bpost (BPOST) Q2 2025 earnings summary

Executive summary

• Q2 2025 operating income rose 10.5% year-over-year to €1,092.3m, driven by Staci consolidation and e-commerce logistics growth, but excluding Staci, income declined 9% due to North America contract terminations and lower mail revenue.

• Transformation plan accelerated, with Staci acquisition and Radial US margin actions offsetting mail and Press revenue declines and North America pressures.

• EBIT guidance for FY25 reaffirmed, trending toward the high end of €150–180m, with €100m EBIT achieved in H1.

• Results align with expectations, with growth in most segments except BeNe Last Mile, which was impacted by lower press and mail revenue.

• Staci acquisition drives 3PL growth in Europe; efficiency programs and B2B pilots in Belgium are scaling up.

Financial highlights

• Q2 2025 operating income: €1,092.3m (+10.5% YoY); adjusted EBIT: €58.3m (5.3% margin); reported EBIT: €48.2m; net profit: €8.9m (adjusted, -77.4% YoY).

• 1H25 operating income: €2,211.3m (+11.6% YoY); adjusted EBIT: €99.9m (4.5% margin); net profit: €8.1m (adjusted, -90.9% YoY).

• Free cash flow for Q2 improved to -€18.0m (adjusted), and €132.1m for 1H25; net cash inflow in Q2 of €480.4m, mainly from bond issuance.

• Net debt rose to €1,796.9m at June 30, 2025, reflecting Staci acquisition and new bond issuance.

• Capex for Q2 at €30.9m (+21.3% YoY), focused on e-commerce logistics and parcel capacity; H1 2025 capex at €56.6m.

Outlook and guidance

• Full-year 2025 EBIT guidance reaffirmed at €150–180m, with high probability of reaching the upper end, supported by Radial US real estate management, resumed BeNe Last Mile reorganizations, and FTE reductions.

• H2 expected to benefit from Radial US productivity gains, improved lease utilization, and ongoing cost control in Belgium.

• Caution remains due to evolving trade tariffs, macroeconomic uncertainty, and limited visibility on year-end peak season.