Postnord (PN) Q3 2025 earnings summary

Executive summary

• Income and operating results improved in Q3 2025 due to effective cost control and strong parcel business growth, despite a challenging environment and declining mail volumes.

• Danish mail business profitability declined sharply due to wind-down and restructuring costs, while Swedish mail operations continued to adapt.

• Sustainability initiatives advanced, including a 29% reduction in carbon emissions and rollout of heavy electric trucks.

Financial highlights

• Net sales for Q3 2025 were SEK 8,473 million, down from SEK 8,570 million year-over-year, a 2% decrease in fixed currency for like-for-like units.

• Operating income (EBIT) was SEK 106 million (up from SEK 86 million), with adjusted EBIT at SEK 166 million (up from SEK 104 million); operating margin improved to 1.3%, adjusted margin to 2.0%.

• Parcel volumes increased by 18%, while mail volumes decreased by 12% year-over-year.

• Net profit for Q3 was SEK 51 million, compared to SEK 67 million in Q3 2024.

• For Jan–Sep 2025: net sales SEK 26,321 million (down 5%), operating income SEK 557 million (up from -249 million), adjusted EBIT SEK 732 million (up from 463 million), earnings per share SEK 0.18 (up from -0.20).

Outlook and guidance

• Parcel market expected to continue attractive growth, but competition and price pressure remain high.

• Ongoing adaptation and restructuring in mail operations, especially in Denmark and Sweden, with Denmark to end mail deliveries by 2026.

• Awaiting regulatory changes in Sweden to support a sustainable postal service.