Posti Group (POSTI) Q2 2026 earnings summary

Executive summary

• Net sales grew by 1.6% year-over-year in Q2 2026 to EUR 362.0 million, driven by strong e-commerce and delivery services performance and new customer wins.

• Adjusted EBIT improved to EUR 12.5 million (3.4% margin), mainly from growth businesses.

• Parcel volumes increased by 12%, while addressed mail volumes declined by 24% due to digitalization and government initiatives.

• Growth businesses now represent over 67% of group sales, with traditional postal services at 33%.

• Free cash flow improved significantly, supported by better working capital management and reduced investments.

Financial highlights

• Q2 2026 net sales: EUR 362.0 million (+1.6% YoY); adjusted EBITDA: EUR 43.9 million (12.1% margin); adjusted EBIT: EUR 12.5 million (3.4% margin); reported EBIT: EUR 9.6 million (2.7% margin) impacted by special items.

• Result for H1 2026: EUR 8.8 million, up from EUR 3.5 million in H1 2025; EPS: EUR 0.22.

• Cash flow from operating activities: EUR 65.8 million, up EUR 35.7 million year-over-year.

• Operating free cash flow improved by EUR 62 million year-to-date.

• Net debt to adjusted EBITDA ratio at 1.1 (financial net debt/adjusted EBITDA 1.1x; total net debt/adjusted EBITDA 2.6x).

Outlook and guidance

• Full-year 2026 net sales expected between EUR 1.4 billion and EUR 1.5 billion; adjusted EBIT guidance maintained at EUR 63–79 million.

• Mid-term targets: at least 2% average organic net sales growth, over 5% adjusted EBIT growth, net debt/adjusted EBITDA below 2.5x, and a dividend payout ratio of at least 60%.

• Similar positive trends in e-commerce and delivery services expected to continue in Q3.

• Rapid decline in addressed mail volumes anticipated to persist in the second half due to digitalization.

• Astra renewal program to deliver single-digit million euro savings in H2, with EUR 40 million in cost efficiencies targeted by 2029.