In Q2, the Mail, Parcel & Distribution segment recorded a revenue growth of 10.9%, reaching €1.0bn compared to €0.9bn in the previous year (+5.0% year-on-year to €1.9bn in H1-23). This growth was supported by a non-cash capital gain amounting to €109m, derived from an M&A transaction leading to an increase in the holding of sennder Tech.
Revenues
Resilient Mail revenues in the second quarter of 2023 came to €513 million, -0.6% compared to €516 million of the previous year (+0.6% y/y to €1.0bn in H1-23), supported by repricing actions and the improved product mix, mitigating volume decline. Parcel revenues came to €326m in the second quarter of 2023, 1.3% below the previous year’s level of €330m which benefitted from the PPE delivery contract, and were resilient in the first six months of the year (-0.6% y/y to €659m) thanks to Parcel volume growth supported by e-commerce. Parcel average tariffs were down 2.3% in the second quarter, and up 0.4% in the first six months of the year.
In Q2 B2C volumes were up 9.2% y/y to 44m items (+9.5% y/y to 89m items), with tariffs impacted by a mix effect. Other revenues in Q2 climbed to €163m from a previous year’s level of €57m (+76.7% y/y to €203m in H1-23), benefitting for €109m from sennder non-cash capital gain. Distribution revenues in Q2 were up 5.0% y/y to €1.3bn (+7.0% y/y to €2.7bn), mirroring the positive performance of Financial Services business.
Segment EBIT improving considerably (+83.9%) in Q2-23 to €159m, in an inflationary environment, from €87m in Q2-22, H1-23 EBIT up 73.6% y/y to €247m. Parcel tariffs adjusted for COVID-19 related contract for PPE delivery.
