First quarter 2015 results

• Operating income (revenues) at EUR 616.6m, down 1.6%, benefited from strong performance in parcels but was impacted by the soft start in domestic mail and the lower SGEI compensation.
• Domestic mail volume decline at -5.3% (-4.4% for FY14) due to weakness in advertising mail sales and ongoing e-substitution.
• Domestic parcel volumes up 10.2% (+7% for FY14) supported by excellent growth from
  e-tailers and good performance in C2C. As anticipated, revenue growth of 6.1% was impacted by a negative price/mix effect of -3.7% mainly due to a mix effect relating to the strong growth of e-tailers benefiting from lower prices.
• International parcels grew solidly by EUR 10.2m, driven by continued growth from our core business (lanes from the US and China EUR + 11.6m), while shipments to China declined
  (EUR -2.0m).
• Turnover from Additional sources of revenues decreased driven by the margin-accretive curtailment of the very low margin UK and US international mail wholesales.
• Stringent cost control leading to EUR 11.9m cost savings (excluding transport) and an average FTE reduction of 681.
• In line with guidance, EBITDA was stable versus last year, as a result of mail volume decline in the -5 to -6% range, more than offset by growth in parcels and cost control, allowing to absorb the reduction in SGEI compensation.
• Net profit of bpost SA/NV under BGAAP stable versus last year at EUR 87.3m.
• Outlook maintained

Pierre Winand, CFO and member of the Executive Committee since 2006, decided to leave bpost as from July 1st 2015 to pursue a new challenge outside the company. Françoise Masai, Chairperson of the Board of Directors and Koen Van Gerven, CEO, express their sincere appreciation of Pierre's great contribution to bpost's development, and wish him all the best in his next career step.

The Remuneration and Nomination Committee launched the process for his replacement. Starting July, 1st Koen Van Gerven, CEO, will take up the CFO tasks and responsibilities to guarantee a smooth and flawless transition until the appointment of the new CFO.

Koen Van Gerven, CEO, commented: "I am very pleased with the strong performance in parcels and the excellent results we delivered on our cost savings plans over the first quarter. Both effects allowed us to fully absorb the reduction in compensation received from the Belgian State for SGEI and led to a stable EBITDA for the quarter, despite the sharper decline of the domestic mail volumes. This quarter's performance has proven once again that our strategy is bearing fruits and that bpost is well prepared to face the headwinds in 2015. This is in line with our outlook for the year and we re-iterate it. Finally I would like to thank Pierre Winand, who has decided to take up a challenge outside bpost. During the nine years he has served at bpost, all of his colleagues and myself have appreciated Pierre's great professional talents and his dedication to the successful transformation of bpost."