bpost (BPOST) Q4 2024 earnings summary

Executive summary

• FY24 operating income rose to €4,341.3m, with Staci contributing €338.1m and accelerating B2B diversification.

• Adjusted EBIT reached €224.9m (5.2% margin), at the upper end of guidance, but reported net result was -€209.2m due to a €299.4m impairment on Radial US.

• Staci acquisition completed in August 2024, funded by €1bn bond, delivering strong financial and strategic benefits.

• Revenue declined by €270m year-over-year, mainly from lower press revenues and a significant drop in Radial US revenues.

• No dividend will be proposed for 2024 due to the negative net result.

Financial highlights

• Q4 2024 group operating income rose 9.7% year-over-year to €1,335.0m, with Staci contributing €214.1m.

• Q4 adjusted EBIT was €84.0m (6.3% margin), or €57.6m excluding Staci.

• Full-year adjusted net profit was €122.7m, down 17.1% year-over-year.

• Net debt increased to €1,800.4m at year-end, mainly due to Staci acquisition and related bond issuance.

• Free cash flow for FY24 was €-875.3m, reflecting the Staci acquisition.

Outlook and guidance

• FY25 adjusted EBIT expected between €150-180m, with group operating income projected to grow at a high single-digit percentage.

• Last-mile segment to see a slight decline in operating income, with further €55m press revenue reduction and EBIT margin expected at 2%-3%.

• 3PL segment revenue to grow 20%-25% in 2025, mainly from full-year Staci contribution; Radial US revenue to decline 10%-20%.

• Cross-border segment expects mid-single-digit organic revenue growth and EBIT margin of 11%-13%.

• Gross capex for 2025 projected at ~€180m.