The Group’s net sales decreased by 2.2% to EUR 1,610.3 (1,647.0) million. Net sales increased 0.4% in Mail, Parcel and Logistics Services but decreased 12.8% in Itella Russia mainly driven by currency exchange rates and the divestment of courier company Maxipost.
Net sales declined by 0.2% in Finland and declined by 13.9% in other countries. International operations accounted for 12.8% (14.6%) of net sales. The decline in international operations’ net sales was mainly related to the divestments in Russia as well as divestment of OpusCapita’s Finance and Accounting Outsourcing and related subsidiaries in Q3/2017.
The Group’s adjusted EBITDA declined to EUR 112.8 (118.6) million, 7.0% (7.2%). The negative development was due to Mail, Parcel and Logistics Services. The adjusted EBITDA increased both in OpusCapita and Itella Russia. EBITDA increased to EUR 105.0 (83.7) million, 6.5% (5.1%).
The adjusted operating result increased to EUR 44.8 (42.4) million, or 2.8% (2.6%) of net sales.