La Poste Groupe 2024 results
Meeting today under the chairmanship of Philippe Wahl, the Board of Directors of La Poste approved the group’s consolidated financial statements for the year 2024. On this occasion, La Poste, a mission-led company, also presented its non-financial performance
The year of 2024 by Philippe Wahl, Chairman and Chief Executive Officer of La Poste Groupe
La Poste Groupe saw an upward trend in its results in 2024, with revenue coming in at €34.6 billion and net profit advancing to €1.4 billion. These results are the outcome of our diversification strategy and are also due to the dedicated daily work of all of our people. That is why every La Poste Groupe employee will be receiving a higher profit-sharing bonus this year.
Together, we have transformed La Poste.
Mail now accounts for 15.8% of our overall revenue, compared with 52% in 2010. Despite fiercer competition, business volumes for Colissimo and Geopost increased in 2024, with parcel deliveries now accounting for 53% of our revenue compared with 23% in 2010.
In parallel, our bancassurance model has futureproofed La Banque Postale's performance and given CNP Assurances a dedicated distribution network. La Banque Postale/ CNP Assurances both recorded an increase in their results, buoyed by strong sales momentum in the postal network.
Revenue from new local services rose 10.6% in 2024, coming in at €889 million.
And in digital services, Docaposte’s revenue amounted to €880 million.
Lastly, 2024 saw the successful completion of the sale of La Poste Telecom, which contributed €500 million to net profit, while forging a partnership enabling us to carry on marketing La Poste Mobile plans in our postal network.
During the year, we continued to fulfil our four public service missions which benefit everyone in France, despite the fact that the insufficient compensation we receive for these services weighs on our results and our investment capacity.
As a mission-led company, upholding our environmental and social pledges is primordial. In 2024, faced with the crisis in the printed advertising sector, we took the decision to transfer some 4,100 Mediaposte employees into other group entities. In tandem we continued to decarbonise our activities by reducing our greenhouse gas emissions by 6.8%, in line with our “net zero by 2040” pathway. These steps are also our way of acting for society, acclaimed by the world's major non-financial rating agencies such as CDP, EcoVadis and Moody's which have placed us among the world's leaders for ESG.
La Poste Groupe's mission is to be a committed, profitable and responsible group, and going forward it intends to pursue its growth trajectory, backed by its shareholders – Caisse des Dépôts and the French State – for the benefit of society as a whole.
Financial performance
Revenue¹: €34.6bn
• up 1.5% vs 2023
• up 1.6% vs 2023 at constant scope and exchange rates (like for like)
Operating profit²:
• €2,950m, up €1,270m vs 2023
• €2,520m excl. material non-recurring items (, up €266m like for like vs 2023
Attributable net profit:
• €1,410m, up €896m vs 2023
• €1,153m excl. material non-recurring items (, up €26m like for like vs 2023
Free cash flow³: €1,124m ( vs €(437)m in 2023
CapEx (excluding LBP): €911m⁴ vs €2,065m in 2023
Attributable equity: €23.4bn vs €22.4bn at 31/12/2023
Net debt³: €10.6bn vs €12.0bn at 31/12/2023
Net debt/adjusted EBITDA3: 3.8 vs 6.2 at 31/12/2023
Non-financial performance⁵
Environmental performance
6.8% reduction in GHG emissions⁶ i.e., a 306,768 tCO2eq. reduction vs 2023
GHG emissions per parcel: down 7.7% 137,500 tCO2eq. saved
Proportion of green CapEx⁷: 53% i.e., more than one out of every two euros invested
Responsible investment portfolio⁸: €390 billion up 10% vs 2022
LBP’s regulatory green asset ratio: 5.7% up 20 bps vs end-2023
Social responsibility performance
Number of jobs supported (direct, indirect and induced)⁹: 426,000 (1.5% of jobs in France)
Percentage of employees with disabilities¹⁰: 9.76% vs 9.33% at 31/12/2023
Proportion of socially responsible lending¹¹ out of LBP’s total loan origination: 32%, up 4 pts vs 2023
¹ Throughout the press release, “revenue” refers to all of the group’s top line earnings, comprising revenue from industrial and commercial activities plus La Banque Postale’s net banking income (NBI), which in turn includes NBI from CNP Assurances.Operating profits and losses for the group and business lines are presented after the share in net profit/(loss) of jointly-controlled companies throughout this press release.
² Operating profits and losses for the group and business lines are presented after the share in net profit/(loss) of jointly-controlled companies throughout this press release.
³ Definition presented in Appendix 2 to this document.
⁴ Internal CapEx excluding disposals and external growth spending including disposals. In 2024, internal CapEx excluding disposals represented a net cash outflow of €1,251m, and external growth spending including disposals corresponded to a net cash inflow of €341m, mainly due to the sale of La Poste Telecom.
⁵ The verification of the sustainability statement is in progress.
⁶ Calculated on a group basis for all SBTI categories: direct emissions under Scopes 1 and 2 and indirect emissions under Scope 3, categories 3.1 (purchased goods and services), 3.3, 3.4 (upstream transportation and distribution) and 3.7 (employee commuting).
⁷ Proportion of EU Green Taxonomy-eligible CapEx classified as Taxonomy-aligned for industrial and commercial scopes.
⁸ Scope: La Banque Postale, CNP Assurances and LBP AM.
⁹ Scope: group in France.
¹⁰ Scope: La Poste SA.
¹¹ Lending to individuals, businesses and institutional investors for energy transition efforts and social and regional projects.
Significant events in 2024
2024 was marked by a difficult macroeconomic environment, despite cooling inflation and the beginning of interest rate cuts. Against this backdrop:
The structural decline in Mail volumes continued (down 8.2% to 5,618 million letters delivered vs 6,116 million in 2023).
Overall volumes of Parcel deliveries rose 2.7% year on year to 2,625 million from 2,554 million, led by increases for Geopost (up 2.3% to 2,138 million from 2,090 million) and Colissimo (up 4.9% to 487 million from 464 million), in highly competitive markets, with growth in out-of-home deliveries and e-commerce parcel deliveries from China weighing on margins in Europe
La Banque Postale's sales momentum is strong across all of its business lines, thanks in particular to greater synergies with the postal network. In retail banking, the number of multi-product sales and the number of customers increased. In addition, the restructuring of unprofitable businesses combined with the cost-savings plan resulted in a positive jaw effect.
The group continued to implement its 2030 strategic plan, by:
Others significant events
• The sale of La Poste Telecom³ to Bouygues Telecom in November 2024, enabling La Poste Groupe to reap the rewards of its successful diversification into the mobile telephony market (€500 million positive impact on attributable net profit) and to forge a long-term distribution partnership with the aim of building up a base of 3 million customers by 2030.
• €750m issue of deeply subordinated notes carried out in January 2025, with the proceeds used for a partial redemption of the deeply subordinated notes issued in 2018.
• Solid financial ratings: A by S&P Global and A+ by Fitch Ratings.
¹ A subsidiary of Chronopost, part of Geopost, launched in 2015.
² Subject to the customary conditions precedent, such as approval by the Brazilian competition authority.
³ This entity, which was 51%-owned by La Poste and 49%-owned by SFR, distributed mobile telephony products under the La Poste Mobile brand.
A socially and environmentally responsible group:
Top rankings for the group’s sustainability commitment and leadership (overall ESG performance)
- The most recent rating assigned to La Poste Groupe by Moody’s ESG once again places the group No. 1 worldwide out of 4,557 companies, all sectors combined.
- La Banque Postale (LBP) ranked the leading French bank by Sustainalytics.
- La Poste Groupe and La Banque Postale (including CNP Assurances) included in the prestigious Climate A List of the Carbon Disclosure Project (CDP) – the international gold standard for sustainability reporting. Less than 2% of the 25,000 companies assessed worldwide make it to the A List.
- CNP Assurances obtains a AAA rating with a score of 9.7/10 from MSCI and is ranked joint fifth worldwide in the Life & Health Insurance category;
- La Poste, La Banque Postale and La Banque Postale Consumer Finance were among the 110 companies certified as Top Employer 2024 in France.
- Geopost included in the FT-Statista 2025 Diversity Leaders ranking.
Outlook
Against a backdrop of gradually cooling inflation and the beginning of interest rate cuts, the global economy is projected to grow by 2.7% in 2025, overshadowed by geopolitical uncertainty and tensions in international trade relations. For France, the 2025 growth forecast has been lowered to 0.9%. Inflation in the eurozone is expected to stabilise at around 2%¹.
On the basis of its strategic plan – "La Poste 2030, committed for you” – the group is continuing down its profitable and responsible growth path both in France and internationally. In 2025 it will be focusing on the following priorities:
The group's aim is to enter a new phase in its transformation towards a self-sustaining postal model, that is committed, profitable and responsible, serving the public interest.