Translation: Original published in Finnish on 10/29/2026 at 09:25 am EET

Source: Inderes & Vara Research (consensus)

Posti's top-line development was in line with expectations, but the operational result beat expectations to the upside, particularly in parcel delivery services. The company reiterated its guidance nd outlook for 2026. In our view, the midpoint of the guidance appears slightly cautious following the strong Q2-Q3 period. Overall, the report does not cause significant revision pressure on our estimates for the coming years.

Top-line development was in line with expectations

Posti's Q3 revenue grew by 2% year-on-year, amounting to 352 MEUR (Q3'25: 344 MEUR). The outcome was roughly in line with forecasts (Inderes 356 MEUR and consensus 350 MEUR). eCommerce and Delivery Services revenue increased by as much as 11%, driven by volume growth. Posti's parcel volumes rose by 14%, and we estimate that growth was broad-based. In Fulfillment and Logistics Services, revenue growth strengthened to 3%. In Finland, revenue decreased by one percent, while sales in Sweden increased by as much as 11%. In our view, growth in Sweden is a solid achievement in a market that remains challenging and price-competitive. We estimate that sales in Finland were weighed on by the same factors as in the early part of the year, meaning the loss of one major customer could not be offset by smaller new customer accounts. In Postal Services, volumes continued to decrease (26%) and revenue weakened by 9%. Price increases cushioned the impact of the volume decline. Volume decline was further driven by the digital transition in official communications, in addition to the structural decline in letter and magazine volumes.

Parcel growth scaled into earnings more strongly than expected

Posti's adjusted EBIT in Q3 increased from the comparison period to 20 MEUR (Q3'25: 17 MEUR), which corresponds with good profitability of 5.7%. Earnings beat estimates (Inderes 18 MEUR and consensus 19 MEUR). The earnings of eCommerce and Delivery Services were at a very strong level of 15 MEUR (Q3'25: 7.5 MEUR), which we estimate was driven by the scaling of volume growth and an improved sales mix in high-margin freight as well as B2B and B2C parcels. Fulfillment and Logistics Services generated a result of 0.4 MEUR, which is roughly on par with the comparison period. Segment profitability continues to be weighed on by low utilization rates and fierce price competition. In Postal Services, earnings deteriorated and were 8 MEUR. We expected earnings to be on a par with the comparison period, so a larger-than-expected decrease in revenue is likely behind the miss. The group's adjusted EPS was EUR 0.28, which is clearly higher than the comparison period (EUR 0.25) and estimates (EUR 0.25), driven by operational earnings growth. The company stated that the effects of the Astra renewal program were already visible in Q3, but we did not identify a clear positive earnings impact enabled by this, particularly in Postal Services.

Guidance was reiterated and the outlook remains unchanged

Posti reiterated its guidance for 2026, indicating revenue of 1,400–1,500 MEUR (2025: 1,448 MEUR) and adjusted EBIT of 63–79 MEUR (2025: 69 MEUR). Our pre-report estimates were for revenue of 1,474 MEUR (consensus 1,462 MEUR) and adjusted EBIT of 63-73 MEUR (2025: 70 MEUR). Based on the actual figures from earlier in the year, reaching the guidance requires an adjusted EBIT of 24 MEUR to reach the lower limit and 40 MEUR for the upper limit in Q4 (Q4'26e: 36 MEUR). Our pre-report estimate for Q4 is 36 MEUR, so the guidance appears to be on a solid footing. If the cost savings of the Astra program begin to take effect more clearly in Q4, we see a possibility for a positive earnings revision from Posti. Our preliminary assessment is that there is no significant pressure to revise our estimates for the coming years.