
The Board of Directors’ report on the Consolidated Financial Statements contains the consolidated sustainability information that is subject
to our separate limited assurance report dated March 25th, 2025 which contains a qualification due to the non-recognition of the effects of
an acquisition in the consolidated non-financial statements. This section does not cover the assurance on the consolidated sustainability
information included in the annual report.
With the exception of the qualification described in the preceding paragraph, 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 :

317
• Overview of key figures
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.
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
(hereinafter "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/stori).
It is our responsibility to obtain sufficient and appropriate supporting evidence to conclude that the format and markup language of the
digital 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 2023 included in the annual financial report available on the portal
of the FSMA (https://www.fsma.be/en/stori) 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, 25 March 2025
EY Bedrijfsrevisoren BV PVMD Réviseurs d’entreprises SRL
Statutory auditor Statutory auditor
Represented by Represented by
Han Wevers * Alain Chaerels
Partner Partner
*Acting on behalf of a BV/SRL
Unique sequential number of EY reports tracking database

318
8. Management responsibility
statement
Chris Peeters, Chief Executive Officer and Philippe Dartienne, Chief Financial Officer, declare in title and for the entity that to the best of their
knowledge:
• the consolidated financial statements for the financial years 2023 and 2024, prepared in accordance with “International Financial Reporting
Standards” (IFRS) as accepted by the European Union up until December 31, 2024, 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
description of the main risks and uncertainties that bpost faces.
Chris Peeters
Chief Executive Officer
Philippe Dartienne
Chief Financial Officer

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9 Appendix
9.1 Glossary
• 1991 Law: the Law of March 21, 1991 on the reform of certain
economic public companies, as amended from time to time
• 3PL: Third-party logistics
• AIB: Association of Issuing Bodies
• BeNe: Belgium, Netherlands
• APM: Alternative Performance Measures
• BCCA: Belgian Code of Companies and Associations
• BIPT: Belgian Institute for Postal services and Telecommunications
• bpostgroup: bpost NV/SA and subsidiaries
• bpost NV/SA or the Company: bpost, a public-law public limited
company incorporated and existing under Belgian law, having
its registered office at Boulevard Anspach 1, box 1, 1000 Brussels
(Belgium) and registered with the Crossroads Bank for Enterprises
under number 0214.596.464 (RLE Brussels)
• BU: Business Unit
• B2B: Business to Business
• B2C: Business to Consumer
• C2C: Customer to Customer
• 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)
• 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
• CSRD: Corporate Sustainability Reporting Directive
• CSDDD: Corporate Sustainability Due Diligence Directive
• D&A: Depreciation and amortization
• DEFRA: Department for Environment, Food & Rural Affairs (UK
Government)
• DMA: Double Materiality Assessment
• 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
• ECL: Expected Credit Losses
• ERM: Enterprise Risk Management
• ERP: Enterprise Resource Planning
• ESRS: European Sustainability Reporting Standards
• EUR: Euro
• EY: EY Réviseurs d’Entreprises–Bedrijfsrevisoren SRL/BV
• FTE: Full time equivalents
• GDPR: General Data Protection Regulation
• GhG: Greenhouse Gas
• GSC: Global Supply Chain
• GRI: Global Reporting Initiative
• H&S: Health and Safety
• ICT: Information and Communication Technology
• IEA: International Energy Agency
• IFRS: International Financial Reporting Standards
• IPCC AR5: Intergovernmental Panel on Climate Change Fifth
Assessment Report
• IRO: Impact, Risk and Opportunity
• LTIP: long-term incentive plan
• MWh: Megawatt hour
• NAC: Net avoided cost
• NIS: Network and Information Systems
• NOx: Nitrogen Oxide
• NPS: Net Promotor Score
• Opex: Operating expenses
• PEFC: Programme de reconnaissance des certifications forestières
• PUC: Projected Unit Credit
• PUDO: Pick-up and Drop-off point
• PVMD: PVMD Réviseurs d’Entreprises- Bedrijfsrevisoren SC/CV
• Remuneration Policy: bpost remuneration policy approved by the
General Shareholders’ Meeting of the Company
• SBM: Strategy and Business Model
• SBTi: Science Based Targets initiative
• SFPI/FPIM: Société Fédérale de Participations et d’Investissement/
Federale Participatie- en Investeringsmaatschappij
• SGEI: Services of General Economic Interest
• TCFD: Taskforce for Climate-related Financial Disclosures
• TCO
2
: Tons of Carbon Dioxide
• TCV: Total Contract Value
• TTW: Tank-to-Wheel
• USO: universal postal service obligations
• WACC: Weighted Average Cost of Capital
• WTT: Well-to-Wheel

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9.2 Awards and Recognitions
bpostgroup’s sustainability efforts have been rewarded with following distinctions:
The EcoVadis methodology is used to assess how well companies
incorporate sustainability/social responsibility in their activities
and management system. The 2025 EcoVadis silver medal
was awarded to bpostgroup, placing up in the top 15% of all
respondents.
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
disclosure system to help investors, companies, cities, states and
regions manage their environmental impact. bpostgroup was
awarded a B rating for climate change in 2023, above the industry
average C for Intermodal transport & logistics sector.
We are currently awaiting scoring for our 2024 disclosure.
S&P Global Ratings’ sustainability insights provide
transparency on established and emerging
environmental, social and governance risks and
trends – and how they impact economies, companies
and markets. bpostgroup obtained a general score of
47, putting us in the 83rd percentile for all respondent
companies.
bpost presented its CO2 calculator during a dedicated Amazon
supplier event. We are proud to have received the “Excellence in
Emission Reporting” Award for this tool, in recognition of how
we shared qualitative data on CO2 emissions from our parcels
with Amazon. We were also commended for our contribution to
Amazon’s overall decarbonization agenda.

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9.3 GRI Content Index
Statement of Use bpostgroup has reported the information cited in this GRI content index for the period January 1, 2024 to December 31,
2024 in accordance to the GRI Standards.
GRI 1 Used GRI 1: Foundation 2021
GRI STANDARD DISCLOSURE ESRS DISCLOSURE REQUIREMENTS
GRI 2: General Disclosures 2021 2-1 Organizational details See requirements of Directive 2013/34/EU
2-2 Entities included in the organization’s sustainability
reporting
ESRS 1 5.1; ESRS 2 BP-1 §5 (a) and (b) I
2-3 Reporting period, frequency and contact point ESRS 1 §73
2-4 Restatements of information ESRS 2 BP-2 §13, §14 (a) to (b)
2-5 External assurance See external assurance requirements of Directive (EU)
2022/2464
2-6 Activities, value chain and other business relationships ESRS 2 SBM-1 §40 (a) i to (a) ii, (b) to (c), §42 (c)
2-7 Employees ESRS 2 SBM-1 §40 (a) iii; ESRS S1 S1-6 §50 (a) to (b) and (d)
to (e), §51 to §52
2-8 Workers who are not employees ESRS S1 S1-7 §55 to §56
2-9 Governance structure and composition ESRS 2 GOV-1 §21, §22 (a), §23; ESRS G1 §5 (b) See also
corporate governance statement requirements of
Directive 2013/34/EU for public interest entities
2-10 Nomination and selection of the highest governance
body
This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
2-11 Chair of the highest governance body This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
2-12 Role of the highest governance in overseeing the
management of impacts
ESRS 2 GOV-1 §22 (c); GOV-2 §26 (a) to (b); SBM-2 §45 (d);
ESRS G1 §5 (a)
2-13 Delegation of responsibility for managing impacts ESRS 2 GOV-1 §22 (c) i; GOV-2 §26 (a); ESRS G1 G1-3 §18 (c)
2-14 Role of the highest governance body in sustainability
reporting
ESRS 2 GOV-5 §36; IRO-1 §53 (d)
2-15 Conflicts of interest This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
2-16 Communication of critical concerns ESRS 2 GOV-2 §26 (a); ESRS G1 G1-1 AR 1 (a); G1-3 §18 (c)
2-17 Collective knowledge of the highest governance body ESRS 2 GOV-1 §23
2-18 Evaluation of the performance of the highest
governance body
This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
2-19 Remuneration policies ESRS 2 GOV-3 §29 (a) to (c); ESRS E1 §13 See also
remuneration report requirements of Directive (EU)
2017/828 for listed undertakings
2-20 Process to determine remuneration ESRS 2 GOV-3 §29 (e) See also remuneration report
requirements of Directive (EU) 2017/828 for listed
undertakings
2-21 Annual total compensation ratio ESRS S1 S1-16 §97 (b) to (c)
2-22 Statement on sustainable development strategy ESRS 2 SBM-1 §40 (g)
2-23 Policy commitments ESRS 2 GOV-4; MDR-P §65 (b) to (c) and (f); ESRS S1 S1-1
§19 to §21, and §AR 14; ESRS S2 S2-1 §16 to §17, §19, and
§AR 16; ESRS S3 S3-1 §14, §16 to §17 and §AR 11; ESRS S4
S4-1 §15 to §17, and §AR 13; ESRS G1 G1-1 §7 and §AR 1 (b)
2-24 Embedding policy commitments ESRS 2 GOV-2 §26 (b); MDR-P §65 (c); ESRS S1 S1-4 §AR 35;
ESRS S2 S2-4 §AR 30; ESRS S3 S3-4 §AR 27; ESRS S4 S4-4
§AR 27; ESRS G1 G1-1 §9 and §10 (g)
2-25 Processes to remediate negative impacts ESRS S1 S1-1 §20 (c); S1-3 §32 (a), (b) and (e), §AR 31; ESRS
S2 S2-1 §17 (c); S2-3 §27 (a), (b) and (e), §AR 26; S2-4 §33 (c);
ESRS S3 S3-1 §16 (c); S3-3 §27 (a), (b) and (e), §AR 23; S3-4
§33 (c); ESRS S4 S4-1 §16 (c); S4-3 §25 (a), (b) and (e), §AR
23; S4-4 §32 (c)

322
GRI STANDARD DISCLOSURE ESRS DISCLOSURE REQUIREMENTS
GRI 2: General Disclosures 2021 2-26 Mechanisms for seeking advice and raising concerns ESRS S1 S1-3 §AR 32 (d); ESRS S2 S2-3 §AR 27 (d); ESRS S3
S3- 3 §AR 24 (d); ESRS S4 S4-3 §AR 24 (d); ESRS G1 G1-1 §10
(a); G1-3 §18 (a)
2-27 Compliance with laws and regulations ESRS 2 SBM-3 §48 (d); ESRS E2 E2-4 §AR 25 (b); ESRS S1 S1-
17 §103 (c) to (d) and §104 (b); ESRS G1 G1-4 §24 (a)
2-28 Membership associations Political engagement' is a sustainability matter for G1
covered by ESRS 1 §AR 16. Hence this GRI disclosure is
covered by MDR-P, MDR-A, MDR-T, and/or as an entity-
specific metric to be disclosed according to ESRS 1 §11
and pursuant to MDR-M
2-29 Approach to stakeholder engagement ESRS 2 SBM-2 §45 (a) i to (a) iv; ESRS S1 S1-1 §20 (b); S1-2
§25, §27 (e) and §28; ESRS S2 S2-1 §17 (b); S2-2 §20, §22 (e)
and §23; ESRS S3 S3-1 §16 (b); S3-2 §19, §21 (d) and §22;
ESRS S4 S4-1 §16 (b); S4-2 §18, §20 (d) and §21
2-30 Collective bargaining agreements ESRS S1 S1-8 §60 (a) and §61
GRI STANDARD DISCLOSURE ESRS DISCLOSURE REQUIREMENTS
GRI 3: Material topics 2022 3-1 Process to determine material topics ESRS 2 BP-1 §AR 1 (a); IRO-1 §53 (b) ii to (b) iv
3-2 List of material topics ESRS 2 SBM-3 §48 (a) and (g)
3-3 Management of material topics ESRS 2 SBM-1§ 40 (e); SBM-3 §48 (c) i and (c) iv; MDR-P,
MDRA, MDR-M, and MDR-T; ESRS S1 S1-2 §27; S1-4 §39 and
AR 40 (a); S1-5 §47 (b) to (c); ESRS S2 S2-2 §22; S2-4 §33,
§AR 33 and §AR 36 (a); S2-5 §42 (b) to (c); ESRS S3 S3-2
§21; S3-4 §33, §AR 31, §AR 34 (a); S3-5 §42 (b) to (c); ESRS
S4 S4-2 §20, S4-4 §31, §AR 30, and §AR 33 (a); S4- 5 §41 (b)
to (c)
GRI 2021: Economic Performance
2016
201-1 Direct economic value generated and distributed This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
201-2 Financial implications and other risks and
opportunities due to climate change
ESRS 2 SBM-3 §48 (a), and (d) to (e); ESRS E1 §18; E1-3 §26;
E1-9 §64
201-3 Defined benefit plan obligations and other
retirement plans
This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16
201-4 Financial assistance received from government This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
GRI 202: Market Presence 202-1 Ratios of standard entry level wage by gender
compared to local minimum wage
ESRS S1 S1-10 §67-71 and §AR 72 to 73
202-2 Proportion of senior management hired from
the local community
'Communities’ economic, social and cultural rights' is a
sustainability matter for S3 covered by ESRS 1 §AR 16.
Hence this GRI disclosure is covered by MDR-P, MDR-A,
MDR-T, and/or as an entity-specific metric to be disclosed
according to ESRS 1 §11 and pursuant to MDR-M
GRI 203: Indirect Economic
Impacts
203-1 Infrastructure investments and services supported 'Communities’ economic, social and cultural rights' is a
sustainability matter for S3 covered by ESRS 1 §AR 16.
Hence this GRI disclosure is covered by MDR-P, MDR-A,
MDR-T, and/or as an entity-specific metric to be disclosed
according to ESRS 1 §11 and pursuant to MDR-M.
203-2 Significant indirect economic impacts ESRS S1 S1-4 §AR 41; ESRS S2 S2-4 §AR 37; ESRS S3 S3-4
§AR 36
GRI 204: Procurement Practices 204-1 Proportion of spending on local suppliers Communities’ economic, social and cultural rights' is a
sustainability matter for S3 covered by ESRS 1 §AR 16.
Hence this GRI disclosure is covered by MDR-P, MDR-A,
MDR-T, and/or as an entity-specific metric to be disclosed
(2b)according to ESRS 1 §11 and pursuant to MDR-M.
GRI 205: Anti-Corruption 2016 205-1 Operations assessed for risks related to corruption ESRS G1 G1-3 §AR 5
205-2 Communication and training about anti-corruption
policies and procedures
ESRS G1 G1-3 §20, §21 (b) and (c) and §AR 7 and 8
205-3 Confirmed incidents of corruption and actions taken ESRS G1 G1-4 §25
GRI 206: Anti-Competitive
Behavior 2016
206-1 Legal actions for anti-competitive behavior, anti-
trust, and monopoly practices
This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.

323
GRI STANDARD DISCLOSURE ESRS DISCLOSURE REQUIREMENTS
GRI 207: Tax 2019 207-1 Approach to tax This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
207-2 Tax governance, control, and risk management This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16
207-3 Stakeholder engagement and management of
concerns related to tax
This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
207-4 Country-by-country reporting This topic is not covered by the list of sustainability
matters in ESRS 1 AR §16.
GRI 301: Materials 2016 301-1 Materials used by weight or volume ESRS E5 E5-4 §31 (a)
301-2 Recycled input materials used ESRS E5 E5-4 §31 (c)
301-3 Reclaimed products and their packaging materials Resource outflows related to products and services' and
'Waste' are sustainability matters for E5 covered by ESRS
1 §AR 16. Hence this GRI disclosure is covered by MDR-P,
MDR-A, MDR-T, and/or as an entity-specific metric to be
disclosed according to ESRS 1 §11 and pursuant to MDR-M.
GRI 302: Energy 2016 302-1 Energy consumption within the organization ESRS E1 E1-5 §37; §38; §AR 32 (a), (c), (e) and (f)
302-2 Energy consumption outside of the organization ESRS E5 E5-4 §31 (c)
302-3 Energy intensity ESRS E1 E1-5 §40 to §42
302-4 Reduction of energy consumption Energy' is a sustainability matter for E1 covered by ESRS
1 §AR 16. Hence this GRI disclosure is covered by MDR-P,
MDR-A, MDR-T, and/or as an entity-specific metric to be
disclosed (2a)according to ESRS 1 §11 and pursuant to
MDR-M
302-5 Reductions in energy requirements of products and
services
Energy' is a sustainability matter for E1 covered by ESRS
1 §AR 16. Hence this GRI disclosure is covered by MDR-P,
MDR-A, MDR-T, and/or as an entity-specific metric to be
disclosed according to ESRS 1 §11 and pursuant to MDRM.
GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions ESRS E1 E1-4 §34 (c); E1-6 §44 (a); §46; §50; §AR 25 (b) and
(c); §AR 39 (a) to (d); §AR 40; AR §43 (c) to (d)
305-2 Energy indirect (Scope 2) GHG emissions ESRS E1 E1-4 §34 (c); E1-6 §44 (b); §46; §49; §50; §AR 25 (b)
and (c); §AR 39 (a) to (d); §AR 40; §AR 45 (a), (c), (d), and (f)
305-3 Other indirect (Scope 3) GHG emissions ESRS E1 E1-4 §34 (c); E1-6 §44 (c); §51; §AR 25 (b) and (c);
§AR 39 (a) to (d); §AR 46 (a) (i) to (k)
305-4 GHG emissions intensity ESRS E1 E1-6 §53; §54; §AR 39 (c); §AR 53 (a)
305-5 Reduction of GHG emissions ESRS E1 E1-3 §29 (b); E1-4 §34 (c); §AR 25 (b) and (c); E1-7
§56
305-6 Emissions of ozone-depleting substances (ODS) 'Pollution of air' is a sustainability matter for E2 covered
by ESRS 1 §AR 16. Hence this GRI disclosure is covered by
MDR-P, MDR-A, MDR-T, and/or as an entity-specific metric
to be disclosed according to ESRS 1 §11 and pursuant to
MDR-M
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other
significant air emissions
ESRS E2 E2-4 §28 (a); §30 (b) and (c); §31; §AR 21; §AR 26
GRI 306: Waste 2020 306-1 Waste generation and significant waste-related
impacts
ESRS 2 SBM-3 §48 (a), (c) ii and iv; ESRS E5 E5-4 §30
306-2 Management of significant waste-related impacts ESRS E5 E5-2 §17 and §20 (e) and (f); E5-5 §40 and §AR 33
(c)
306-3 Waste generated ESRS E5 E5-5 §37 (a), §38 to §40
306-4 Waste diverted from disposal ESRS E5 E5-5 §37 (b), §38 and §40
306-5 Waste directed to disposal ESRS E5 E5-5 §37 (c), §38 and §40
GRI 308: Supplier Environmental
Assessment 2016
308-1 New suppliers that were screened using
environmental criteria
ESRS G1 G1-2 §15 (b)
308-2 Negative environmental impacts in the supply chain
and actions taken
ESRS 2 SBM-3 §48 (c) i and iv
GRI 401: Employment 2016 401-1 New employee hires and employee turnover ESRS S1 S1-6 §50 (c)
401-2 Benefits provided to full-time employees that are
not provided to temporary or part-time employees
ESRS S1 S1-11 §74; §75; §AR 75
401-3 Parental leave ESRS S1 S1-15 §93

324
GRI STANDARD DISCLOSURE ESRS DISCLOSURE REQUIREMENTS
GRI 402: Labor/Management
Relations 2016
402-1 Minimum notice periods regarding operational
changes
'Social dialogue' and 'Collective bargaining' are
sustainability matters for S1 covered by ESRS 1 §AR 16.
Hence this GRI disclosure is covered by MDR-P, MDR-A,
MDR-T, and/or as an (2b) entity-specific metric to be
disclosed according to ESRS 1 §11 and pursuant to MDR-M.
GRI 403: Occupational Health and
Safety 2018
403-1 Occupational health and safety management
system
ESRS S1 S1-1 §23
403-2 Hazard identification, risk assessment, and incident
investigation
ESRS S1 S1-3 §32 (b) and §33
403-3 Occupational health services 'Health and safety' and 'Training and skills development'
are sustainability matters for S1 covered by ESRS 1 §AR
16. Hence this GRI disclosure is covered by MDR-P, MDR-A,
MDR-T, and/or as an entity-specific metric to be disclosed
according to ESRS 1 §11 and pursuant to MDR-M
403-4 Worker participation, consultation, and
communication on occupational health and safety
403-5 Worker training on occupational health and safety
403-6 Promotion of worker health 'Social protection' is a sustainability matter for S1 covered
by ESRS 1 §AR 16. Hence this GRI disclosure is covered by
MDR-P, MDR-A, MDR-T, and/or as an entity-specific metric
to be disclosed according to ESRS 1 §11 and pursuant to
MDR-M.
403-7 Prevention and mitigation of occupational
health and safety impacts directly linked by business
relationships
ESRS S2 S2-4 §32 (a)
403-8 Workers covered by an occupational health and
safety management system
ESRS S1 S1-14 §88 (a); §90
403-9 Work-related injuries ESRS S1 S1-4, §38 (a); S1-14 §88 (b) and (c); §AR 82
403-10 Work-related ill health ESRS S1 S1-4, §38 (a); S1-14 §88 (b) and (d); §89; §AR 82
GRI 404: Training and Education
2016
404-1 Average hours of training per year per employee ESRS S1 S1-13 §83 (b) and §84
404-2 Programs for upgrading employee skills and
transition assistance programs
ESRS S1 S1-1 §AR 17 (h)
404-3 Percentage of employees receiving regular
performance and career development reviews
ESRS S1 S1-13 §83 (a) and §84
GRI 405: Diversity and Equal
Opportunity 2016
405-1 Diversity of governance bodies and employees ESRS 2 GOV-1 §21 (d); ESRS S1 S1-6 §50 (a); S1-9 §66 (a) to
(b); S1-12 §79
405-2 Ratio of basic salary and remuneration of women
to men
ESRS S1 S1-16 §97 and §98
GRI 406: Non-Discrimination 2016 406-1 Incidents of discrimination and corrective actions
taken
ESRS S1 S1-17 §97, §103 (a), §AR 103
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
'Freedom of association' and 'Collective bargaining' are
sustainability matters for S1 and S2 covered by ESRS 1 §AR
16. Hence this GRI disclosure is covered by MDR-P, MDR-A,
MDR-T, and/or as an entity-specific metric to be disclosed
according to ESRS 1 §11 and pursuant to MDR-M
GRI 408: Child Labor 2016 408-1 Operations and suppliers at significant risk for
incidents of child labor
ESRS S1 §14 (g); S1-1 §22 ESRS S2 §11 (b); S2-1 §18
GRI 409: Forced or Compulsory
Labor 2016
409-1 Operations and suppliers at significant risk for
incidents of forced or compulsory labor
ESRS S1 §14 (f); S1-1 §22 ESRS S2 §11 (b); S2-1 §18
GRI 410: Security Practices 2016 410-1 Security personnel trained in human rights policies
or procedures
'Security-related impacts' is a sustainability matter
covered for S3 covered by ESRS 1 §AR 16. Hence this GRI
disclosure is covered by MDR-P, MDR-A, MDR-T, and/or as
an entity-specific metric to be disclosed according to ESRS
1 §11 and pursuant to MDR-M.
GRI 411: Rights of Indigenous
Peoples 2016
411-1 Incidents of violations involving rights of indigenous
peoples
ESRS S3 S3-1 §16 (c), AR 12; S3-4 §30, §32 (b), §33 (b), §36
GRI 413: Local Communities 2016 413-1 Operations with local community engagement,
impact assessments, and development programs
ESRS S3 S3-2 §19; S3-3 §25; S3- 4 §AR 34 (c)
413-2 Operations with significant actual and potential
negative impacts on local communities
ESRS 2 SBM-3 48 (c); ESRS S3 §9 (a) i and (b)

325
GRI STANDARD DISCLOSURE ESRS DISCLOSURE REQUIREMENTS
GRI 414: Supplier Social
Assessment:
414-1 New suppliers that were screened using social
criteria
ESRS G1 G1-2 §15 (b)
414-2 Negative social impacts in the supply chain and
actions taken
ESRS 2 SBM-3 §48 (c) i and iv
GRI 415: Public Policy 2016 415-1 Political contributions ESRS G1 G1-5 §29 (b)
GRI 416: Customer Health and
Safety 2016
416-1 Assessment of the health and safety impacts of
product and service categories
'Personal safety of consumers and end-users' is a
sustainability matter for S4 covered by ESRS 1 §AR 16.
Hence this GRI disclosure is covered by MDR-P, MDR-A,
MDR-T, and/or as an entity-specific metric to be disclosed
according to ESRS 1 §11 and pursuant to MDR-M.
416-2 Incidents of non-compliance concerning the health
and safety impacts of products and services
ESRS S4 S4-4 §35
GRI 418: Customer Privacy 2016 418-1 Substantiated complaints concerning breaches of
customer privacy and losses of customer data
ESRS S4 S4-3 §AR 23; S4-4 §35

326
9.4 UN Global Compact
reference table
GLOBAL COMPACT PRINCIPLES REFERENCE
Human Rights
Principle 1: Businesses should support and respect the protection of internationally
proclaimed human rights; and
ESRS S1 and ESRS S2
Principle 2: make sure that they are not complicit in human rights abuses. ESRS S1 and ESRS S2
Labor
Principle 3: Businesses should uphold the freedom of association and the effective
recognition of the right to collective bargaining; and
ESRS S1
Principle 4: the elimination of all forms of forced and compulsory labor. ESRS S1 and ESRS S2
Environment
Principle 7: Businesses should support a precautionary approach to environmental
challenges;
ESRS E1, ESRS E2 and ESRS E5
Principle 8: undertake initiatives to promote greater environmental responsibility; and ESRS E1, ESRS E2 and ESRS E5
Principle 9: encourage the development and diffusion of environmentally friendly
technologies.
ESRS E1, ESRS E2 and ESRS E5
Principle 10: Businesses should work against corruption in all its forms, including extortion
and bribery.
ESRS G1

327
9.5 TCFD Reference Table
TCFD RECOMMENDED DISCLOSURES LINK TO DISCLOSURES
Governance
Disclose the organization’s
governance around climate-related
issues and opportunities
Describe the board’s oversight of climate-related risks
and opportunities
• ESRS 2 GOV-1
• ESRS 2 GOV-2
Describe the management’s role in assessing and
managing climate-related risks and opportunities
• ESRS 2 GOV-1
• ESRS 2 GOV-3
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
Describe the climate-related risks and opportunities the
organization has faced over the short, medium and long
term
• ESRS 2 SBM-3
• ESRS 1, section 6 Time horizons
• ESRS E1, DR related to ESRS 2 IRO1 – Description of
the processes to identify and assess material impacts,
risks and opportunities §18 (b) and (c)
Describe the impact of climate-related risks and
opportunities on the organization’s businesses, strategy,
and financial planning
• ESRS SBM-3
• ESRS 2 SBM-1
• ESRS E1-1
• ESRS E1-2
• ESRS E1-4
• ESRS E1-3
• ESRS E1-9 §61 (a), (b)
• ESRS E1, DR related to ESRS 2 IRO1 – Description of
the processes to identify and assess material impacts,
risks and opportunities §19
Describe the resilience of the organization’s strategy,
taking into consideration different climate-related
scenarios, including a 2°C or lower scenario.
• ESRS 2 SBM-3 §46 (e)
• ESRS E1, DR related to ESRS 2 SBM3 – Material
impacts, risks and opportunities and their interaction
with strategy and business model(s) §17 (b) and (c)
• ESRS E1, DR related to ESRS 2 IRO1 – Description of
the processes to identify and assess material impacts,
risks and opportunities §19
Risk Management
Disclose how the organization
identifies, assesses and manages
climate-related risks
Describe the organization’s processes for identifying and
assessing climate-related risks.
• ESRS 2 IRO-1
• ESRS E1, DR related to ESRS 2 IRO1 – Description of
the processes to identify and assess material impacts,
risks and opportunities §18 (b) and (c)
Describe the organization’s processes for managing
climate-related risks.
• ESRS E1-2
• ESRS E1-4
• ESRS E1-3
Describe how processes for identifying, assessing, and
managing climate-related risks are integrated into the
organization’s overall risk management.
ESRS 2 GOV-5
Metrics and Targets
Disclose the metrics and targets
used to assess and manage
relevant climate-related risks
and opportunities where such
information is material
Disclose the metrics used by the organization to assess
climate-related risks and opportunities in line with its
strategy and risk management process
• ESRS E1-6 §41 and 50
• ESRS E1-9
• ESRS E1-3
• ESRS 2 GOV-3
• ESRS E1-8
• ESRS E1, DR related to ESRS 2 GOV3 Integration of
sustainability-related performance in incentive
schemes
Disclose Scope 1, Scope 2, and, if appropriate, Scope 3
greenhouse gas (GHG) emissions, and the related risks
ESRS E1-6 §41 and 50
Describe the targets used by the organization to manage
climate-related risks and opportunities and performance
against targets
ESRS E1-4

328
9.6 EU legislation and data points
list of data points that derive from other EU legislation and information on their location in sustainability statement
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK REGULATION
REFERENCE
EU CLIMATE LAW
REFERENCE
MATERIALITY
(Y/N)
ESRS 2 GOV-1 Board's
gender diversity
paragraph 21 (d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated
Regulation (EU) 2020/1816
( 5 ), Annex II
Y
ESRS 2 GOV-1
Percentage of board
members who are
independent paragraph
21 (e)
Delegated Regulation (EU)
2020/1816, Annex II
Y
ESRS 2 GOV-4
Statement on due
diligence paragraph 30
Indicator number 10
Table #3 of Annex 1
Y
ESRS 2 SBM-1
Involvement in
activities related to
fossil fuel activities
paragraph 40 (d) i
Indicators number 4
Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 ( 6 ) Table
1: Qualitative information
on Environmental risk
and Table 2: Qualitative
information on Social risk
Delegated Regulation (EU)
2020/1816, Annex II
N
ESRS 2 SBM-1
Involvement in
activities related to
chemical production
paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex 1
N
ESRS 2 SBM-1
Involvement in
activities related to
controversial weapons
paragraph 40 (d) iii
Indicator number 14
Table #1 of Annex 1
N
ESRS 2 SBM-1
Involvement in
activities related
to cultivation and
production of tobacco
paragraph 40 (d) iv
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
N
ESRS E1-1 Transition
plan to reach climate
neutrality by 2050
paragraph 14
Regulation (EU)
2021/1119, Article 2(1)
Y
ESRS E1-1 Undertakings
excluded from Paris-
aligned Benchmarks
paragraph 16 (g)
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 Template
1: Banking book-Climate
Change transition
risk: Credit quality of
exposures by sector,
emissions and residual
maturity
Delegated Regulation (EU)
2020/1818, Article12.1 (d) to
(g), and Article 12.2
Y
ESRS E1-4 GHG
emission reduction
targets paragraph 3
Indicator number 4
Table #2 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 Template
3: Banking book – Climate
change transition risk:
alignment metrics
Delegated Regulation (EU)
2020/1818, Article 6
Y

329
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK REGULATION
REFERENCE
EU CLIMATE LAW
REFERENCE
MATERIALITY
(Y/N)
ESRS E1-5 Energy
consumption from
fossil sources
disaggregated by
sources (only high
climate impact sectors)
paragraph 38
Indicator number 5
Table #1 and
Indicator n. 5 Table #2 of
Annex 1
Y
ESRS E1-5 Energy
consumption and mix
paragraph 37
Indicator number 5
Table #1 of Annex 1
Y
ESRS E1-5 Energy
intensity associated
with activities in high
climate impact sectors
paragraphs 40 to 43
Indicator number 6
Table #1 of Annex 1
Y
ESRS E1-6 Gross Scope
1, 2, 3 and Total GHG
emissions paragraph 44
Indicator number 6
Table #1 of Annex 1
Article 449a;
Regulation (EU) No
575/2013; Commission
Implementing Regulation
(EU) 2022/2453 Template
1: Banking book – Climate
change transition
risk: Credit quality of
exposures by sector,
emissions and residual
maturity
Delegated Regulation (EU)
2020/1818, Article 5(1), 6
and 8(1)
Y
ESRS E1-6 Gross GHG
emissions intensity
paragraphs 53 to 55
Indicators number 3
Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 Template
3: Banking book – Climate
change transition risk:
alignment metrics
Delegated Regulation (EU)
2020/1818, Article 8(1)
Y
ESRS E1-7 GHG
removals and carbon
credits paragraph 56
Regulation (EU)
2021/1119, Article 2(1)
N
ESRS E1-9 Exposure
of the benchmark
portfolio to climate-
related physical risks
paragraph 66
Delegated Regulation
(EU) 2020/1818, Annex II
Delegated Regulation (EU)
2020/1816, Annex II
Phased-in
ESRS E1-9
Disaggregation of
monetary amounts
by acute and chronic
physical risk paragraph
66 (a) ESRS E1-9
Location of significant
assets at material
physical risk paragraph
66 (c).
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453
paragraphs 46 and 47;
Template 5: Banking book
- Climate change physical
risk: Exposures subject to
physical risk.
Phased-in
ESRS E1-9 Breakdown
of the carrying value
of its real estate assets
by energy-efficiency
classes paragraph
67 (c).
Article 449a Regulation
(EU) No 575/2013;
Commission
Implementing Regulation
(EU) 2022/2453 paragraph
34; Template 2: Banking
book -Climate change
transition risk: Loans
collateralised by
immovable property -
Energy efficiency of the
collateral
Phased-in
ESRS E1-9 Degree
of exposure of the
portfolio to climate-
related opportunities
paragraph 69
Delegated Regulation (EU)
2020/1818, Annex II
Phased-in

330
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK REGULATION
REFERENCE
EU CLIMATE LAW
REFERENCE
MATERIALITY
(Y/N)
ESRS E2-4 Amount of
each pollutant listed in
Annex II of the E-PRTR
Regulation (European
Pollutant Release and
Transfer Register)
emitted to air, water
and soil, paragraph 28
Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1
Table #2 of Annex 1
Indicator number 3
Table #2 of Annex 1
Y
ESRS E3-1 Water and
marine resources
paragraph 9
Indicator number 7
Table #2 of Annex 1
N
ESRS E3-1 Dedicated
policy paragraph 13
Indicator number 8
Table #2 of Annex 1
N
ESRS E3-1 Sustainable
oceans and seas
paragraph 14
Indicator number 12
Table #2 of Annex 1
N
ESRS E3-4 Total water
recycled and reused
paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
N
ESRS E3-4 Total water
consumption in m3 per
net revenue on own
operations paragraph
29
Indicator number 6.1
Table #2 of Annex 1
N
ESRS 2- IRO 1 - E4
paragraph 16 (a) i
Indicator number 7
Table #1 of Annex 1
N
ESRS 2- IRO 1 - E4
paragraph 16 (b)
Indicator number 10
Table #2 of Annex 1
N
ESRS 2- IRO 1 - E4
paragraph 16 (c)
Indicator number 14
Table #2 of Annex 1
N
ESRS E4-2 Sustainable
land / agriculture
practices or policies
paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
N
ESRS E4-2 Sustainable
oceans / seas practices
or policies paragraph
24 (c)
Indicator number 12
Table #2 of Annex 1
N
ESRS E4-2 Policies to
address deforestation
paragraph 24 (d)
Indicator number 15
Table #2 of Annex 1
N
ESRS E5-5 Non-
recycled waste
paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
Y
ESRS E5-5 Hazardous
waste and radioactive
waste paragraph 39
Indicator number 9
Table #1 of Annex 1
N
ESRS 2- SBM3 - S1 Risk
of incidents of forced
labour paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
N
ESRS 2- SBM3 - S1 Risk
of incidents of child
labour paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
N
ESRS S1-1 Human rights
policy commitments
paragraph 20
Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex I
Y
ESRS S1-1 Due
diligence policies
on issues addressed
by the fundamental
International
Labor Organisation
Conventions 1 to 8,
paragraph 21
Delegated Regulation (EU)
2020/1816, Annex II
Y

331
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK REGULATION
REFERENCE
EU CLIMATE LAW
REFERENCE
MATERIALITY
(Y/N)
ESRS S1-1 processes
and measures for
preventing trafficking
in human beings
paragraph 22
Indicator number 11
Table #3 of Annex I
N
ESRS S1-1 workplace
accident prevention
policy or management
system paragraph 23
Indicator number 1
Table #3 of Annex I
Y
ESRS S1-3 grievance/
complaints handling
mechanisms paragraph
32 (c)
Indicator number 5
Table #3 of Annex I
Y
ESRS S1-14 Number of
fatalities and number
and rate of workrelated
accidents paragraph 88
(b) and (c)
Indicator number 2
Table #3 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Y
ESRS S1-14 Number of
days lost to injuries,
accidents, fatalities or
illness paragraph 88 (e)
Indicator number 3
Table #3 of Annex I
Y
ESRS S1-16 Unadjusted
gender pay gap
paragraph 97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Y
ESRS S1-16 Excessive
CEO pay ratio
paragraph 97 (b)
Indicator number 8
Table #3 of Annex I
Y
ESRS S1-17 Incidents
of discrimination
paragraph 103 (a)
Indicator number 7
Table #3 of Annex I
Y
ESRS S1-17 Non-respect
of UNGPs on Business
and Human Rights and
OECD paragraph 104 (a)
Indicator number 10
Table #1 and
Indicator n. 14
Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818 Art 12 (1)
Y
ESRS 2- SBM3 – S2
Significant risk of child
labour or forced labour
in the value chain
paragraph 11 (b)
Indicators number 12
and n. 13
Table #3 of Annex I
N
ESRS S2-1 Human rights
policy commitments
paragraph 17
Indicator number 9
Table #3 and
Indicator n. 11
Table #1 of Annex 1
Y
ESRS S2-1 Policies
related to value chain
workers paragraph 18
Indicator number 11 and n. 4
Table #3 of Annex 1
Y
ESRS S2-1 Non-respect
of UNGPs on Business
and Human Rights
principles and OECD
guidelines paragraph
19
Indicator number 10 Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Y
ESRS S2-1 Due
diligence policies
on issues addressed
by the fundamental
International
Labor Organisation
Conventions 1 to 8,
paragraph 19
Delegated Regulation (EU)
2020/1816, Annex II
Y
ESRS S2-4 Human
rights issues and
incidents connected
to its upstream and
downstream value
chain paragraph 36
Indicator number 14
Table #3 of Annex 1
Y

332
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK REGULATION
REFERENCE
EU CLIMATE LAW
REFERENCE
MATERIALITY
(Y/N)
ESRS S3-1 Human
rights policy
commitments
paragraph 16
Indicator number 9
Table #3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
N
ESRS S3-1 non-respect
of UNGPs on Business
and Human Rights, ILO
principles or and OECD
guidelines paragraph
17
Indicator number 10
Table #1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
N
ESRS S3-4 Human
rights issues and
incidents paragraph 36
Indicator number 14
Table #3 of Annex 1
N
ESRS S4-1 Policies
related to consumers
and end-users
paragraph 16
Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex 1
Y
ESRS S4-1 Non-respect
of UNGPs on Business
and Human Rights
and OECD guidelines
paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
N
ESRS S4-4 Human
rights issues and
incidents paragraph 35
Indicator number 14
Table #3 of Annex 1
N
ESRS G1-1 United
Nations Convention
against Corruption
paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1
Y
ESRS G1-1 Protection
of whistleblowers
paragraph 10 (d)
Indicator number 6
Table #3 of Annex 1
Y
ESRS G1-4 Fines
for violation of
anticorruption and
anti-bribery laws
paragraph 24 (a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II)
Y
ESRS G1-4 Standards
of anti- corruption and
anti- bribery paragraph
24 (b)
Indicator number 16
Table #3 of Annex 1
Y

Rethink the possible.