Österreichische Post AG

Austrian Post said H1 2026 group revenue was EUR 1,544 million, up 3.8% year over year, while EBITDA declined by EUR 11.7 million to EUR 187.7 million. EBIT was EUR 73.3 million. The company generated cash flow of EUR 117 million, operating free cash flow of EUR 116.6 million, and maintained net debt to EBITDA at 0.6x, with a logistic equity ratio of 24%. For H1 2026, Mail, Branch and Services EBIT fell by EUR 21.1 million, and the financial result was hit by a EUR 20 million impact from inflation and FX on the Aras Kargo put option valuation. For the full year, management reaffirmed guidance for slight revenue growth and operating earnings in the EUR 180 million to EUR 190 million range, with CapEx expected at roughly EUR 140 million to EUR 160 million.

Walter Oblin framed the quarter as solid in a difficult environment, pointing to headwinds from accelerated letter decline, competitive pressure in Eastern Europe and Turkiye, and new parcel duties and levies. At the same time, he emphasized strategy execution: growing e-commerce, building out Austria’s multi-service offering, and expanding the network with lockers, self-service points, bank99, YELLOW telecom, and acquisitions such as euShipments and D Express. His tone was cautiously optimistic, repeatedly stressing confidence in the second half and the ability to keep full-year EBIT in line with prior years.

Barbara Potisk-Eibensteiner highlighted the segment mix: Mail, Branch and Services at about 36% of revenue, e-commerce and logistics at 59%, and bank at 5%. She said staff costs were up mainly because of EUR 12 million inflation in Turkiye and the expanded scope from euShipments and Agile Actors, while the financial result was sharply lower because of the Aras Kargo put option valuation and a EUR 20 million inflation/FX impact. She also reiterated balance-sheet strength, citing 0.6x net debt to EBITDA, a 24% logistic equity ratio, EUR 117 million cash flow, EUR 116.6 million operating free cash flow, and EUR 59.3 million spent on the euShipments acquisition.

Analysts focused on the July impact of de minimis changes and new parcel levies, the outlook for Asian parcel volumes, YELLOW’s revenue ramp, bank99’s earnings trajectory, and whether euShipments should be viewed as a standalone logistics division. Management said the Asian parcel exposure is around 10% of group volumes, July declines were around 30% in some markets but they expect improvement as platforms adapt, and second-half parcel growth should slow to mid-single digits. On bank99, management said the business is now at a good run rate of roughly EUR 1.5 million to EUR 2 million per quarter, while euShipments remains inside e-commerce and logistics for now and is intended to strengthen the group’s competitive position rather than be tightly integrated into carrier operations.