La Poste Groupe first-half 2025 results
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 (, 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 (, 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.
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 :
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 :
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
¹ Low-carbon transport methods (electric vehicles and other green transport solutions).
² Scope of La Poste SA employees.