bpost Group Earnings Call: Full Year Results, Q4 Results, and Financial Outlook for 2024


On March 4, 2024, bpost Group held an earnings call with CEO Chris Peeters and CFO Philippe Dartienne to review the company's fourth quarter and full year 2023 results. They also shared insights into their strategic initiatives and market positioning for the upcoming year. Here is a summary of the key takeaways from the call as well as bullish and bearish points regarding the company's performance:

Key Takeaways

  • bpost Group's adjusted EBIT for 2023 met the initial guidance range, totaling EUR 248.5 million.
  • The Belgium segment contributed significantly with EUR 183 million and an 8.1% margin.
  • E-Logistics Eurasia outperformed expectations with an adjusted EBIT of EUR 38 million.
  • E-Logistics North America recorded an adjusted EBIT of EUR 65 million, at the low end of the guidance range.
  • The company's CapEx was below the revised envelope, at EUR 155 million.
  • A dividend per share of EUR 0.13 gross is proposed to the General Shareholders' Meeting.
  • Strategic shifts aim to create a resilient portfolio with better margins by focusing on midsize retailers and cross-border services.

Bullish Points

  • Strong volume growth from China to Belgium due to new customers and recent wins.
  • Improved profitability in the Asian cross-border volume with destination Belgium.
  • High single-digit volume growth expected in the parcel business, driven by the Commercial Hunting Plan and market share gains.
  • Cost management and productivity gains helped preserve margins in challenging market conditions.

Bearish Points

  • North American E-Logistics business impacted by economic softness, market overcapacity, and Amazon's insourcing.
  • Decrease in operating income for E-commerce and Logistics.
  • Revenue decline at Radial due to lower sales from existing customers and client churn.

Financial Outlook

  • Total operating income for Belgium expected to be slightly higher in 2024, excluding press revenues.
  • E-Logistics Eurasia anticipates low double-digit percentage growth in total operating income and a 5-7% adjusted EBIT margin.
  • E-Logistics North America expects a high single-digit percentage decrease in top line revenue and a 4-6% adjusted EBIT margin.

Q&A Highlights

  • The company is well-positioned in the parcel delivery market with a strong Net Promoter Score (NPS).
  • Audits for three specific cases have been completed; financial settlements and provision corrections are expected.
  • Dividend payout impacted by a provision, resulting in a dividend of EUR 0.13.
  • Focus on expanding cross-border services and exploring synergies with last mile businesses in Canada and Belgium.
  • Plans to shift market positioning towards midsize retailers for a more resilient portfolio with better margins.


bpost Group is navigating a complex market landscape with strategic initiatives aimed at strengthening its position in the parcel delivery market. The company's focus on productivity, strategic market positioning, and customer diversification are key elements in its approach to the evolving demands of the logistics industry. Stakeholders will be closely monitoring the company's progress in executing its strategic plans with the release of the annual report scheduled for March and the first-quarter results expected in May.

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