Postnord (PN) Q1 2026 earnings summary

Executive summary

• Net sales declined by 3% year-over-year to SEK 8,811 million, mainly due to the closure of the national mail business in Denmark and ongoing mail volume declines in Sweden.

• Parcel volumes grew 12% year-over-year, offsetting some mail decline, with business-to-consumer parcels up 14%.

• Operating income (EBIT) was SEK 138 million, down from SEK 189 million, with an operating margin of 1.6% (down from 2.1%).

• Adjusted EBIT was SEK 138 million (down from SEK 274 million), with an adjusted margin of 1.6% (down from 3.0%).

• Net profit for the period was SEK 51 million, compared to SEK 144 million in Q1 2025.

Financial highlights

• Cash flow from operating activities increased to SEK 903 million from SEK 737 million year-over-year.

• Net debt/EBITDA improved to 1.0x from 1.4x, with net debt stable at SEK 3,368 million.

• Return on capital employed (ROCE) rose to 5.9% from 1.3% year-over-year.

• Financial preparedness increased to SEK 8,380 million, including SEK 6,380 million in cash.

• Earnings per share was SEK 0.03, down from SEK 0.07.

Outlook and guidance

• Focus remains on growing parcel volumes, adapting the mail business, and ensuring profitability across all segments.

• Awaiting regulatory decisions in Sweden to support a self-financed mail business.

• Continued investment in climate transition, aiming for fossil-free operations by 2030 and net zero by 2040.

• Emphasis on sustainability and operational improvements.