Österreichische Post AG

Austrian Post reported first-half 2026 revenue of EUR 1,544 million, up 3.8% year over year, with Q2 revenue growth of 6.7%. EBITDA was EUR 187.7 million, down EUR 11.7 million year over year, and EBIT was EUR 73.3 million. Operating free cash flow was EUR 116.6 million, maintenance CapEx was EUR 32.4 million, and net debt to EBITDA was 0.6x; the logistics equity ratio was 24%. Management said full-year group revenue should show a slight increase, e-commerce and logistics should still grow, and full-year EBIT is guided in the range of EUR 180 million to EUR 190 million, roughly in line with recent years. CapEx for the year is expected at EUR 140 million to EUR 160 million.

Walter Oblin framed the quarter as solid but clearly affected by a tougher environment, especially accelerated letter-mail decline, competition in Eastern Europe and Turkiye, and new parcel duties and levies. Strategically, he emphasized Austrian Post’s shift toward a broader services model in Austria, international e-commerce growth, and a “one group” approach to capture synergies across businesses and regions. He sounded confident but cautious, repeatedly pointing to opportunities in e-commerce, bank99, YELLOW, and acquisitions even as visibility remains limited.

Barbara Potisk-Eibensteiner highlighted the segment mix: Mail, Branch and Services were about 36% of H1 revenue, e-commerce and logistics 59%, and bank about 5%. She said EBITDA declined to EUR 187.7 million, EBIT was EUR 73.3 million, and cash flow remained solid at EUR 117 million, with operating free cash flow of EUR 116.6 million. She pointed to higher staff costs from Turkiye inflation and consolidation of euShipments and Agile Actors, and said the financial result was hit by about EUR 20 million from inflation and FX effects on the Aras Kargo put option. She also noted CapEx of EUR 32.4 million in maintenance spending and EUR 59.3 million for the euShipments acquisition, while equity fell partly due to about EUR 124 million of dividends paid in April.

Analysts focused on the new de minimis/customs levies, premium letter pricing, YELLOW revenue ramp-up, bank99 earnings durability, and how euShipments and D Express fit strategically. Management said Asia exposure is about 10% of group parcel volume, Austria’s Asia share is around 8%, and July saw roughly a 30% decline initially that they expect to improve as platforms adapt; they also said the second-half parcel growth rate should slow from double-digit to mid-single-digit. On bank99, management indicated a likely run rate of about EUR 1.5 million to EUR 2 million per quarter if rates stay supportive. They said euShipments stays within e-commerce and logistics for now, with no immediate operational integration into last-mile carriers, and that D Express has not yet been included in 2026 effects pending merger control clearance.