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PostNL (PNL) investor relations material

PostNL Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary3 Nov, 2025

Executive summary

  • Q3 2025 results were in line with expectations, with revenue rising to €762 million from €756 million in Q3 2024 and the launch of the Breakthrough 2028 strategy focused on growth, value, innovation, and sustainability.

  • Parcel volumes grew 1.0%, driven by international customers, while mail volumes declined 5.0% due to ongoing substitution and election-related mailings.

  • Cost savings targets were met: €9 million in Parcels and €10 million in Mail in the Netherlands, with further efficiency improvements and emission-free last-mile delivery rising to 33%.

  • Free cash flow improved to €(18) million in Q3 2025 from €(68) million in Q3 2024, mainly due to working capital phasing and a non-recurring tax settlement in the prior year.

  • Normalised EBIT was negative at €(21) million in Q3 2025, compared to €(18) million in Q3 2024; normalised comprehensive income was €(23) million.

Financial highlights

  • Q3 2025 revenue was €762 million, up from €756 million in Q3 2024; year-to-date revenue reached €2,351 million.

  • Normalised EBIT for Q3 2025 was €(21) million; year-to-date normalised EBIT was €(26) million.

  • Free cash flow was €(18) million for Q3 2025; year-to-date free cash flow was €(98) million.

  • Parcels revenue reached €581 million, up €6 million year-over-year, with a 1% volume growth.

  • Mail revenue was €289 million, flat year-over-year, with a 5% volume decline; normalised EBIT at €(23) million.

Outlook and guidance

  • FY 2025 outlook reiterated: normalised EBIT expected in line with 2024 (€53 million); free cash flow guidance between €(10) million and €(50) million.

  • Dividend payment intention for 2025 is maintained, with a 70-90% payout ratio.

  • Q4 is expected to see a larger impact from price increases and significant performance.

  • Capex for 2025 projected to exceed 2024 due to strategic investments (~€15 million).

  • Break-even for mail segment not expected before 2028.

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Frequently asked questions

PostNL N.V. provides postal and logistics services to businesses and consumers in the Netherlands, rest of Europe, and internationally. It offers letter mail and parcel services; express delivery services; and end-to-end fulfillment solutions for e-commerce customers, as well as business-to-business shipping services. The company also provides fulfillment solutions consisting of pick and pack, order processing, warehousing, reverse logistics, contact center support, value added services, and return management; courier express parcel services using pickup and delivery points in the Benelux; domestic prepaid envelopes; and direct marketing services comprising market research techniques, data analysis tools, and mailing strategies.

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