Correos grows parcels, cuts losses and downsizes workforce

Spanish postal operator Correos successfully reduced its financial losses by a third last year thanks to double-digit parcels growth and cost reductions – but excluding a massive €428 million provision for a new voluntary redundancy scheme.  

The state-owned company, which has been in the red for many years and has been headed by Pedro Saura since last year, said that it reduced its adjusted operating loss by 33% to -€94 million in 2024. This placed it within the projections of the Strategic Plan 2024-2028, the aim of which is to reverse the company's current loss situation to ensure its economic and financial sustainability.

Parcels growth