Plain English Meaning
It is the label you put on a flight plan, followed by short codes, to tell ATC exactly which types of modern satellite and area navigation your aircraft can perform.
Full Definition
PBN/ is the standard prefix used in the Item 18 'Other Information' field of an ICAO flight plan to indicate the aircraft's RNAV and RNP capabilities. It is followed by one or more codes (such as A1, B2, C1, D1, L1, O1, S1, T1) that identify the specific navigation specifications the aircraft is approved and equipped to fly.
Context Anchor
Seen in instrument procedure discussions, especially RNAV departures, arrivals, , and notes that what navigation capability is required.