bpost (BPOST) investor relations material

Executive summary

• Group operating income for Q2 2026 was €1,046.4m, down 4.2% year-over-year, mainly due to a 17% decline in mail volumes and a 9% drop in parcel volumes, impacted by a five-week strike in April with a €25.5m EBIT effect.

• 1H26 operating income was €2,109.8m, down 4.6% vs. 1H25, with adjusted EBIT at €62.6m (3.0% margin), impacted by strikes and mail volume decline.

• Paxon Europe delivered 6.5% top-line growth, offsetting declines at Radial US and Staci Americas, but France lagged due to onboarding delays and a slow POSM market.

• Transformation initiatives continued, focusing on parcel-led operations, locker network expansion, and retail partnerships.

• CEO emphasized operational efficiency and a strategic shift toward parcel-centric growth.

Financial highlights

• Adjusted EBIT for Q2 was €29.4m (margin 2.8%), down from €58.3m in Q2 2025, with a direct strike impact of €25.5m.

• Net result for Q2 was a loss of €1.3m, and for H1 2026, a loss of €1.4m, despite an adjusted group net profit of €12.3m for H1.

• Free cash flow for Q2 was negative €17.4m; H1 free cash flow was €145.1m, supported by working capital phasing and capex discipline.

• Net debt as of June 30, 2026, was €1,720.0m, a 4.3% decrease from the prior year.

Outlook and guidance

• Full-year 2026 adjusted EBIT guidance revised to approximately €140m, down from the initial range of €165–195m, mainly due to the strike and slower commercial ramp-up at Paxon.

• Parcel volume expected to return to low single-digit growth in the second half of 2026.

• Landmark Global guidance unchanged; excludes potential impacts from new EU import duties and macro/geopolitical risks.