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, here for everyone, bringing it all together for 225 years. With an extensive network of nearly 5,800 PostNL points, 11,000 letterboxes, and over 900 automated, also open to various carriers, along with millions of users of the PostNL app, we're always close by. We aim to be everyone's favourite deliverer by making it as easy as possible to send and receive parcels and mail. With nearly 34,000 colleagues working with us, we are part of society. We offer a range of services, including mail and parcel delivery, logistic e-commerce solutions, and cross-border solutions. On an average weekday in the Benelux, we deliver 1.1 million parcels and 6.9 million letters. We are commitment to customer satisfaction, providing opportunities for our employees, and generating value for our stakeholders through growth, digitalisation, and sustainability.
We optimise and support our physical networks through the use of smart digital solutions and introduce new propositions that add value for our customers. And aim for sustainable employment relationships by being a good employer to all people working with and for us. We focus on sustainability, making many journeys on foot and by bicycle, increasingly using cleaner fuels and electric vehicles, and offering innovative city logistics. PostNL N.V. is a publicly traded company with a turnover of €3.2 billion in 2023, 62% of which e-commerce related.