The State plans to list Posti Group Oyj on the Nasdaq Helsinki stock exchange.
According to a thorough assessment conducted by the Ownership Steering Department, listing Posti Group’s shares could be a good way to support Posti’s competitiveness and growth opportunities. With the planned listing, the owner aims for a development path for the company while strengthening the state’s economy.
Posti will hold a press conference today, Friday, September 19, 2025, at 11:00 AM at the Helsinki Stock Exchange, Fabianinkatu 14, 00100 Helsinki. At the event, Posti’s management will discuss the planned listing.
Media attending the event in person are requested to register in advance by 10:30 AM at viestinta@posti.com. The event can also be followed online
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Posti’s company presentation will be held on Tuesday, September 30, 2025, at 6:00 PM.
If the listing is decided to be carried out, a prospectus would be published in connection with the planned listing, which would be available at: www.posti.com/listautuminen
Here you can follow the press conference starting at 11 AM! Note: I’m not sure if a recording will be available at all, so it’s worth watching live if possible!
As previously speculated, Posti plans to list on the Helsinki Stock Exchange. Bloomberg has estimated Posti’s market value to be approximately 300-400 million euros.
Here are the company’s key figures for 1-12/2024:
Revenue 1521 million euros
Adj. EBITDA 208 million euros
Adj. EBIT 80 million euros
ROCE 11.2 %
Equity ratio 25.2 %
Posti estimates its revenue in 2025 to be 1,440 - 1,500 million euros, adjusted EBITDA to be 192 - 205 million euros, and adjusted EBIT to be 65 - 77 million euros.
The company has net debt of 258 million euros. If calculated with a market value of 400 million euros, we arrive at an Enterprise Value of approximately 658 million euros.
With an EV of 658 million euros, the most important adjusted multiples would be:
2025E
EV/EBITDA 3.3x (calculated with an EBITDA of 200 million euros)
EV/EBIT 9.4x (calculated with an EBIT of 70 million euros)
Growth is sluggish, return on capital is low → one cannot pay much for this.
Without examining any details, it smells like a future Helsinki-based dividend grinder™. This is not necessarily a bad thing, of course, but it depends on the buyer’s own perversions and should be obtained cheaply.
Operating profit was tantalizingly boosted last year, raising some doubts as to whether this growth is sustainable or if cost cuts have been made that will backfire in the near future.
I watched Posti’s live broadcast. Indeed, the CEO mentioned many times that the company’s purpose is to distribute good dividends. Cash flow is OK and investment needs are moderate, so dividends can be paid well. The target is over 60 percent of net profit. Practically nothing was said about potential growth investments. Are they even on the table? Well, this will probably mainly be a state share sale. The company doesn’t really need new money.
I expected the company to comment somehow on the weak H1/2025 result. However, nothing was said about it; instead, previous years were praised.
What would even be the growth opportunities for Posti? Of course, efficiency and automation can still be increased further, but in the package delivery business itself, natural limits in Finland are quickly encountered.
One can always, of course, conjure up some new lawn mowing services or go abroad to adventure and burn capital.
The state as the main owner and decision-maker is also not appealing. The company can be steered from political standpoints instead of economic ones.
As the state’s majority owner, it likely ensures that no necessary organizational reforms are made, such as, for example, the elimination of 2-3 management levels. I know that subcontractors in the transport sector and likely front-line employees are in a situation where doing or accepting work may not even be financially sensible. Where and how then will efficiency and increasing revenue come from?
There might still be a surprising amount of growth potential just within Finland itself Without any deeper knowledge of the field, I would say based on my own empirical research that, for example, parcel lockers are still underutilized at least at the housing company level, and that there is still a lot of work to be done in Finland to get fast deliveries working properly A state background can also be beneficial in Finland, as letter delivery and reception possibilities are still a certain basic need for people. This basic need is maintained as a service to the state (cf. Fortum’s ready-to-use coal power plants).
There aren’t many so-called public utility companies, like L&T and Fortum, listed on the Helsinki stock exchange, so it’s nice to get a new alternative alongside them
What do you mean? More parcel lockers in housing companies? Isn’t this parcel traffic away from shopping centers? Are housing company customers willing to pay so much more for their parcels that the costs of the locker can be covered, when they presumably also shop at the shopping center anyway?
I would also see this more as a cost-generating factor than one that increases operating profit.
Well, I for one am willing to pay for a machine to be in my own building’s lobby, and IMO it’s clear that it’s more convenient than going to the shopping center
Posti is quite welcome to the stock exchange; it won’t be any kind of growth rocket, but a decent addition to the Helsinki stock exchange nonetheless. It will fit in quite well among the dividend-focused investors of the Helsinki stock exchange. Of course, the best side effect would be if a successful listing opened the way for other companies as well.
I childishly believe that the company is better owned and managed as a listed company than as a purely state-owned company, even if the state remains the majority owner. Veikkaus next in line for listing.
Logistics companies must naturally serve their customers in the best possible way. Parcel lockers and delivery to apartment building premises have already been the norm in the USA, for example. Soon, also in Finland. Customers should not have to pick up their packages from a store or shopping center. In the USA, for example, Amazon has brought parcel lockers to apartment buildings and also sells this service to other logistics operators.
What if Posti suddenly changes its mind again, but according to the 3/2024 news, Posti was already then dismantling the network of private parcel lockers.
In Finland, apartment buildings are so small that there’s hardly more than one package to be delivered at a time. As much effort as home delivery but smaller compensation. Hard to see as a business.
Posti has also started creating outdoor pick-up/drop-off points, for example, in connection with commercial properties. This is the same thing that competitors like PostNord etc. have been doing for some time now. With these, they can better serve a relatively large number of people and reach many housing companies / residential areas.
Props also need to be given to Posti for genuinely investing in the digital customer experience through Omaposti. Using codes easily and sending packages even without human contact is constantly becoming easier.
I’m not taking a stance on the investment case with this. It might be of interest as a dividend crawler if the price is right (=cheap)
“In residential apartment buildings, the parcel locker must be placed in its own fire compartment, such as a service lobby, storage room, or clubroom.”
”The parcel locker must not be located on an escape route.”
”The parcel locker should not be placed underground.”
These requirements significantly limit the possibilities for placing parcel lockers in many apartment buildings. Even with the placement of outdoor parcel lockers, many housing companies have tight space constraints.
When talking about housing company areas, I personally use one PostNord outdoor parcel locker the most (good experiences) and previously also a quickly disappeared Matkahuolto outdoor parcel locker (bad experiences). However, I don’t know if I would want either of them in my own yard.
The company’s reputation is already such that I completely avoid sending letter mail and use Matkahuolto or Ärräpaketti (R-kioski parcel service) even for letter shipments within Finland. In my opinion, there isn’t a very long-term competitive advantage there, even if the CEO squeezed out a good result for one year. The state will have to sell this at a discount for it to be sold.
Note: I’m not sure if a recording will be available at all, so it’s worth watching live if possible!
Without any deeper knowledge of the field, I would say based on my own empirical research that, for example, parcel lockers are still underutilized at least at the housing company level, and that there is still a lot of work to be done in Finland to get fast deliveries working properly 
