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bpostgroup has reported an adjusted EBIT at 68.7 mEUR for Q2 2023, which is down by 16.8% year-on-year. The company’s parcel volumes were nonetheless up 7.8%, and the group’s CEO is satisfied with the results.
The group’s operating income in Q2 2023 was at 1,027.6 mEUR, in line with last year (-0.8%). Meanwhile, the group’s adjusted EBIT was at 68.7 mEUR (margin of 6.7%) down by -16.8%. The group reported EBIT was at 65.5 mEUR.
Key Q2 figures regarding bpost’s operations in Belgium are as follows:
- Total operating income at 557.9 mEUR (up by +4.9%).
- Underlying mail volume decline of -8.3% offset by positive price/mix impact.
- Parcels volumes increased by +7.8% and price/mix impact of +5.3%.
- -6.25 mEUR income impact from preliminary findings of compliance review of services provided to the Belgian State (similar to the first quarter 2023).
- OPEX increase (+6.9%) driven by salary indexations and lower recoverable VAT.
- Adjusted EBIT at 56.8 mEUR (10.2% margin) down by -5.9 mEUR (-9.5%) and reported EBIT at 56.7 mEUR. Stable EBIT when excluding compliance review impact.
Commenting on the results, Philippe Dartienne, CEO of bpostgroup, said:
“I am pleased to report our good set of results of the second quarter, demonstrating our resilience and strength amidst challenging conditions. Besides the dedication and collective effort of all our colleagues, our group results also reflect the effectiveness of our strategy, leveraging our portfolio and geographical diversification. While our operations in Belgium and Eurasia are performing well and ahead of plan, North America currently faces a softer economic environment but our continuous focus on productivity gains is helping us to weather these headwinds.
We are firing on all cylinders and are making good progress on our management priorities set for the year. In Belgium we reached terms with the social partners on a collective labor agreement for 2023-2024, with a focus on the well-being of our people and the attractiveness of jobs in the field. Additionally, we achieved significant milestones in our e-commerce logistics expansion and sustainability endeavors, notably with the opening of a new cutting-edge fulfilment centre in Groningen for Radial Netherlands, the official launch of a state-of-the-art robotized site for Active Ants UK, and the achievement of the symbolic milestone of 1000 e-vans in our domestic fleet.
As we move forward, our focus now turns to the third quarter, awaiting the outcome of the press concession tender and getting a clearer view on the financial impacts of the ongoing compliance review; which will significantly reduce the current uncertainty surrounding the bpostgroup.”
