bpost SA/NV

Investor Presentation • Apr 5, 2024

Acquisition of Staci

April 8th, 2024

I. Introduction

• II. Presentation of the new bpostgroup vision
• III. Acquisition of Staci to achieve bpostgroup vision
• IV. A first step in a more ambitious transformation program
• V. Key takeaways

bpostgroup's current model needs to be transformed to address a number of structural challenges

bpostgroup faces a number of structural challenges and evolving market trends

BeNe Last Mile

Third Party Logistics

• Structural decline of mail activities, not fully compensated by strong growth on parcel business, despite continued strong market position in Belgium

• Ongoing transformation towards more flexible operations

• Diversification in e-commerce third party logistics services has exposed the group to new growth since 2017 with a focus on warehousing, fulfilment and transport activities for e-commerce players

• Volatile market and limited integration with the rest of the group might affect future performance as market consolidation is increasing

bpostgroup needs to accelerate its transformation:

best positioning on the logistics value chain

and a stronger group with future-proof capabilities

New vision: bpostgroup opens a new era, transforming into a regional leader in high value flexible logistics services

New vision: capture value from fundamental underlying market trends, leveraging on the strength of the group while developing new capabilities

Capture fundamental trends

B2C e-commerce:

• ✓ Continued structural growth for ecommerce and direct-to-consumer business
• ✓ Increased customer demands in terms of quality and convenience expectations

B2B logistics:

• ✓ Increased need of integrated service across the value chain, including ease traceability, flexibility and guarantee safety of goods
• ✓ Growing market for parcelized logistics

Leverage bpost assets & strengths …

• ✓ Most dense retail and distribution network in Belgium providing wide range of services
• ✓ Continuous development and footprint of logistics activities in Belgium (>3,000 PUDO end 2023)
• ✓ Established position and expertise developed along the third-party logistics value chain, in Belgium and internationally with room for further market share gains

… and complement with new capabilities

• ✓ Targeted expansion of activities through external growth to broaden skills and capabilities along the value chain of ecommerce
• ✓ Development of B2B logistics capabilities such as detailed logistics, return management, kitting or multi-carrier transportation

• I. Introduction
• II. Presentation of the new bpostgroup vision
• III. Acquisition of Staci to achieve bpostgroup vision
• IV. A first step in a more ambitious transformation program
• V. Key takeaways

From bpostgroup in 2023…

Over the last two decades, bpostgroup has evolved from a traditional postal operator into a meaningful international e-commerce and logistics service provider

bpostgroup today Active presence in more than 13 countries with different subsidiaries

… to the new bpostgroup, a regional leader organized along three integrated businesses…

c

• Core expertise in B2C and platform to develop into B2B and omni-channel high quality, differentiated logistics services

America and strong position in Asia

• Platform for continuous growth and geographical expansion through buy-and-build c

• strong partnerships to achieve scale
• Combination of own last mile networks, carrier access and agreements, customs and crossborder services clearance, and value-added services, enabled by strong IT platforms c

… with a solid synergy potential for the short- and long-term

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• Gateway for mail and parcel flows in and out of Belgium a
• Transportation management capabilities supporting 3PL offerings with strong offerings for transport and last mile b

BeNe Last Mile Activities

1

• Evolution of services beyond B2C into B2B parcelized logistics a
• Continuous transformation of our model towards high quality, flexibility and customer experience b
• Investments in digitalization and innovation, and continuous modernization of our assets c

International 3PL Activities

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• User of the group cross-border services to manage transportation requirements a

b

• Provider of required capabilities to develop new services in Belgium, especially in the B2B parcelized logistics market

• I. Introduction
• II. Presentation of the new bpostgroup vision
• III. Acquisition of Staci to achieve bpostgroup vision
• IV. A first step in a more ambitious transformation program
• V. Key takeaways

Why acquire Staci ? –Company snapshot (1/2)

Staci is a France-based leading player in the Contract Logistics space with international presence and benefitting from a unique and differentiated positioning in "flexible high-value logistics", characterized by complex flows

Description

• Founded in 1989 and based in Saint-Ouen-l'Aumône, Staci is a Contract Logistics service with a focus on complex orders (meaning multi-reference packages, single-unit picking, distribution to multi-delivery points, etc.)
• The company is active in warehousing, distribution, freight forwarding, and value-added services for B2B, B2C, D2C and e-commerce
• Historically focused on non-commercial goods / POSM(1) (e.g. displays, samples, catalogs, etc.), the group operated from 2011 a strategic shift towards commercial products and now benefits from a fast-growing exposure to e-commerce
• Staci employs 3,500+ people around the world, with main presence in France and additional sites throughout Europe (699 k sqm warehouse space in total), the US (210 k sqm) and Asia – the company benefits from a spread network comprising of 79 logistics hubs
• Ardian acquired Staci in 2019 from Cobepa (c.80% of share capital), while SG Capital and management still own a minority stake (c.20%)

Financial and operational metrics (2023)

USA Europe Asia

Geographical Footprint & Revenue Breakdown (2023)

Operating countries

Global HQ

Originally mostly present on the European continent, Staci developed also in the US these past years, notably with the acquisition of Amware in 2023, which provided the group with a solid footprint and strong capabilities in the country

Why acquire Staci ? –Company snapshot (2/2)

Staci's model consists in industrializing retail multi-reference and single-unit picking logistics, requiring high flexibility and specific capabilities to address efficiently these types of contract

PROMOTIONAL GOODS		Distribution of promotional items and prints to end-customers (e.g. clothing, flyers) • Assembly, delivery and installation of promotional materials in point of sales (PoS) (e.g. displays, banners, beverage coolers) •
MERCHANT GOODS	E-fulfilment	B2C delivery of low volume, customized orders and/or non-standard items, mainly for small/mid-sized companies or less-mature D2C businesses •
	Brick & mortar	B2B delivery for complex product range, small volumes, disperse delivery and/or non-standard items, mainly for small/ mid-sized companies/ point of • sales
MED- AND HIGH-TECH	Med-tech	Import of medical devices for US mid-sized med-tech companies to Europe •
	High-tech	Imports and intra-EU flows for mid-sized companies of high-tech hardware with complex requirements (e.g. technical / regulatory specs., time critical, • over-sized shipments, etc.)
OTHERS	Field services	Delivery of spare parts, local storage and return services for field engineers & technicians •
	Freight forwarding	Shipments for mid-sized companies leveraging partner network (not managing warehousing) •

Why acquire Staci ? –Key highlights

Unique positioning as specialist of complex single-unit & multi-reference logistics, serving B2B, B2C and omnichannel customer needs, and benefiting from a unique savoir-faire in a very specific segment of the logistics space

International footprint with optimized and flexible network of leased sites, with a strong foothold in Europe complemented by a presence in China and the US ^B

Proven multi-vertical expertise and diversified client base across blue-chip enterprise and SMEs, supported by a strong upselling track record and proven expansion into adjacent verticals ^C

Strong financial performance, high margins and cash-flow generation underpinned by active marketing strategy and asset light business model with low levels of maintenance & expansion capex D

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Seasoned and experienced management team backed by local experts best fitted to lead industry consolidation with a proven track-record of build-ups integration ^E

Unique positioning as specialist of complex single-unit & multireference logistics, serving B2B, B2C and omnichannel customer needs A

Geographical Footprint & Revenue Breakdown (2023)

• Proven, successful and differentiated business organization, meeting the B2B, B2C and omnichannel needs of customers, built around two key pillars:
  • Replacement of multiple flows (orders, physical fulfilment, payments, etc.) from various third parties by a single one, centralized by Staci, allowing customers to focus on their core business A
  • Mutualization of resources through a systematic search for pooling (IT tools, transportation, etc.) with multi-client sites, allowing for a mutualization of assets as well as more efficient management of seasonality peaks (transferability of flows from site to another / complementarity) B

International footprint with optimized and flexible network of leased sites B

Staci benefits from a strong historical presence in Europe, complemented by an international footprint in China and the US

Comprehensive network of 79 logistics hubs located in prime locations offering a cumulated storage area of >900k sqm All sites are leased allowing for an active management of warehouse capacity and optimized utilization rates

Proven multi-vertical expertise with highly diversified and fragmented client base C

Attractive and diversified customers across blue-chip enterprise and SMEs, with balance high-growth and resilient verticals Growth supported by integration with clients and cross-selling track record, with proven expansion into adjacent verticals

Strong Financial Performance, High Margins and Strong Cash-flow Generation D

Seasoned management team best fitted to lead industry consolidation E

A Solid Organization Led by an Experienced Management Team…

Why acquire Staci ? –Complementarity with bpost and synergy potential

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The acquisition of Staci is a major step in bpost transformation journey, moving from postal player to international third-party logistics provider, with a strong focus on flexible, high-value logistics serving B2B, B2C and omnichannel customer needs

Strategic Rationale Overview of Synergy Potential Resulting from the Transaction

Asset optimization on both cost (combining warehouses with free capacity) and revenues (geographical expansion for Staci customer, using bpost assets)

B2B capability development for bpost

Development of integrated commercial offers to benefit from the full range of proposed services

Scale optimization notably related to procurement savings

Deal contemplated with Staci

• I. Introduction
• II. Presentation of the new bpostgroup vision
• III. Acquisition of Staci to achieve bpostgroup vision
• IV. A first step in a more ambitious transformation program
• V. Key takeaways

The transaction leads to a new BU structure and the completion of a strong executive leadership team to execute the transformation

New business unit structure, supporting the strategic imperatives, with a full executive committee ready to deliver the plan

Beyond the current transaction, bpostgroup aims at pursuing an ambitious transformation to further position the group as a regional leader in high-value flexible logistics services

Continue to transform Belgium while expanding services into the B2B parcelized logistics market, leveraging existing capabilities and building on new capabilities available in the group.

Integrate our logistics solutions into a regional leader in high value, flexible logistics services, capturing the synergies between our existing businesses

Capture the full potential of our cross-border capabilities through better integration with the other business units and creation of strong partnerships

• I. Introduction
• II. Presentation of the new bpostgroup vision
• III. Acquisition of Staci to achieve bpostgroup vision
• IV. A first step in a more ambitious transformation program
• V. Key takeaways

Accelerating the transformation to the new bpost, a regional leader in high value flexible logistic with promising future opportunities

Acquisition of Staci

recognized management and expertise

• Acquiring an asset with solid financial performance, high margins, and strong cash flow generation, while requiring limited capital expenditure A New Portfolio with Improved Financial Performance • Continue to transform Belgium while expanding services into the B2B parcelized logistics market • Integrate our logistics solutions into a regional leader in high value, flexible logistics services, capturing the synergies and full potential of cross-border capabilities A Platform to become a Regional 3PL Leader