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Outlook

Outlook for 2020

Net sales in 2020, excluding possible new acquisitions and divestments, is expected to remain on par with the previous year. The Group’s adjusted operating result in 2020 is expected to increase from the previous year.

The Group’s business is characterized by seasonality. Net sales and operating result in the segments are not accrued evenly over the year.

In Postal Services and consumer parcels, the first and fourth quarters are typically strong, while the
second and third quarters are weaker.