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Postnord (PN) investor relations material
Postnord Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Income improved in Q2 2025, driven by 11% parcel volume growth and cost-saving initiatives, despite an 8% decline in net sales due to falling mail volumes and a more focused logistics business.
Operating income rebounded to SEK 262 million from a loss of SEK 463 million in Q2 2024, aided by the absence of last year's impairment charges and ongoing restructuring.
Adjusted EBIT rose to SEK 291 million, with a margin of 3.3%, reflecting operational improvements and restructuring in Denmark.
Organizational adaptation underway as Denmark mail operations phase out by 2026; Swedish mail business adapting to regulatory changes and declining volumes.
Net zero emissions target for 2040 adopted; SEK 750 million green bond issued for climate transition investments.
Financial highlights
Net sales were SEK 8,843 million in Q2 2025, down 8% year-over-year; H1 2025 net sales: SEK 17,848 million (down 6%).
Operating income (EBIT) reached SEK 262 million, up from -463 million in Q2 2024; H1 EBIT: SEK 451 million (H1 2024: -336 million).
Adjusted EBIT was SEK 291 million, up from SEK 205 million year-over-year; H1: SEK 566 million (H1 2024: 359 million).
Net profit for Q2 was SEK 166 million, compared to -549 million last year; H1: SEK 310 million (H1 2024: -462 million).
Cash flow from operating activities increased to SEK 863 million in Q2 (Q2 2024: 541 million); H1: SEK 1,600 million (H1 2024: 785 million).
Outlook and guidance
Parcel market expected to continue attractive growth, with focus on cost leadership and climate transition investments.
Ongoing adaptation in Swedish mail to ensure profitability and nationwide service; restructuring in Denmark with mail operations ending by 2026.
Targeting a 40% reduction in carbon emissions by 2025 (from 2020 baseline) and net zero by 2040.
Market competition remains intense, with price pressure in parcels and logistics.
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