...October 13, 2023 Volatility continues: PostNL got back on the growth track in the second quarter of 2023, with revenue and EBITDA increasing by 3% and 27% year-on-year, respectively. This was mainly due to better volumes in the parcel segment (as we expected) compared with the previous year, combined with the impact of operating efficiency measures initiated last year. The mail segment, however, reported weak results driven by a continued structural decline in volumes and a less favorable mix, exacerbated by cost inflation. The positive EBITDA trend was additionally supported by the lower pension expense as a result of the company switching to a defined contribution scheme from a defined benefits scheme in the course of 2022. Trend remains positive: We continue to expect PostNL's revenue to grow slightly, by around 2%, in 2023, after a dip of more than 9% in 2022. A slight improvement in profitability is also likely, with a marginal increase in S&P Global Ratings-adjusted adjusted EBITDA...
