PostNL (PNL) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 1.5% year-over-year to €807 million, but normalised EBIT declined to €11 million from €18 million.

• Parcels segment saw 2.8% revenue and 2.2% volume growth, driven by international customers and positive price mix, but with increased client concentration and slight market share loss.

• Mail in the Netherlands experienced an 8.3% volume decline and a €40 million goodwill impairment due to regulatory uncertainty and rejected government compensation.

• Free cash flow was negative at €47 million in Q2 2025, reflecting phasing effects, cost pressures, and lower EBIT.

• No interim dividend will be distributed due to ongoing regulatory and financial uncertainty, but intention to pay a full-year dividend remains, subject to financial and regulatory clarity.

Financial highlights

• Q2 2025 revenue: €807 million (Q2 2024: €795 million); HY 2025 revenue: €1,589 million (HY 2024: €1,560 million).

• Normalised EBIT Q2 2025: €11 million (Q2 2024: €18 million); HY 2025: €(5) million (HY 2024: €9 million).

• Free cash flow Q2 2025: €(47) million (Q2 2024: €(19) million); HY 2025: €(80) million (HY 2024: €(26) million).

• Adjusted net debt increased to €562 million at 28 June 2025 (31 Dec 2024: €474 million).

• Profit for HY 2025: €(41) million (HY 2024: €(9) million); consolidated equity fell to €151 million.

Outlook and guidance

• 2025 normalised EBIT expected in line with 2024 (€53 million); free cash flow outlook for 2025 is €(10) million to €(50) million.

• Capex for 2025 projected to exceed 2024 due to additional strategic investments.

• Dividend for 2025 remains intended, contingent on being properly financed and regulatory clarity.

• Challenging and volatile external environment acknowledged, with client concentration trends difficult to predict.

• Election mail in Q4 not expected to materially impact outlook.