Objectives:
Identification of the business models of selected postal operators in Europe, which result from the transformation process, and an indication of the critical factors that shaped these models.

Material and methods:
The desk research method was used. Information published by the analysed postal operators, EU and from press sources and industry studies was processed. Reports of international postal organisations were used. A case study was used, for which operators who adopted different paths of change and developed different operation models were selected. The comparative analysis aimed to understand each country's advantage in the transformation process and characterise the business model adopted by the incumbent operator.

Results:
The transformation process of the incumbent operators in the EU, including DHL Group (Germany), La Poste (France), and Correos (Spain), was analysed. The transformation milestones of these operators were identified, and the type of business model they chose was determined.

Conclusions:
There are similarities and differences in the operators' business models analysed. Each of them is commercial, but with significant differences: from a highly profit-oriented model that does not use state financial support (Germany), through a model that uses this support moderately (Spain), to a model that even has signs of state interventionism (France). In each case, state support was crucial to the operator's development's success and market position.