Second quarter 2024 highlights.

  • Group operating income at 988.2 mEUR, in line with last year (-3.8%).
  • Group adjusted EBIT at 57.8 mEUR (margin of 5.8%) down by -15.9%.
  • Group reported EBIT at 47.7 mEUR. Belgium (including 2.9 mEUR of lower State compensation for press concessions)
    • Total operating income at 563.8 mEUR (up by +1.1%).
    • Underlying mail volume decline of -2.9% (mitigated by elections’ mail) and offset by price/mix impact.
    • Parcels volumes increased by +2.5% and price/mix impact of +2.9%.
    • Nearly stable OPEX (increase of +1.1%) mainly reflecting salary indexations and stable FTEs and higher recoverable VAT.
    • Adjusted EBIT at 56.5 mEUR and reported EBIT at 56.4 mEUR, including -2.6 mEUR impact from strikes.
  • E-Logistics Eurasia
    • Total operating income at 168.8 mEUR (+3.3%) driven by the continued expansion of Radial EU and Active Ants (+11.7%), higher cross-border sales reflecting growth from existing and recent customer wins in Europe, offsetting Asia and UK.
    • Slightly higher OPEX (+2.1%) from higher staff and transport costs in line with volume development and expansion and lower SG&A and material costs.
    • Adjusted EBIT at 10.4mEUR (6.2% margin), up by +1.5 mEUR (+16.4%). Reported EBIT at 9.6 mEUR (5.7% margin).
  • E-Logistics North America
    • Total operating income at 282.7 mEUR down by -47.3 mEUR or -14.3% (-15.2% at constant exchange rate), reflecting lower volumes at Radial and Landmark US..
      Lower OPEX (-12.7% or -13.6% at constant exchange rate) from lower variable costs including continued labor management and productivity gains, partly offset by bad debt provision.
    • Adjusted EBIT at 1.2 mEUR, down by -10.0 mEUR. Reported EBIT at -1.0 mEUR. Variable contribution margin at its highest level (+4% year over year).

Chris Peeters, CEO of bpostgroup: “The second quarter results are in line with the financial trajectory we foresee. While our parcel activities in Belgium continue to grow and mail revenues remain resilient, revenues in North America are still under pressure. We are taking the necessary actions to mitigate these effects and to diversify our customer portfolio to be better positioned for the future.
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​The past weeks, we reached agreements in Belgium with the newspaper editors. We’ve secured most volumes while safeguarding employment and avoiding restructuring costs. Nevertheless, the new contracts come with less favorable conditions, and we continue to work on aligning costs to volumes to mitigate the impact.
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​Also the integration of Staci is one of our main priorities in the near future. With the closing of the acquisition of Staci, bpostgroup is taking a leap in its transformation and we are now ready to implement our strategy.”

Source: bpostgroup

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