Published on February 29, 2024

La Poste Groupe 2023 results

In a difficult economic climate, La Poste Groupe reports resilient results thanks to its solid strategic model. High-quality non-financial performance.

Revenue up 2.4% to €34.1bn

Attributable net profit stands at €514m, and at €977m excluding material non-recurring items

5% reduction in GHG emissions in 2023

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 2023. On this occasion, La Poste, a mission-led company, also presented its non-financial performance.

The year of 2023 by Philippe Wahl, Chairman and Chief Executive Officer of La Poste Groupe

Today we are presenting our non-financial performance indicators for the first time. Our CSR leadership is a strong marker of our commitment to society, and our development in this area must be both profitable and responsible. Our group was a pioneer in reducing the carbon emissions of its operations, and is now aiming for "net zero emissions" by 2040, ten years ahead of the targets set in the Paris Agreement. In 2023, La Poste Groupe’s businesses faced a particularly difficult economic climate, having to cope with a number of shocks: high inflation, high interest rates weighing on our banking business, and a slowdown in consumer spending, which put the brakes on the boom in e-commerce and therefore on growth in the volume of parcels shipped, particularly internationally. Some of our subsidiaries' operations have encountered significant difficulties, and we have demonstrated our collective ability to tackle these with realism and determination, by identifying the problems, dealing with them, and solving them. La Poste Groupe managed to limit the impact of this adverse environment on its financial results, with revenue coming in at €34.1 billion and net profit totalling €514 million. This resilience of our activity and financial performance testifies to the solidity of La Poste's strategic model. This strategic model has undergone a transformation as mail now only accounts for 16% of our revenue. These results are the outcome of the dedicated work and achievements of all of our people, which is why every La Poste Groupe employee will be receiving a profit-sharing bonus. In 2023, parcels represented 53% of the group's revenue, with a mixed picture across our operating countries. Volumes continued to increase for Colissimo in France and for Geopost in Italy, France, Spain and Ireland. In financial services, thanks to its diversification into insurance, La Banque Postale saw an increase in its results. In local services (meal delivery, Log'issimo, energy performance certificates), diversification continued, with revenue topping €800 million. And in digital services, Docaposte’s revenue amounted to €955 million. La Poste Groupe also strengthened its historic business activities and public service missions with the signature of the new 2023-2027 public service agreement with the French State, and the sixth regional postal coverage agreement signed with the Association of French Mayors and the State. Backed by its shareholders – Caisse des Dépôts and the French State – La Poste Groupe is continuing to grow and change, so that it can make a positive impact on the transformational shifts currently taking place in society, with a view to supporting millions of customers, offering ever-more services, and being ever-more useful to everyone, everywhere.

Crédit / Légende :

copyright Mathilde de l'Écotais

Financial performance

  • Revenue¹ : €34.1bn

    up 2.4% vs 2022 restated for IFRS 17²

    up 1.7% vs 2022 restated for IFRS 17 at constant scope and exchange rates (like for like

  • •Operating profit³:

    €1,680m, up €1,055m vs 2022 restated for IFRS 17

    €2,134m excl. material non-recurring items (a), up €340m like for like vs 2022

  • •Attributable net profit:

    €514m, down €497m vs 2022 restated for IFRS 17

    €977m excl. material non-recurring items (b), down €51m like for like vs 2022

  • •Free cash flow⁴: €-437m

    vs €1,530m in 2022, which included €1,256m relating to a catch-up on dividends for previous years by La Banque Postale (LBP)

  • CapEx⁵ (excluding LBP): €2,065m

    vs €2,079m in 2022

  • Attributable equity: €22.4bn

    vs €21.4bn at 31/12/2022 restated for IFRS 17

  • Net debt4: €12.0bn

    vs €10.2bn at 31/12/2022

  • •Net debt/adjusted EBITDA4: 6.2

    vs 2.8 at 31/12/2022 restated for IFRS 17

(a) Excluding the impact of non material non-recurring items on operating profit (€1,169 million negative impact at 31 December 2022 and €454 million negative impact at 31 December 2023).

(b) Excluding the impact of material non-recurring items on attributable net profit (€74 million positive impact at 31 December 2022 and €463 million negative impact at 31 December 2023

Non-financial performance⁶

  • 5% reduction in GHG emissions from the group’s 2022 footprint, i.e. 123,280 tCO2eq.

  • GHG emissions intensity per parcel down 5% 81,600 tCO2eq. saved

  • Percentage of EU Green Taxonomy-aligned revenue from activities classified as eligible in the Taxonomy (industrial and commercial scope): 39%

    vs 33% at 31/12/2022

  • Percentage of EU Green Taxonomy-aligned CapEx related to activities classified as eligible in the Taxonomy (industrial and commercial scope): 50% Stable, with 1 out of every 2 euros invested

  • Percentage of employees with disabilities: 8.45% France's leading employer of people with disabilities, with a disability employment rate more than 2 points above the legal requirement

  • Jobs supported (direct and indirect): 444,000 i.e., 2% of jobs in France

  1. (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 (which in turn includes NBI from CNP Assurances

  2. (2)Throughout the press release, the comparative figures for the year ended 31 December 2022 have been restated by applying IFRS 17, in order to enable meaningful comparisons with the financial information for the year ended 31 December 2023, which was prepared after the effective date of application of IFRS 17. Details of the impacts of IFRS 17 on the group’s comparative financial information are provided in Appendix 1 to this press release

  3. (3)Operating profits and losses for the group and business lines are presented after the share in net profit/(loss) of jointlycontrolled companies throughout this press release

  4. (4)Definition presented in Appendix 3 to this document

  5. (5)Internal capex excluding disposals and external growth including disposals.

  6. (6)Provisional, unaudited non-financial data.

Significant events in 2023

2023 was marked by a high level of inflation, a slowdown in growth within Europe and the rest of the world, and high interest rates. Against this backdrop:

  • the structural decline in Mail volumes continued (down 9.2% on 2022)

  • overall volumes of Parcel deliveries remained stable year on year, decreasing just 0.1% to 2.6 billion, Geopost's volumes edged down by 0.6%, and Colissimo's volumes increased by a moderate 2.5%;

  • business at La Banque Postale was resilient in contrasting markets in France and abroad.

The group continued to implement its strategic plan, by

Since 1 January, La Poste has revisited its Mail range in order to respond to changing customer behaviours, reduce its carbon footprint and future-proof the universal postal service¹;

After receiving clearance from the European Commission, the new agreement on press delivery – entered into between the French State, press trade associations, Arcep and La Poste – came into force in January;

Signature of the 2023-2025 regional postal coverage agreement between La Poste, the French State and the Association of French Mayors.

Within logistics: To help meet the goals and challenges of the food and healthcare sectors, Chronopost now has the largest temperature-controlled network of all of France’s transportation carriers, having opened four new hubs in June. Chronofresh and Chronopost Healthcare are therefore seeking to double their volumes over the next five years; Signature of a memorandum of understanding with CMA CGM in June, aimed at harnessing both groups’ complementary supply chain strengths in the international market (outside France); Acquisition in February of Absolutely, a UK-based last-mile delivery specialist, by DPD UK; Announcement in May of the creation of DPD Argentina through a joint venture with TASA Logística, which operates in a large number of South American countries; A new milestone reached by Geopost in the expansion of its out-of-home delivery network, with the number of Pickup points in Europe reaching 100,000 in November in order to meet growing customer demand.

Within Bancassurance: CNP Assurances became a full-service insurer, with the formation of a dedicated hub bringing together all of the group’s insurance activities under the umbrella of CNP Assurances Holding, which is wholly owned by La Banque Postale; Continued expansion of CNP Assurances in Brazil, with the completion of acquisitions (purchase of (i) Caixa Seguridade’s stake in CNP Participaçôes and (ii) ICATU’s stake in CNP Capitalização S.A. – “CNP Cap”), raising its interests in these entities to 100%, and creation of the CNP Seguradora brand to market the entities’ products under an open model (i.e., via long-term partnerships, such as with Brazilian postal operator Correios); Strengthening of the asset management business, with the acquisition, completed in July, of Financière de l’Echiquier, one of France’s leading entrepreneurial asset management companies, and the extension of the partnership between La Banque Postale and Aegon Asset Management until 2035.

In digital services, through the acquisitions by Docaposte of Maincare (98%), a specialist in digital solutions for hospitals, Thiqa (80%), an expert in consulting, integration and operation of solutions in the field of digital trust, and Tekoway (100%), a web technology agency specialised in web and mobile applications and businessspecific tools and systems;

•In home healthcare and health data, through (i) the creation of La Poste Health & Autonomy in October, with the aim of becoming a partner of choice in local human services for home healthcare and for health data digital trust services, (ii) the acquisitions of a 70% interest in Weliom, a consultancy specialised in helping healthcare players achieve their digital transformations, and the entire capital of Axonal-Biostatem, a clinical research company;

•In digital trust, with Docaposte’s first sovereign generative AI solution launched in November, in partnership with French players LightOn, Aleia and Numspot

Disposal of Stuart (a provider of urgent urban delivery solutions) in November and discontinuation of Urby (provider of pooled deliveries in urban areas);

Project to discontinue Ma French Bank, a fully online bank, under consideration since December.

  1. (1)In December, the European Commission declared that the contribution paid by the French State to La Poste for the universal postal service is compatible with the internal market.

A socially engaged group:

High-quality ESG ratings, worldwide and all sectors combined

  • Rated joint second by Moody's ESG Solutions;

  • Rated in the Top 2% by EcoVadis;

  • CDP Leadership level, in the Top 6% of companies for our climate commitment

  • La Banque Postale ranked no.1 French bank and no. 3 worldwide by Sustainalytics in the “Diversified Banks” category

A pioneering carbon reduction policy that is delivering results

The group is upholding its pledge to reduce its GHG emissions: its first SBTi carbon emissions pathway validated in 2019 for its historical businesses in France (Mail, Parcels, Post Offices, Corporate), which targeted a 30% reduction between 2013 and 2025, was achieved and exceeded as of end-2023, two years ahead of schedule, with a reduction measured at 35%;

In February 2023, Geopost became the first global parcel delivery company to have its carbon emissions reduction targets approved by the SBTi¹;

On track in 2023 to meet this 90% reduction target within the general "net zero emissions” by 2040 target, which meant reducing our 2022 carbon footprint by 5%. This performance is being driven by the large-scale sustainability policy we are rolling out for our real estate portfolio, as well as by the steps taken to optimise our supply and delivery chains, introduce low-emission vehicles into our fleets (including 37,000 electric vehicles out of which 15,000 e-bikes) and reduce air freight in France;

Signature in June of a strategic partnership between La Poste Immobilier and EDF, leading to the creation of a joint venture (OGE) to step up the group’s switch to greener energy for its buildings The aim of this joint venture is to reduce the energy consumption of buildings by 20% and their GHG emissions by 35% by 2030 (from a baseline year of 2017);

Reinforcement of the group's climate strategy, supported by transition plans and an exhaustive inventory of our carbon footprint, which has been extended to the group’s entire value chain. Our 2023 footprint, measured at 5.6m tCO2eq., is being monitored as from 2024;

A leading position in terms of meeting the ambitious criteria set by the EU taxonomy²: The work we are undertaking to move to greener practices have placed us as one of the companies in France that is the most ahead in terms of the proportion of revenues and CapEx derived from/related to activities that are aligned with the EU Taxonomy’s list of activities that are deemed to substantially contribute towards achieving the Taxonomy’s six environmental objectives, in particular those relating to climate mitigation and climate adaptation. In 2023, our Taxonomy-aligned revenue increased by 6 points (industrial and commercial scope) and our Taxonomyaligned CapEx represented one out of every two euros spent.

  1. (1)Geopost has pledged to reduce by 43% its absolute Scope 1 and Scope 2 GHG emissions and absolute Scope 3 GHG emissions from fuel and energy-related activities, upstream transport and distribution and upstream leased assets by 2030, and its absolute Scopes 1, 2 and 3 GHG emissions by 90% by 2040 compared with the baseline year of 2020.

  2. (2)The aim of the EU Taxonomy – which forms part of the European Green Deal – is twofold: to encourage companies to assess where they are positioned in relation to the EU’s pathway towards a green economy, and at the same time to enable financial players to prioritise allocating their funding to projects, assets and counterparties that are recognised as making the greatest contribution to this pathway. The Taxonomy establishes a classification (taxonomy) of economic activities according to their level of contribution to the six environmental objectives defined by the EU (hence the widely known term, the "Green Taxonomy").

Helping to finance France’s environmental transformation:

La Banque Postale, a leading player in sustainable finance, is the first bank in the world to have committed to totally stop investing in the coal, oil and gas industries by 2030¹. La Banque Postale is the only bank to have developed an indicator that measures the impact of its activities on the environment, society and local regions. The Global Impact Index (GII), jointly created with WWF France, was introduced in 2023 and covers 64% of the bank's financing activities. This indicator has led to the launch of impact home loans – an innovative offering in France aimed at involving La Banque Postale customers in the “just transition” by encouraging them to favour real estate projects that have a positive impact on the environment, regional development and social inclusion or to renovate their current homes to make them more energy efficient;

By end-2023, CNP Assurances had invested €27.7 billion in the energy and environmental transition, with the aim of reaching €30 billion² by the end of 2025, compared with €10 billion at end-2018. This tripling of green investments in the space of seven years places CNP Assurances among France’s insurance companies that are the most committed to sustainability, and it is contributing to achieving the Caisse des Dépôts group’s objective of accelerating France’s environmental transformation over the coming years. CNP Assurances is drawing on its multi-partner and international model and is mobilising all of its subsidiaries to contribute to limiting global warming to 1.5°C.

  1. (1)Since these policies came into effect, the bank’s new exposures to players in these sectors correspond either to players that have drawn up a carbon reduction pathway that has been approved by the SBTi, or players for which La Banque Postale has solely financed renewable energy projects (solar power, wind power, etc.).

  2. (2)Green investments correspond to green bonds issued by national governments and corporations, buildings that have energy and/or environmental performance certifications, funds classified under Article 9 of the SFDR that have environmental sustainability objectives, infrastructure assets and unlisted companies (private equity) whose main business is related to the environment. Despite their growth, investments in the energy and environmental transition are still insufficient to meet the targets of the Paris Agreement. France’s Institut de l'Économie pour le Climat (I4CE) estimates that the additional private and public investment needed in France to move towards carbon neutrality is between €13 billion and €30 billion per year (source: 2022 edition of I4CE's climate finance overview).

A group that cares about its employees, develops their skills and is committed to people-oriented innovation and performance:

Equal pay for men and women has been achieved, with a pay gap of 0.2% in favour of women employed at La Poste SA (102,392 employees), thanks to an exemplary gender equality policy, and a composite gender equality index score of 94/100;

France's leading employer of people with disabilities, who make up 8.45% of the group’s workforce, i.e., more than 2.5 points above the legal requirement;

Nearly 90% of postal workers receive training each year and more than 1,500 were offered innovative career paths in 2023;

A responsible group that protects the health and safety of its employees and enhances their quality of life at work. Since 2019, the number of occupational accidents with time off has fallen by 3,409, or 41%.

The group is deeply committed to combating digital exclusion and identified, supported, trained and equipped 646,000 people in digital technologies in 2023, 36% more than in 2022, and is aiming to support, train and equip a total of 1 million by 2030.

others significant events in 2023

  • Signature in June of the 2023-2027 public service agreement between La Poste and the French State, thereby future-proofing the group’s four public service missions

  • Successful €1.5 billion bond issue in June, comprising a €650 million tranche and an €850 million tranche with respective maturities of 7 and 12 years.

  • Unchanged credit ratings (A+ by S&P Global and Fitch Ratings).


Global growth is projected to be around 3.1% in 2024¹, weighed down by the elevated central bank rates that have been set in order to fight inflation. Eurozone growth is expected to be a contained 0.9%, with France’s economy growing 1.0%, driven by higher household spending as the effects of the energy price shock fade and inflation slows. Against this backdrop, the group will press ahead with its strategic plan, "La Poste 2030, committed for you", with a view to achieving profitable and responsible growth both in France and internationally. In particular, it intends to:

In 2024, the group will be working to improve its profitability, in particular by stepping up its efforts to control costs, so that it can continue its investments, which are the key to its future. The group intends to invest particularly in its platforms and network to keep its competitive edge, in its vehicles to continue its efforts to reduce carbon emissions, in its information systems, and in training its postal workers to keep pace with the technological changes in its businesses.

As a socially engaged group, in 2024 La Poste Groupe will continue its transformation for the good of the whole community

  1. (1)See the International Monetary Fund's World Economic Outlook report, updated in January 2024.