Published on July 31, 2025

La Poste Groupe first-half 2025 results

Financial informations
France

In a challenging geopolitical and competitive environment, results up, driven by bancassurance activities, disciplined cost control and the group’s ongoing transformation.

ForewordThe group's financial performanceThe group's extra-financial performanceSignificant events in first-half 2025Outlook

Meeting under the chairmanship of Philippe Wahl, the Board of Directors approved the group's consolidated financial statements for first-half 2025.

The first half of 2025 – the last six-month period in my role as Chairman and Chief Executive Officer – clearly demonstrates the transformation of La Poste Groupe, which is continuing to develop in increasingly competitive markets without abandoning its public service missions, which are the foundations of its identity but whose compensation conditions weigh on its competitiveness. I would like to take this opportunity to pay tribute to the hard work and dedication of all our postal workers.

Philippe Wahl

Chief Executive Officer of La Poste Groupe until June 25, 2025

Foreword by Philippe Bajou, Deputy Chief Executive Officer of La Poste Groupe

La Poste Groupe’s first-half results are up year on year, with net profit rising to €719 million. This momentum was driven by continued development of our businesses, rigorous cost management and the successful measures we have put in place to overcome our past difficulties. The improvement in our results is also thanks to La Banque Postale, which recorded higher earnings, fuelled by a recovery in its banking activities, and growth from CNP Assurances, which now generates 44% of its revenue in France via the postal network. Volumes for our parcel delivery operators rose slightly in a fiercely competitive environment, with strong pressure on margins due to changing trends in the European market such as the expansion of out-of-home deliveries and low-value parcel deliveries from Chinese e-commerce. As a profitable and responsible company, La Poste Groupe further enhanced its non-financial performance in first-half 2025. On the environmental front, we implemented our carbon budget, enabling us to manage and track the decarbonisation of our activities during the period and helping us to reduce our GHG emissions by 7%. In terms of social responsibility, we retained our position as a leading regional and public service player. And as a caring, skills-enhancing and committed group, we signed several major collective agreements focused on quality of life and career development. Our first-half 2025 results reflect the commitment of our people and I know I can count on all of them to continue the growth and development initiatives we've started.

Philippe Bajou,

Deputy Chief Executive Officer since June 25, 2025

Consolidated financial performance

  • Revenue¹ : €16,932m

    • down 0.3% vs first-half 2024

    • down 0.3% vs first-half 2024 at constant scope and exchange rates (like for like)

  • Operating profit² :

    • €1,509m, up €382m vs first-half 2024

    • €1,337m excl. material non-recurring items (a), up €265m like for like vs first-half 2024

  • Attributable net profit :

    • €719m, up €225m vs first-half 2024

    • €700m excl. material non-recurring items (b), up €267m like for like vs first-half 2024

  • Free cash flow³: positive €35m vs negative €261m in first-half 2024

  • Capital expenditure⁴: €487m vs €691m in first-half 2024

  • Attributable equity : €24,500m vs €23,373m at 31 December 2024

  • Net debt³ : €10,118m vs €10,601m at 31 December 2024

Responsible performance

Environmental performance

  • Reduction in GHG emissions⁵ :-7% vs first-half 2024 in line with the group's SBTi commitments

  • Green investment portfolio⁶: €28.3bn

    • €300m increase vs 31 December 2024 on constant scope basis⁷

    • €1bn decrease on an actual scope basis

Social responsibility performance

  • Proportion of socially responsible lending out of LBP's total loan originations⁸: 34% vs 31% at 30 June 2024⁹

Social performance - employement

  • Postal workers’ training rate¹⁰ : 82.6% vs 81.7% at 30 June 2024

¹ “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.

² Operating profits and losses for the group and business lines are presented after the share in net profit/(loss) of jointly-controlled companies.

³ Definition presented in Appendix 2 in the press release.

⁴ Capital expenditure refers to (i) purchases of property, plant and equipment and intangible assets, excluding disposals (excluding LBP) and (ii) external growth spending, including disposals (excluding LBP).

⁵ Estimated at group level for all categories included in the SBTi-validated pathway.

⁶  CNP Assurances scope.

⁷ Restated for the impact of the sale of CNP UniCredit Vita.

⁸ Total originated medium- and long-term loans to individuals, businesses and institutional investors in support of the energy transition and social and regional projects.

⁹ At the beginning of 2025, there was a methodological change in the classification of consumer finance sustainability loans.

¹⁰ Scope: La Poste SA.

Read La Poste groupe's full half-year results for 2025
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Significant events in first-half 2025

On 25 June 2025, changes were made to La Poste SA's governance. At the Annual General Meeting held on that date, the shareholders re-appointed and appointed a number of directors for a period of five years. Also on that date, a transitional governance structure was put in place until a new Chair and Chief Executive Officer is appointed, with Philippe Wahl as chair of the Board of Directors and Philippe Bajou named Deputy Chief Executive Officer of La Poste.

The first half of 2025 was marked by an unsettled geopolitical and macroeconomic context. The economic environment improved but remained challenging, with inflation low in France but still high in other European countries, and growth lacklustre in France and Europe as a whole. Against this backdrop :

  • The structural decline in Mail volumes delivered continued (down 5.7% vs first-half 2024). Overall volumes of Parcel deliveries rose 0.9% year on year to 1.3 billion, led by a 1.8% increase for Geopost, and achieved despite a 3.5% volume decline for Colissimo, with growth for out-of-home deliveries and deliveries of low-value parcels from Chinese e-commerce increasing pressure on margins;

  • Operating profit for the group's industrial and commercial activities broke even thanks to cost efficiency measures;

  • La Banque Postale's results increased, driven by a recovery in banking activities, a good performance from the insurance business, and effective cost control.

La Poste has been re-appointed as the universal postal service provider for a period of 10 years from 1 January 2026. This renewal testifies to La Poste’s unique ability to guarantee the best possible access to postal services for all, over the long term.

The group continued to implement its strategic plan, by :

• Postal services : in April, La Poste entered into a partnership with JCDecaux aimed at improving access to postal services (franking, parcel packaging, mail and parcel drop-offs etc.) via news stands in Paris and other French towns and cities.

• Digital : in April, Docaposte – La Poste Groupe’s digital subsidiary – added two new partners, Altospam (email protection) and Wimi (sovereign project management and collaborative working suite), to its Cyber Pack cybersecurity offering for businesses, local authorities and healthcare establishments. Docaposte's Cyber Pack was awarded the "France Cybersecurity" label in January 2025.

• Logistics :

- Chronopost confirmed its leadership position in France for BtoB deliveries in 2024, delivering 103 million parcels to French and international businesses and adapting its delivery processes and infrastructure;

- In April, DPD UK announced a significant expansion of its out-of-home network, stating its intention to add 8,000 parcel lockers over the next five years as part of a partnership with YEEP (a multi-carrier network of parcel lockers).

• Bancassurance :

- In January, La Banque Postale launched a new private equity fund – LBPAM Private Opportunities – a private debt and infrastructure fund which is accessible to individual customers and offered in LBP life insurance policies;

- Ma French Bank ceased operating, with the closure process taking place according to plan. The bank’s license granted by France’s Prudential Supervision and Resolution Authority (the ACPR) was withdrawn on 1 July 2025. At end-June, almost one in three Ma French Bank customers had been reintegrated into La Banque Postale, i.e., 188,000 out of the total 650,000 customers that Ma French Bank had at end-June 2024;

- January saw the first contribution to business and results from CNP Assurances Protection Sociale, a company 65%-owned by CNP Assurances and 35% by La Mutuelle Générale and which is a leading player in social protection (individual and group health and personal protection insurance).

• Real estate : during the first half of the year, the serviced senior residence in Saint-Etienne was inaugurated and the serviced senior residence in Châteauroux was delivered. These changes to La Poste's real estate portfolio are the result of two years' work in partnership between La Poste Immobilier, Banque des Territoires and 123 IM, with a view to converting around ten sites to serviced senior residences.

• Logistics : in June, SEUR continued to develop its temperature-controlled transport offer by doubling its temperature-controlled storage space at its Illescas site, south of Madrid, to meet the demand of its Spanish and international BtoB and BtoC customers.

• Digital : in April, NumSpot – a sovereign and trusted cloud offering created by Docaposte in collaboration with Banque des Territoires, Dassault Systèmes and Bouygues Telecom – launched its services platform in response to the growing need to protect sensitive data.

• Healthcare : in May, La Poste Health & Autonomy, CPage, Hospices Civils de Lyon and HOPSIS created the Alliance HIS partnership aimed at developing a next-generation hospital information system centred on data management. The project's objective is to improve the efficiency and organisation of healthcare by guaranteeing sovereign control over health data and encouraging medical innovation. The system's first use-cases are expected at the end of 2025.

• Insurance : in April, CNP Assurances completed the sale of its subsidiary CNP Cyprus Insurance Holdings¹ – a life and non-life insurer operating in Cyprus and Greece – to Hellenic Bank Public Company Ltd. CNP Assurances is therefore re-focusing its existing international footprint, while remaining committed to expansion in Europe.

• Postal services : La Poste Mobile continued to set up dedicated areas in post offices for selling its mobile plans, and became the leading physical distribution network for telecoms services in France.

Other key events

• In June, CNP Assurances finalised the sale of all its shares in the Italian joint venture, CNP UniCredit Vita, to UniCredit following UniCredit’s exercise of its call option in accordance with the shareholders' agreement in place between the two joint venture partners. CNP Assurances further developed its expansion in Italy through its open-model subsidiary CNP Assicura.

• Issue of €750 million worth of undated subordinated notes in January 2025.

¹ CIH's activities did not represent a material proportion of CNP Assurances' revenue or profit in 2024.

A socially and environmentally responsible group :

• First half-yearly estimate of the carbon budget – the group's tool for managing and tracking emissions reductions – one year after the roll-out of this tool across the business lines.

• Geopost passed the milestone of 10,000 electric delivery vehicles in service in Europe.

• La Poste continued to decarbonise its medium and long-distance transport, opening its first biogas refuelling station in the Occitanie region to supply its own fleet and those of its transport partners. For France as a whole, low-carbon transport represented 18.5% of total kilometres travelled by road during the period (vs 10.9% at end-2024), and the proportion of parcels delivered using green transport methods¹ came to 78.3% in France’s 22 metropolitan areas (vs 71.4% at end-2024).

• After a three-year pilot test, with postal carriers collecting population census data from 221,000 households, La Poste is now a licensed census taker for all French local authorities (governmental decree no. 2024-1124 of 4 December 2024). Thirty-eight municipalities have already signed a contract with La Poste to collect their census data for 2025.

• Under its partnership with the French Chamber of Agriculture, La Poste continued to set up postal service points on farms, with nine sites up and running at the end of first-half 2025.

• A pioneer since March 2024 in facilitating access to home ownership for people with breast cancer, CNP Assurances – one of France’s major names in term creditor insurance – is now improving the insurability of men who have recovered from prostate or testicular cancer, by eliminating coverage reductions and additional premiums before the five-year legal “right to be forgotten” period has elapsed.

• In July 2025, a group of European economic players and experts, including Docaposte, Caisse des Dépôts and RTE, announced the launch of the Digital Resilience Index (DRI). The objective of the DRI is to give Europe practical guidance for regaining its digital independence.

• A responsible employer :

- in April, La Poste signed a collective agreement on quality of life at work and working conditions, adding new topics related to mental health;

- in July, La Poste signed its sixth gender equality agreement, strengthening its existing commitments and introducing new measures on inclusion, overall health, anti-discrimination, and equal pay, which has been confirmed.²

• A skills-enhancing company : at the end of March, La Poste signed its first collective agreement on job management, career paths and gender diversity in the workplace, creating more career mobility opportunities for postal workers.

• A group committed to people-oriented innovation and performance : in May, La Banque Postale signed its first collective agreement designed to make life easier for employees who are carers.

Outlook

In an unsettled international context marked by major geopolitical crises, growing trade tensions and mounting climate debt, the World Bank expects global growth in 2025 to be lower than originally forecast at the start of the year (2.3% instead of 2.7%). In France, caution is also the order of the day, given the low level of consumer spending and the challenges of replenishing public finances, with Insee forecasting 0.6% growth for 2025.

Within this operating environment, La Poste Groupe will continue to adapt its business model during the remainder of 2025, focusing on the following key areas :

Half-year results for La Banque Postale and Geopost

La Banque Postale 2025 half-year result
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Geopost 2025 half-year result
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¹ Low-carbon transport methods (electric vehicles and other green transport solutions).

² Scope of La Poste SA employees.