bpostgroup: fourth quarter and full year 2024 results

Press release
​​​Brussels, 28/02/2025 - 07:00 am
​Regulated information
​​​bpostgroup.com

Fourth quarter 2024 highlights

• Group operating income at 1,335.0 mEUR, +9.7% or +117.8 mEUR compared to last year, including 214.1 mEUR contribution from Staci which has been consolidated as of August 1, 2024. 
• Group adjusted EBIT at 84.0 mEUR (margin of 6.3%) versus last year at 74.1 mEUR. EBIT, reflecting new Press contracts and North American pressures offset by Staci’s contribution (26.4 mEUR). Group reported EBIT at -222.9 mEUR, down by -293.8 mEUR compared to last year, due to 299.4 mEUR of non-cash impairment charges on Radial US in the context of material recent client churn, combined with a continued challenging market environment and related materializing downside risks tied to the long term plan.  
• BeNe Last Mile  
  • Total operating income at 614.3 mEUR (-3.6%) or -23.0 mEUR. 
  • -21.3 mEUR from lower Press revenues. 
  • Underlying mail volume decline (excluding Press) of -8.1% mitigated by +5.3% price/mix impact. 
  • Parcels volumes increased by +6.9% and price/mix impact of +0.6%. 
  • Nearly stable opex despite salary indexation, slightly lower FTEs and lower cost of sales. 
  • Reported EBIT at 24.1 mEUR (3.9% margin) and adjusted EBIT at 24.8 mEUR (4.0% margin). 
• 3PL 
  • Total operating income at 568.8 mEUR (+36.5%) driven by the integration of Staci (214.1 mEUR), continued expansion at Radial Europe and Active Ants (+14.6%), offset by lower revenues at Radial North America from continued volume pressure. 
  • Higher opex from Staci consolidation, offsetting reduced opex from lower US volumes and productivity gains. 
  • Reported EBIT at -262.7 mEUR impacted by the impairment charges related to Radial US (299.4 mEUR) and adjusted EBIT at 45.3 mEUR (8.0% margin). 
• Global Cross-border  
  • Total operating income at 173.8 mEUR (-7.2%) reflecting lower revenues from Landmark US downtrading customers, higher cross-border sales reflecting growth from existing and recent customer wins in Europe and Asia. 
  • Lower opex from lower volume driven transport costs and higher payroll costs.  
  • Reported EBIT at 23.5 mEUR (13.5% margin) and adjusted EBIT at 23.6 mEUR (13.6% margin). 
  • For the full year 2024, group adjusted EBIT of 224.9 mEUR is in line with guidance. bpostgroup delivers annual results driven by domestic Parcels growth, Staci’s contribution, and Radial’s productivity gains, which help mitigate the impact of new Press contracts and topline pressures in North America. 
  • Adjusted group net profit for the full year 2024 came in at 122.7 mEUR while reported group net result stood at -209.2 mEUR, due to the impairment charges on Radial US (299.4 mEUR). 
  • In line with the negative IFRS net result and the dividend policy, the Board of Directors will propose to the General Shareholders’ Meeting in May 2025 not to pay a dividend this year.

For the full year 2024, group adjusted EBIT of 224.9 mEUR is in line with guidance. bpostgroup delivers annual results driven by domestic Parcels growth, Staci’s contribution, and Radial’s productivity gains, which help mitigate the impact of new Press contracts and topline pressures in North America.

Adjusted group net profit for the full year 2024 came in at 122.7 mEUR while reported group net result stood at -209.2 mEUR, due to the impairment charges on Radial US (299.4 mEUR).

In line with the negative IFRS net result and the dividend policy, the Board of Directors will propose to the General Shareholders’ Meeting in May 2025 not to pay a dividend this year.

CEO quote

Chris Peeters, CEO of bpostgroup: “Thanks to the dedication and commitment of our teams across the globe, we successfully executed the end-of-year peak. Despite challenging market conditions and various headwinds, our Q4 and full-year results remain in line with our financial guidance. Once again, bpostgroup has demonstrated strong resilience. Our results confirm that Staci is already making a significant contribution, as expected, and its integration into the Group is progressing well. 
​
​2025 will be a transformational year as we move towards becoming a regional digital expert in parcel-size logistics. The foundations for future growth are in place, we need to lay them out and build on them. This means accelerating our transformation in Belgium, reinforcing our 3PL strategy, and further diversifying our cross-border activities. To achieve these ambitions, we are strengthening our structure and organization. 
​
​Undoubtedly, this year will bring challenges. We have already encountered some: in Last Mile, we faced several days of strikes in an already complex social climate in Belgium. At Radial North America, we are experiencing customer departures, and we have yet to reverse the churn trend. However, all our teams are working together to regain the trust of our employees, customers, and shareholders - in order to strengthen our company for the future.” 

Outlook for 2025 

In the context of its ongoing transformation, bpostgroup projects an adjusted EBIT of 150-180 mEUR for 2025, with Staci’s strategic contribution helping to mitigate domestic challenges and the impact of new Press contracts, while Radial US’s strong cost control alleviates topline pressure from recent customer losses. The group’s total operating income for 2025 is expected to grow by a high single digit percentage¹. 

BeNe Last Mile  

• Slightly lower total operating income¹, notably driven by: 
  • c. 55 mEUR lower Press revenues from 2024 new contracts and structural volume decline. 
  • Mail (excluding Press): lower revenues reflecting a volume decline -7% to -9% and a price increase and mix impacts of 4% to 5%. 
  • Parcels: higher revenues reflecting mid- to high single-digit percentage underlying volume growth and low single-digit percentage price/mix, excluding strike impacts
• 2 to 3% adjusted EBIT margin reflecting - beyond structural mail impact - margin erosion from new Press contracts, higher payroll costs due to salary indexations², strikes and delays in reorganizations affecting efficiency improvement targets. 

3PL  

• 20-25% growth in total operating income¹, driven by: 
  • Consolidation of Staci (acquired in August ’24, mid-single digit % growth proforma)  
  • Continued growth of Active Ants and Radial Europe, and 
  • Radial US net revenues decline due to enterprise customer losses, with contributions from new mid-market customers (including Radial Fast Track program) not yet compensating  the impact, amid adverse market conditions. 
• 4 to 6% adjusted EBIT margin reflecting (i) Staci’s contribution (EBIT margin of 10-12%) and (ii) accelerated  productivity improvement at Radial US, along with costs reductions to mitigate topline pressures. 

 Global Cross-border  

• Mid-single-digit percentage growth¹ in total operating income reflecting: 
  • Gradual topline recovery at Landmark Global US driven by customer wins.  
  • Continued growth of European and Asian Cross-Border Commercial activities including the development of new lanes. 
• 11 to 13% adjusted EBIT margin with profitability dilution mainly tied to product mix (commercial vs. postal). 

Group adjusted EBIT will include a decline in EBIT at Corporate level reflecting higher payroll costs from salary indexations, higher FTEs, and increased OPEX to support transformation initiatives. 

Gross capex envelope is expected to be around 180.0 mEUR.

¹ based on macro-economic assumptions as of February 28, 2024, does not capture direct / indirect revenues strike impacts, potential impacts from US trade tariffs

² based on latest monthly forecast, the next +2% salary indexations should occur in March and October ’25, resulting in a weighted average annual indexation of +3.0% 

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