Postnord (PN) Q3 2024 earnings summary

Executive summary

• Achieved improved results for the fourth consecutive quarter, driven by parcel business growth, price adjustments, and efficiency programs, despite lower mail volumes.

• Net sales for Q3 2024 were SEK 8,570 million, down 5% year-over-year in fixed currency for like-for-like units, mainly due to declining mail volumes and a more focused logistics business.

• Parcel volumes increased by 1% while mail volumes dropped by 18% in the quarter.

• The company is advancing its climate transition, aiming for fossil-free operations by 2030 and has joined the Climate Pledge.

Financial highlights

• Net sales for Q3 2024 were SEK 8,570 million, down from SEK 9,149 million in Q3 2023.

• Operating income (EBIT) reached SEK 86 million, up from SEK -6 million in Q3 2023; adjusted EBIT was SEK 104 million.

• Net profit for the period was SEK 67 million, compared to a loss of SEK 38 million a year earlier.

• Cash flow from operating activities improved to SEK 1,142 million from SEK 504 million.

• Net debt ratio (excluding lease liabilities): -18% (Q3 2023: -40%).

Outlook and guidance

• Ongoing improvement programs are expected to continue yielding results, with a focus on adapting to lower mail volumes and driving parcel growth.

• Continued focus on parcel business expansion and efficiency improvements.

• Regulatory relief is sought to maintain a profitable nationwide mail business.