In Q1-23 Mail, Parcel & Distribution segment revenues were resilient (-0.9% y/y to €893m). Mail revenues in Q1 grew 1.9% y/y to €520m, supported by favorable product mix and repricing actions. Lower margin unrecorded mail decline was compensated by higher value-added recorded mail and integrated services such as notifications from public administration services.
Parcel revenues were stable (+0.1% y/y to €333m in Q1-23), with higher B2C volumes, up 9.8% y/y to 45m items. The average tariff was down due to volumes’ mix effect, with stable B2C tariffs. Distribution revenues in Q1 were up 9.0% y/y to €1,382m, mirroring the positive performance of Financial Services business.
Segment EBIT grew by 57.7% y/y totaling €88m in Q1-23, thanks to higher distribution fees in a challenging market environment.