Postnord (PN) Q4 2025 earnings summary

Executive summary

• Income was negatively impacted by declining mail volumes and costs from winding down the Danish mail business, while parcel business growth and improvement programs supported profitability and growth.

• Net sales for Q4 2025 were SEK 9,924 million, down 1% year-over-year in fixed currency for like-for-like units.

• Operating income (EBIT) for Q4 was SEK 284 million (2.9% margin), and SEK 841 million (2.3% margin) for the year.

• Parcel volumes grew 11% in Q4, while mail volumes declined 12%.

• Ongoing adaptation of Swedish mail operations and closure of the Danish mail business are underway.

Financial highlights

• Q4 2025 net sales were SEK 9,924 million, down from SEK 10,018 million year-over-year.

• Operating income (EBIT) was SEK 284 million, compared to SEK 385 million in Q4 2024.

• Adjusted operating income was SEK 237 million, down from SEK 498 million.

• Net profit for the period was SEK 172 million, compared to SEK 306 million in Q4 2024.

• Cash flow from operating activities increased to SEK 1,533 million from SEK 1,422 million.

Outlook and guidance

• The parcel market is expected to remain attractive, but intense competition and price pressure are anticipated.

• Ongoing restructuring and adaptation efforts, especially in Denmark and Sweden, are expected to continue.

• Regulatory changes in Sweden may impact mail delivery timelines and profitability.

• No dividend is proposed for the 2025 financial year.