PostNL (PNL) Q3 2025 earnings summary

Executive summary

• Q3 2025 results were in line with expectations, with revenue rising to €762 million from €756 million in Q3 2024 and the launch of the Breakthrough 2028 strategy focused on growth, value, innovation, and sustainability.

• Parcel volumes grew 1.0%, driven by international customers, while mail volumes declined 5.0% due to ongoing substitution and election-related mailings.

• Cost savings targets were met: €9 million in Parcels and €10 million in Mail in the Netherlands, with emission-free last-mile delivery increasing to 33%.

• Normalised EBIT was negative at €(21) million, reflecting ongoing structural challenges in mail.

• The company reiterated its 2025 outlook and remains committed to a sustainable, future-proof postal service.

Financial highlights

• Q3 2025 revenue was €762 million, up from €756 million in Q3 2024; year-to-date revenue reached €2,351 million.

• Normalised EBIT for Q3 2025 was €(21) million, compared to €(18) million in Q3 2024; YTD normalised EBIT was €(26) million.

• Free cash flow for Q3 2025 was €(18) million, improved from €(68) million in Q3 2024; YTD free cash flow was €(98) million.

• Normalised comprehensive income for Q3 2025 was €(23) million.

Outlook and guidance

• FY 2025 outlook reiterated: normalised EBIT expected in line with 2024 (€53 million); free cash flow guidance between €(10) million and €(50) million.

• CapEx for 2025 projected to exceed 2024 due to strategic investments (~€15 million).

• Dividend intention maintained, with a 70-90% payout ratio aligned to business performance.

• Anticipated improvement in performance and progress toward a future-proof postal service.