PostNL reports normalised EBIT of €(20) million for Q3 2022
The Hague, the Netherlands
PDF press release (EN)
PDF persbericht (NL)
Financial highlights Q3 2022
| In € million | Q3 2021 | Q3 2022 | % Change | YTD 2021 | YTD 2022 | % Change |
| Revenue | 729 | 709 | -3% | 2,530 | 2,261 | -11% |
| Normalised EBIT | 23 | (20) | 216 | 23 | -89% | |
| assumed to be non-recurring and related to Covid-19 | 5 | 1 | 74 | 2 | ||
| Free cash flow | 10 | (49) | 223 | (39) | ||
| Normalised comprehensive income | 27 | (3) | 196 | 50 | -75% |
Key takeaways Q3 2022
- High inflation and low consumer confidence put pressure on consumer spending and growth expectations for e-commerce, and impact cost levels significantly
- Domestic volume growth at Parcels around 1%; overall volumes -1.1%, driven by decline in cross-border activities
- Volumes at Mail in the Netherlands -9.3% in line with expectations
- Free cash flow performance reflects step-down in normalised EBIT and phasing in working capital
- 23% improvement in carbon efficiency since end of 2021
CEO statement
Herna Verhagen, CEO of PostNL, said: "The macroeconomic environment has deteriorated and is causing further headwinds. The unprecedentedly high level of inflation puts further pressure on labour costs. In combination with low consumer confidence it has clearly impacted consumer spending. Retail shops as well as webshops are now signalling that their stocks are growing. We expect these headwinds to continue in the quarters to come, causing prolonged uncertainty.
"We are continuing to adjust our network capacity to volumes within the limits of the tight labour market, so as to maintain the necessary flexibility for our peak season and to safeguard customer and consumer service levels. As usual, we are prepared for a busy season with volumes at Parcels expected to be more or less in line with last year. On peak days, we are ready to deliver twice as many parcels than on a normal day. And of course we also expect to deliver a large number of seasonal greetings. Q4 will be the strongest quarter of the year and the key driver for our full year performance.
"Securing the company’s robust financial position is key for us in this challenging environment. We are taking all necessary measures to mitigate the impact from cost increases and a softer than anticipated volume development. Moreover, we are adjusting investments to align with volumes and manage working capital strictly."
About PostNL
We are PostNL, the mail and logistics solutions provider for all. With our mail and parcel deliverers who get everywhere, our over 4,800 PostNL locations and 11,000 postboxes, we are always nearby. We aim to be our customers’ favourite deliverer by making it as easy as possible for them to send and receive parcels and letters. Our over 37,000 people are right at the heart of society. On weekdays, we deliver an average 1.2 million parcels and 8 million letters across the Benelux region. Our focus is on quality for our customers, creating opportunities for our people and adding value for our stakeholders through growth, digitalisation and sustainability initiatives.
We optimise and support our physical networks by using smart digital solutions and launching new propositions that create value for our customers. We build long-lasting working relationships by acting as a good employer and client for everyone who works for and with us. To make our deliveries as sustainable as possible, we cover a lot of kilometres on foot or by bicycle or e-bike, provide innovative city logistics, use cleaner fuels, and use electric vans and light electric trucks. PostNL NV is a listed company with revenues of €3.5 billion in 2021. We provide deliveries of mail and parcels, logistics solutions for e-commerce, and cross-border solutions.