Strong earnings performance continues with normalised EBIT at €130 million and free cash flow of €159 million in Q1 2021
Outlook FY 2021 normalised EBIT at least €250 million, free cash flow above €225 million
The Hague, the Netherlands
Press release (EN)
Persbericht (NL)
Financial highlights
| in € million | Q1 2020 | Q1 2021 |
| Revenue | 701 | 962 |
| Normalised EBIT
assumed to be non-recurring and related to Covid-19 | 15 | 130
42* |
| Free cashflow | 5 | 159 |
| Normalised comprehensive income | 30 | 112 |
Highlights Q1 2021
- Strong operational performance at Parcels continued with 108 million parcels delivered (+61.6%), partly non-recurring due to lockdown
- Strong result at Mail in the Netherlands partly based on non-recurring mail items relating to Covid-19 and favourable development in price/mix
CEO statement
Herna Verhagen, CEO of PostNL, said: “We had a very good start of the year and continued the momentum that we’ve seen since the second quarter of last year. These results have been achieved thanks to strong teamwork and good cooperation between the businesses. The health and safety of our people, customers and consumers remains our key priority.
“Once again, we proved our collective resilience and flexibility during ongoing unprecedented circumstances. We delivered a record 108 million parcels in one quarter. Performance at Mail in the Netherlands was strong, although the underlying volume decline due to substitution continued. Normalised EBIT came in at €130 million. Taking into account the lockdown situation, and other Covid-19 effects, we assume around €42 million of this result is non-recurring. The acceleration of our digital transformation, aimed at strengthening our competitive position by building on our platform, is progressing well, and we intend to further speed up our investments.
“Based on the strong performance in the first quarter, we raised our outlook for 2021 on 26 April, with normalised EBIT now forecast to be at least €250 million and free cash flow to come in above €225 million. Going forward, visibility remains limited. The exact consequences of changes in the lockdown, such as the reopening of non-essential stores in the Netherlands as of 28 April, are difficult to predict.”
About PostNL
We are PostNL, the mail and logistics solutions provider for all. With our mail and parcel deliverers who get everywhere, our 5,500 PostNL locations, 11.000 mail boxes and 517 automated parcel lockers, 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 35,000 people are right at the heart of society. On weekdays, we deliver an average 1.1 million parcels and 7.4 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 €3.1 billion in 2022, 61% of this derived from e-commerce. We provide deliveries of mail and parcels, logistics solutions for e-commerce, and cross-border solutions.