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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.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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