PostNL (ENXTAM:PNL) Stock Turns Profitable But 24.4x P/E Raises Stakes

PostNL stock closed at €0.9445 after the market had a first look at fresh H1 numbers, and the move came against a story that now revolves around one thing: profitability has quietly returned on a trailing twelve month basis, even as the share price has drifted over the past quarter.

The headline is simple: PostNL is back in the black at the earnings line with trailing net income from continuing operations of €19 million and basic earnings per share of €0.039. The market now has to decide whether that profit recovery justifies paying around 24.4x earnings for this logistics stock.

Is PostNL starting a sustainable profit turnaround, or just presenting a short term earnings mask at 24.4x P/E? Compare the market price against intrinsic value in the full valuation analysis for PostNL.

H1 2026 Earnings Summary

• H1 2026 Revenue: €1,592 million vs. H1 2025 €1,560 million (modest increase in reported revenue)
• H1 2026 Net Income (Excluding Extra Items): loss of €6 million vs. H1 2025 loss of €9 million (loss narrowed)
• H1 2026 Basic EPS: loss of €0.01174 vs. H1 2025 loss of €0.01816 (per share loss narrowed)
• Trailing 12 Month Net Income (Excluding Extra Items to H1 2026): profit of €20 million vs. TTM to H2 2025 loss of €17 million (moved back into profit over the last year)

Prefer clear charts instead of another dense wall of earnings tables and footnotes? Get a full visual view of PostNL's valuation picture in the company report for PostNL.

PostNL bull case hinges on parcels and efficiency

Optimists argue that PostNL can let parcel growth, pricing and automation steadily overpower the mail drag and rebuild earnings. The latest numbers show some progress toward that story. Trailing 12 month net income excluding extra items has moved from a loss of €17 million to a profit of €20 million. That is a clear milestone for a group that relies heavily on parcel and cross border volumes to offset mail. H1 2026 revenue stands at €1,592 million compared with €1,560 million in H1 2025, while the H1 loss excluding extra items narrowed from €9 million to €6 million. Profitability is not yet broad based, however. The half year is still loss making at the bottom line, so the bullish view on pricing power and efficiency is only partly confirmed.

PostNL bear case focuses on fragile profitability

Bears worry that structural mail losses, cost pressure and client concentration leave PostNL with thin and fragile earnings. H1 2026 still shows a net loss of €6 million excluding extra items and a basic EPS loss of €0.01174. That aligns with concerns that higher labor and network costs are hard to pass through in full. The move to a €20 million profit over the trailing 12 months is encouraging but small in the context of a €1,592 million half year revenue base. It leaves little room for error if large parcel clients push back on pricing or if regulatory decisions keep the mail network under compensated. With the stock roughly flat over 90 days, the market reaction suggests investors are yet to see decisive evidence that these structural risks are easing.

After a narrow trailing profit, high debt and a dividend that is not well covered can matter more than expected. Scan the risk analysis for PostNL which shows 3 important warning signs

Stay Ahead Of Your Next Move

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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