Press Release

Interim results: Swiss Post on track financially – but environment remains challenging

In the first half of 2022, Swiss Post generated a profit of 259 million francs, up 12 million francs on the first six months of 2021. At 294 million francs, operating profit was up 55 million francs compared to the previous year’s figure, while revenue stood at 3,460 million francs, up 104 million francs year-on-year. Overall, the results are better than in the first half of 2021. They have enabled Swiss Post to strengthen its financial foundation, and prepare it for the challenges of the months ahead. The sharp rise in prices for energy, fuel and raw materials and the marked increase in inflation are leading to significantly higher costs at Swiss Post – particularly in logistics.

Swiss Post can look back on a financially positive first semester. With the second quarter of 2022 now behind it, profit, operating profit (EBIT) and revenue (operating income) are better than in the first half of the previous year. “The interim results are in line with our expectations, Swiss Post is on track strategically and financially,” says Alex Glanzmann, Chief Financial Officer of Swiss Post. “We have established a solid financial foundation over recent years, and consolidated it during the first half of 2022. Swiss Post is well placed to meet the challenges of the months ahead”, Glanzmann adds. The economic environment is particularly challenging, with the sharp rise in inflation, record high prices for energy, fuel and raw materials, potential supply bottlenecks for essential goods, a tense geopolitical situation with the war in Ukraine and subdued consumer confidence, all of which are having an impact on operations at Swiss Post.

Steep growth in parcel market levels off

The largest contribution to the group result in the first half of the year comes from the Logistics Services unit. It generated an operating profit of 229 million francs, 36 million francs less than the previous year’s figure. While letter volumes were down 2.8 percent to 893.5 million, parcel volumes fell more significantly in the first half of 2022. Swiss Post processed 95.6 million parcels in the last six months, 5.1 percent lower year-on-year. The previous uninterrupted trend towards online retail slowed in the first six months of this year. The reasons for this are subdued consumer confidence and the almost complete lifting of coronavirus measures – people are again doing more of their shopping in the high street. In the longer term, however, Swiss Post still expects continued growth in parcels. By comparison, current parcel volumes are 41 percent higher than in the first half of 2018. Swiss Post continues to push ahead with the planned expansion of its parcel processing infrastructure – because greater capacity is needed in the medium and long term. This is the only way that Swiss Post can continue to process and deliver the growing parcel volumes in a manner that is both efficient and ecological.

But the parcel market is fiercely competitive, and pressure on margins and prices is high. This pressure has increased even more due to sharp price spikes in energy, fuel and raw material prices in recent months. “This impacts us significantly. Sorting and delivery cost us a good deal more money than they did a year ago,” says CFO Alex Glanzmann. For 2022, Swiss Post expects additional overall costs in the parcel business of between 30 and 40 million francs. Swiss Post attempts to offset these costs itself as best it can, and will continue to bear them in the second half of 2022. From next year on, however, Swiss Post will have to pass on some of the higher costs: As of 1 January 2023, Swiss Post will be introducing a variable energy surcharge and an inflation surcharge for parcels. Some 3,500 business customers with individually agreed prices for national parcel services will be affected (more on this in the The link will open in a new window media blog).

Pleasing result at PostFinance – but the short-term outlook is gloomy

PostFinance made a significant contribution to Swiss Post’s positive interim results. During the first half of 2022, the bank benefited from higher revenue from customer asset fees and interbank business. This enabled PostFinance to offset the persistent decline in the revenues from the interest difference business. Higher revenue from commission business and services also contributed to the positive result. Swiss Post considers the raising of the key rate on 17 June 2022 to be correct. Swiss Post and PostFinance welcome the return to positive interest rates, which is also in the interests of customers. But in the short term, the SNB’s interest-rate hike will have a negative impact on revenue from customer asset fees and interbank business. PostFinance therefore expects significantly lower revenue from interest operations for the second half of the year. While the bank expects the outlook for the traditional interest difference business to improve again in the medium term, the recovery will only be gradual.

PostalNetwork stable, PostBus with significantly higher passenger numbers

PostalNetwork maintained a stable result despite losses in letters and fewer over-the-counter inpayments, while operations at the Communication Services unit remain under development and are proceeding as planned. Mobility Services increased its operating profit by 5 million francs compared to the first half of 2021. Encouragingly, PostBus recorded 20 percent more passengers than a year ago as a result of its expanded range of services and recovering demand.

“Swiss Post of tomorrow” is the right path

The current developments on the markets reaffirm Swiss Post’s view that it is on the right track with its “Swiss Post of tomorrow” strategy. The company is expanding its infrastructure for the Swiss economy and the Swiss population. With the acquisition of logistics companies in neighbouring countries, it is reducing its dependency on global supply chains. Swiss Post is also continuing to develop its products and services in line with new customer requirements and is growing in new business areas. “We keep our promises, even in difficult times, and ensure optimal provision of products and services to the Swiss people and economy – powering a modern Switzerland,” says Swiss Post’s CFO, Alex Glanzmann.

Group key figuresUnitFull year 2021First half of 2021First half of 2022
Group key figures
Operating income
Unit
CHF million
Full year 2021
6,877
First half of 2021
3,356 
First half of 2022
3,460
Group key figures
Operating profit (EBIT)
Unit
CHF million
Full year 2021
515 
First half of 2021
239 
First half of 2022
294
Group key figures
Group profit
Unit
CHF million
Full year 2021
457
First half of 2021
247
First half of 2022
259
Group key figures
Total assets
Unit
CHF million
Full year 2021
128,397
First half of 2021
132,132 
First half of 2022
129,705
Group key figures
Equity
Unit
CHF million
Full year 2021
8,832
First half of 2021
8,291 
First half of 2022
9,818
Group key figures
Investments
Unit
CHF million
Full year 2021
670
First half of 2021
228
First half of 2022
194
Group key figures
Headcount at Swiss Post Group
Unit
FTEs 
Full year 2021
33,207
First half of 2021
32,989 
First half of 2022
33,831

PostFinance Ltd key figuresUnitFull year 2021First half of 2021First half of 2022
PostFinance Ltd key figures
Number of customers
Unit
In thousands
Full year 2021
2,576
First half of 2021
2,629
First half of 2022
2,486
PostFinance Ltd key figures
Customer assets
Unit
CHF million
Full year 2021
110,715
First half of 2021
116,742
First half of 2022
103,219
PostFinance Ltd key figures
Non interest-sensitive customer assets
Unit
CHF million
Full year 2021
18,219
First half of 2021
17,129
First half of 2022
15,810
PostFinance Ltd key figures
Mortgages 
Unit
CHF million
Full year 2021
6,262
First half of 2021
6,120
First half of 2022
6,299
PostFinance Ltd key figures
Growth in customer assets
Unit
CHF million
Full year 2021
-12,964
First half of 2021
-6,936
First half of 2022
-7,496
PostFinance Ltd key figures
Headcount
Unit
FTEs 
Full year 2021
3,237
First half of 2021
3,233
First half of 2022
3,233

Selected key figures per segment

Due to the classification of Swiss Post Solutions as a discontinued operation, the segment is no longer included in the segment disclosure. The Swiss Post Solutions business unit was sold on 30 March 2022.

Operating income (CHF million)1st half of 20211st half of 2022
Operating income (CHF million)
Logistics Services
1st half of 2021
2,086
1st half of 2022
2,106
Operating income (CHF million)
PostalNetwork
1st half of 2021
303
1st half of 2022
283
Operating income (CHF million)
Communication Services
1st half of 2021
16
1st half of 2022
29
Operating income (CHF million)
Mobility Services
1st half of 2021
537
1st half of 2022
528
Operating income (CHF million)
PostFinance
1st half of 2021
751
1st half of 2022
817

Operating profit (CHF million)1st half of 20211st half of 2022
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Logistics Services
1st half of 2021
265
1st half of 2022
229
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
PostalNetwork
1st half of 2021
-41
1st half of 2022
-39
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Communication Services
1st half of 2021
-31
1st half of 2022
-35
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
Mobility Services
1st half of 2021
9
1st half of 2022
14
Operating profit  The operating profit corresponds to the result before net non-operating financial income and taxes (EBIT). (CHF million)
PostFinance
1st half of 2021
79
1st half of 2022
164