Unless otherwise stated, the figures in brackets refer to the corresponding period in the previous year.
January–March
Financial highlights
Net sales grew by 1.8% to EUR 391.1 (384.3) million.
Adjusted EBITDA decreased to EUR 36.5 (44.6) million, or 9.3% (11.6%) of net sales.
EBITDA decreased to EUR 34.4 (44.6) million, or 8.8% (11.6%) of net sales.
Adjusted operating result decreased to EUR 6.6 (14.8) million, representing 1.7% (3.9%) of net sales.
Operating result decreased to EUR 4.4 (14.9) million, representing 1.1% (3.9%) of net sales.
Net debt to adjusted EBITDA was 1.4x (1.2x).
Operational highlights
The war in Ukraine has no direct effect on Posti’s financial position. Posti has no operations in Russia, Belarus, or Ukraine. Russia’s invasion of Ukraine affects Posti through market situation and business environment.
The difficult operating environment affected Posti Group in the first quarter of 2022. The war in Ukraine has increased energy prices and accelerated inflation further. The war impacts consumers’ behavior resulting in lower consumption of goods which reduced parcel volume growth. Due to the COVID-19 pandemic, absences continued, requiring overtime hours and use of additional temporary workforce.
In January-March, total parcel volume in Finland and the Baltic countries remained at last year’s level.
The number of addressed letters continued to decline and decreased by 7% (14%) in Finland.
The share of mail items covered by the universal service obligation accounted for 2.5% (3.1%) of all Posti’s mail items delivered.
The combined external net sales of eCommerce and Delivery Services, and Fulfillment and Logistics Services represented 62.5% (59.9%) of the Group’s net sales.
On January 17, Posti announced that it had signed an agreement with the owners of the Swedish logistics company Veddestagruppen, under which Posti Group acquired the entire share capital of Veddestagruppen AB. The acquisition was completed on January 31. Veddestagruppen is integrated with Posti Group’s Swedish subsidiary Aditro Logistics.
Posti has changed its segment reporting to align with the company strategy and organizational structure and to improve visibility on performance and results. As of January 1, 2022, Posti has three reportable segments: eCommerce and Delivery Services, Fulfillment and Logistics Services and Postal Services. Comparison period 2021 has been restated accordingly.
Outlook for 2022
Posti’s outlook for 2022 remains unchanged. In 2022, Posti is expecting its net sales to remain at the previous year’s level. The Group’s adjusted EBITDA in 2022 is expected to decrease from the previous year. In 2021, Posti’s net sales from continuing operations were EUR 1,595.0 million and adjusted EBITDA was EUR 181.6 million.
The potential continuing inflation and the increase in interest rates may impact consumer demand. The changes in consumer behavior affect Posti's business and could impact our actual results.
The Group’s business is characterized by seasonality. The net sales and operating result in the segments are not accrued evenly over the year. In consumer parcels and Postal Services, the first and fourth quarters are typically strong, while the second and third quarters are weaker. The postal service volume decline is expected to continue.