EQS-News: AUSTRIAN POST IN Q1 2026: Slight first-quarter revenue improvement despite a challenging market environment, earnings below the previous year as expected
EQS-News: Österreichische Post AG / Key word(s): Interim Report
AUSTRIAN POST IN Q1 2026: Slight first-quarter revenue improvement despite
a challenging market environment, earnings below the previous year as
expected
08.05.2026 / 07:55 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AUSTRIAN POST IN Q1 2026:
Slight first-quarter revenue improvement despite a challenging market
environment, earnings below the previous year as expected
Revenue
• Group revenue +0.9 % to EUR 770.7m
• Mail, Retail & Services –7.6 % to EUR 289.9m
• E‑Commerce & Logistics +6.9 % to EUR 447.4m
• Bank –7.6 % to EUR 35.2m
Earnings
• EBITDA from EUR 101.6m last year to EUR 93.8m in Q1 2026
• EBIT from EUR 48.4m last year to EUR 36.8m in Q1 2026
Cash flow and balance sheet
• Operating free cash flow of EUR 73.4m
• Equity of EUR 722.4m as at 31 March 2026
Outlook for 2026 unchanged
• Slight revenue increase expected
• Investments (CAPEX) between EUR 140m and EUR 160m
• Broadly stable earnings development (EBIT) in the order of magnitude
of previous years
The beginning of the year 2026 was impacted by a challenging geopolitical
and economic environment. Digitisation and cost pressure among key
customer groups resulted in a further decline in letter mail and direct
mail volumes in the first quarter, which must be addressed through
regulatory and process adjustments. E-commerce continues to be the growth
driver in the parcel business, impacted by high quality requirements and
intense competition. “Given the difficult market environment, Austrian
Post performed well in the first quarter of 2026. Revenue improved
slightly, driven by e-commerce growth, whereas first-quarter earnings were
below the previous year, as expected,” states Austrian Post CEO Walter
Oblin. “Among the highlights of the first months were also the successful
launch of our mobile telephone brand YELLLOW, positive performance of
bank99 and the integration of the e-commerce provider euShipments.com.”
Group revenue in the first quarter of 2026 rose by 0.9 % to EUR 770.7m.
Revenue of the Mail, Retail & Services division fell by 7.6 % to
EUR 289.9m, driven by the structural decline of addressed letter mail
volumes attributed to electronic substitution. Furthermore, a reduction
was particularly noticeable in the addressed direct mail, attributable to
cost-cutting measures by advertising clients. The E‑Commerce & Logistics
division revenue of EUR 447.4m (+6.9 %) performed very well in Austria and
in the Southeast and Eastern Europe region, with volume increases of 10 %
and 9 %, respectively. A reduction in parcel volumes from Asia impacted
the Türkiye+ region (Türkiye, Azerbaijan, Georgia and Uzbekistan) due to
regulatory restrictions (–2 % volume decrease). With revenues of EUR 35.2m
the Bank division showed a decline in income from financial services due
to the low interest rates, but it was able to increase its net interest
income and generate a sustainably positive result.
First-quarter 2026 earnings were below the prior-year level, as expected,
reflected the transformation of the company’s activities in the
telecommunications activities, the challenging competitive environment in
Southeast and Eastern Europe, and a regulatory-related volume reduction in
Türkiye following restrictive import rules for parcels from Asia. EBITDA
was down from EUR 101.6m to EUR 93.8m, whereas earnings before interest
and taxes (EBIT) fell from EUR 48.4m to EUR 36.8m. The profit for the
period of the Austrian Post Group for the first quarter 2026 totalled
EUR 15.3m, compared to EUR 39.6m in the previous year, which is due to the
negative valuation effect of the company’s remaining 20 % stake in Aras
Kargo (based on inflation and the exchange rate). This resulted in
earnings per share of EUR 0.22 for the first quarter of 2026, compared to
EUR 0.56 last year.
The fundamental trends will remain unchanged for the full year 2026
against the backdrop of ongoing economic uncertainties. Declining volumes
are evident in the mail business due to the intensified digitisation
efforts by major customers, whereas the continuing strength of the
e-commerce trend ensures the ongoing growth of parcel volumes. At the same
time, intense competition is expected in numerous markets. Additional
uncertainties arise from regulatory restrictions on international trade
flows. Despite the current geopolitical uncertainties, Austrian Post
anticipates a slight revenue improvement in 2026. In addition, the company
continues to expect further inflation-related cost increases. For this
reason, comprehensive initiatives are being undertaken to safeguard Group
earnings. Furthermore, Austrian Post is aiming, for the year 2026, for
largely stable earnings development in the order of magnitude of previous
years. The expectation of a weaker first half of the year and a stronger
second half-year is confirmed.
Investments in property, plant and equipment (CAPEX) are expected to range
between EUR 140m and EUR 160m in 2026 similar to recent years. The
priorities are the enlargement and modernisation of the Logistics Centre
in Salzburg, an increase in the number of parcel machines in Southeast and
Eastern Europe as well as the ongoing electrification of the vehicle
fleet. The goal is a completely CO₂-free last mile delivery in Austria by
2030.
KEY FIGURES
Change
EUR m Q1 2025^1 Q1 2026 % EUR m
Revenue 763.6 770.7 0.9 % 7.1
Mail, Branch & Services 313.7 289.9 –7.6 % –23.8
E‑Commerce & Logistics 418.3 447.4 6.9 % 29.1
Bank 38.1 35.2 –7.6 % –2.9
Corporate/Consolidation –6.6 –1.9 71.2 % 4.7
Other operating income 32.0 32.0 0.0 % 0.0
Raw materials, consumables and services
used –222.0 –234.9 –5.8 % –12.9
Expenses from financial services –12.9 –8.7 32.8 % 4.2
Staff costs –360.2 –367.8 –2.1 % –7.6
Other operating expenses –102.6 –102.1 0.5 % 0.5
Results from financial assets accounted
for using the equity method 1.0 1.3 33.9 % 0.3
Net monetary gain 2.8 3.3 18.7 % 0.5
EBITDA 101.6 93.8 –7.6 % –7.7
Depreciation, amortisation and impairment
losses –53.2 –57.0 –7.3 % –3.9
EBIT 48.4 36.8 –23.9 % –11.6
Mail, Branch & Services 37.4 27.5 –26.4 % –9.9
E‑Commerce & Logistics 18.6 12.4 –33.3 % –6.2
Bank –0.6 2.6 >100 % 3.2
Corporate/Consolidation^2 –7.0 –5.7 19.0 % 1.3
Financial result 2.3 –14.2 <-100 % –16.5
Profit before tax 50.7 22.6 –55.4 % –28.1
Income tax –11.1 –7.3 34.3 % 3.8
Profit for the period 39.6 15.3 –61.3 % –24.3
Earnings per share (EUR)^3 0.56 0.22 –60.8 % –0.34
Gross cash flow 81.4 70.7 –13.1 % –10.7
Cash flow from operating activities 64.0 137.6 >100 % 73.6
CAPEX 24.8 20.6 –17.0 % –4.2
Free cash flow 45.2 27.9 –38.3 % –17.3
Operating free cash flow^4 116.8 73.4 –37.2 % –43.4
^1 Adjusted to the new segment structure from 1 January 2026
2 Includes the intra-Group cost allocation procedure
3 Undiluted earnings per share in relation to 67.552.638 shares
4 Free cash flow before acquisitions, money market investments, growth
CAPEX, CBA and cash held temporarily
Vienna, 8 May 2026
EXCERPTS FROM THE MANAGEMENT REPORT Q1 2026
REVENUE DEVELOPMENT IN DETAIL
Austrian Post Group revenue rose by 0.9 % to EUR 770.7m in the first
quarter of 2026. Revenue of the Mail, Retail & Services division decreased
by 7.6 %, whereas the E‑Commerce & Logistics division generated a revenue
increase of 6.9 % and the Bank division reported a 7.6 % revenue decrease.
The Mail, Retail & Services division accounted for 37.5 % of total Group
revenue. Divisional revenue of EUR 289.9m is negatively impacted by the
structural decline of addressed letter mail volumes due to electronic
substitution. Furthermore, a decline was particularly noticeable in the
addressed advertising business, which is primarily attributable to
cost-saving and digitisation measures by advertising clients.
The E‑Commerce & Logistics division generated 57.9 % of total Group
revenue, or EUR 447.4m in the reporting period. Revenue developed very
satisfactory in Austria and in Southeast and Eastern Europe, whereas a
reduction in parcel volumes from Asia occurred in the Türkiye+ region
(Türkiye, Azerbaijan, Georgia and Uzbekistan) due to regulatory
restrictions. Business in Türkiye continues to be significantly impacted
by high inflation as well as the FX impact of the Turkish Lira.
The Bank division accounted for 4.6 % of Group revenue in the first
quarter of 2026 or EUR 35.2m. Income from Financial Services declined due
to the lower interest rate environment.
Revenue of the Mail, Retail & Services division totalled EUR 289.9m in the
first quarter of 2026, of which 61.7 % is attributable to the Letter Mail
& Business Solutions area. Direct Mail and Media Post accounted for 35.8 %
of total divisional revenue, whereas Branch Services & Telecommunication
contributed 2.5 % to the division’s revenue.
Letter Mail & Business Solutions revenue equalled EUR 178.8m in the first
three months of 2026, down by 6.7 % from the previous year. Letter Mail
continues to show a downward volume development due to the substitution of
letters by electronic forms of communication. Conventional letter mail
volumes in Austria were down by 9 % in the first three months of 2026.
International letter mail declined, while the Business Solutions area
remained stable.
Direct Mail and Media Post revenue fell by 3.8 % to EUR 103.8m in the
first quarter of 2026. The decline was primarily seen in the addressed
direct mail and media post business. Advertising activity remains subdued
due to the economic climate, with structural declines in certain customer
segments (e.g., furniture and mail order retail business). The adjustments
to the pricing structure could not fully offset the loss in revenue.
Direct Mail and Media Post volumes were down by 11 % in the first quarter
of 2026.
Branch Services & Telecommunication revenue fell by 48.3 % to EUR 7.3m,
which is related to the termination of the previous sales collaboration
with a telecommunications partner as of 31 December 2025. No income from
the telecommunications business was generated in the first quarter of
2026, compared to Q1 2025 revenue of about EUR 7m from telecommunications.
Revenue of the E‑Commerce & Logistics division increased by 6.9 % in the
first quarter of 2026 to EUR 447.4m. Revenue in Austria and in Southeast
and Eastern Europe increased in contrast to the decline in the Türkiye+
region.
The division generated a revenue increase of 9.5 % in Austria to
EUR 251.1m. Parcel volumes grew by 10 % in the first quarter of 2026.
Revenue in the Türkiye+ parcel region decreased by 2.7 % to EUR 127.6m
compared to the first three months of 2025. The Turkish Government
tightened import regulations and imposed significantly higher customs
duties and taxes on low-quality parcel items from Asia. At the same time,
the import of certain goods classified as dangerous, such as cosmetics and
electronics, was partially prohibited. These measures resulted in a volume
reduction of approximately 5 %. At the same time, business development
continues to be heavily influenced by inflationary trends and the FX
impact of the Turkish Lira.
Parcel revenue in Southeast and Eastern Europe (Parcel CEE/SEE) rose by
6.8 % to EUR 52.3m. Parcel volumes were up by 9 % from the prior-year
period. There was a significant growth of parcels from Asia against the
backdrop of a high level of competitive pressure.
Revenue in the Group Logistics Solutions area increased by 51.3 % to
EUR 19.8m. The Bulgarian e-commerce provider euShipments.com was
consolidated on 6 March 2026, contributing approximately EUR 5m to
revenues.
Income from Financial Services in the Bank division fell by 7.6 % in the
first three months of 2026 to EUR 35.2m. The increase in bank99’s customer
base boosted revenue, while the lower key interest rate had a negative
impact on interest income in year-on-year quarterly comparison.
EARNINGS DEVELOPMENT
The largest expense items in relation to Austrian Post’s Group revenue are
staff costs (47.7 %), raw materials, consumables and services used
(30.5 %) and other operating expenses (13.2 %). In addition, depreciation,
amortisation and impairment losses accounted for 7.4 % and financial
services expenses for 1.1 %.
Staff costs in the first quarter of 2026 totalled EUR 367.8m, implying an
increase of 2.1 % or EUR 7.6m. The change includes implemented efficiency
and cost-related measures as well as collective wage and salary
adjustments reported under operational staff costs and the initial
consolidation of new subsidiaries. Austrian Post Group employed an average
of 27,868 people (full-time equivalents) in the first three months of
2026, compared to the average of 28,014 employees in the prior-year
period (–0.5 %). Non-operating staff costs refer to severance payments and
changes in provisions, which are primarily attributable to the specific
employment situation of civil servant employees at Austrian Post. In this
regard, no significant charges were incurred in the first three months of
2026.
Raw materials, consumables and services used increased by 5.8 % to
EUR 234.9m. The increase is mainly related to transport services rendered
by external carriers.
Other operating income equalled EUR 32.0m in the first quarter of 2026 and
showed no change from the previous year.
Accounting standard IAS 29 (Financial Reporting in Hyperinflationary
Economies) needs to be applied for the Turkish subsidiaries. Accordingly,
all items in the income statement as well as the non-monetary items were
adjusted using a general price index (refer to the Annual Report 2025,
Consolidated Financial Statements, Note 2.2 Hyperinflation). The profit or
loss from net monetary items is presented as a separate item in the income
statement. In the first quarter of 2026, the net monetary gain amounted to
EUR 3.3m (+18.7 %).
EBITDA equalled EUR 93.8m in the first quarter of 2026, implying a
year-on-year decrease of EUR 7.7m from EUR 101.6m in the prior-year
period. This corresponds to an EBITDA margin of 12.2 %. Depreciation,
amortisation and impairment losses amounted to EUR 57.0m in the first
three months of 2026, representing a year-on-year increase of 7.3 % or
EUR 3.9m from the prior-year level.
EBIT was down by EUR 11.6m and totalled EUR 36.8m in the first quarter of
2026 compared to EUR 48.4m in the previous year. The EBIT margin was
4.8 %.
The Group’s financial result in the first quarter of 2026 was down from
EUR 2.3m to minus EUR 14.2m, primarily due to a volatile valuation effect
of the financial parameters (inflation and FX rate) of EUR 8.4m for the
option liability relating to the remaining 20 % stake in Aras Kargo, in
contrast to the positive effect of EUR 4.4m included in the prior-year
period. The income tax decreased from EUR 11.1m to EUR 7.3m (+34.3 %). The
profit for the period for the first three months of 2026 equalled
EUR 15.3m, compared to EUR 39.6m in the first quarter of 2025 (–61.3 %).
Earnings per share were EUR 0.22 compared to EUR 0.56 in the first quarter
of the previous year (–60.8 %).
EARNINGS BY DIVISION
From a divisional perspective, the Mail, Retail & Services division
achieved an EBIT of EUR 27.5m in the first three months of 2026 compared
to EUR 37.4m in the previous year. This earnings reduction is due to the
sharp decrease in letter mail and direct mail volumes as well as the lack
of telecommunications income in the first quarter of 2026 attributable to
the termination of the previous sales cooperation as at the end of 2025
and the launch of Austrian Post’s own mobile telephone brand YELLLOW as of
1 April 2026.
The E‑Commerce & Logistics division generated an EBIT of EUR 12.4m in the
first quarter of 2026, down from EUR 18.6m in the prior-year period. While
the parcel business in Austria achieved strong growth, declines were
recorded in Austrian Post’s international markets. The Group Logistics
Solution area also showed a positive development in the reporting period.
The Bank division produced an EBIT of EUR 2.6m in the first three months
of 2026 compared to minus EUR 0.6m in the prior-year period. The earnings
improvement is attributable to the operational performance of bank99 as
well as the focus on cost efficiency. Furthermore, earnings also include a
positive one-off effect.
EBIT of the Corporate Division (including Consolidation and the
intra-Group cost allocation procedure) changed from minus EUR 7.0m minus
EUR 5.7m. The improved earnings are mainly attributable to cost savings.
The Corporate Division provides non-operating services which are typically
essential for the purpose of the administration and control of the
company. In addition to conventional corporate governance tasks, these
services include the management and development of commercial properties
not required for operations, management of significant financial
investments, provision of IT services, development of new business models
and the administration of the Internal Labour Market of Austrian Post.
CASH FLOW AND BALANCE SHEET
Gross cash flow in the first quarter of 2026 amounted for EUR 70.7m, down
from EUR 81.4m in the previous year (–13.1 %). Cash flow from operating
activities amounted to EUR 137.6m in the reporting period, compared to the
prior year figure of EUR 64.0m. This item includes changes in the core
banking assets (CBA) of bank99 totalling EUR 49.8m compared to minus
EUR 79.3m in the first quarter of 2025. Core banking assets include the
change in the balance sheet items Financial assets from financial services
and Financial liabilities from financial services, excluding cash, cash
equivalents and central bank balances, and thus combine the deposit and
investment business of bank99. On the other hand, it also includes the
change in cash held temporarily of EUR 8.9m. These are receivables and
payables from collected cash held on behalf of third parties, such as cash
held temporarily and valuables transport. Cash flow from operating
activities excluding CBA and temporary deposits totalled EUR 78.9m in the
first quarter of 2026 compared to EUR 135.5m in the previous year.
Cash flow from investing activities was minus EUR 109.8m in the first
three months of 2026, compared to minus EUR 18.8m in the prior-year
period. The total of minus EUR 59.1m related to acquisitions, mainly the
purchase of the Bulgarian company euShipments.com. Expenditures for the
acquisition of property, plant and equipment and investment property
(CAPEX) amounted to EUR 20.6m in the current reporting period, in contrast
to EUR 24.8m in the first quarter of 2025.
Austrian Post uses operating free cash flow as a key metric to assess the
financial strength of its operating business and to cover the dividend for
the financial year. The operating free cashflow in the period under review
equalled EUR 73.4m. The comparable figure in the prior-year quarter
included a positive one-off effect.
Austrian Post relies on a solid balance sheet and financing structure.
Austrian Post’s total assets of EUR 6.6bn as at 31 March 2026 have
expanded significantly since the inclusion of bank99 in 2020. On the asset
side, property, plant and equipment of EUR 1,359.5m was one of the largest
balance sheet items and included right-of-use assets under leases of
EUR 367.7m. In addition, there are intangible assets and goodwill from
company acquisitions, which are reported in the amount of EUR 247.2m as at
31 March 2026. The balance sheet shows receivables of EUR 520.8m,
including current trade receivables of EUR 390.3m. Other financial assets
amounted to EUR 97.1m as at 31 March 2026. Financial assets from financial
services equalled EUR 4,151.7m at the end of the first quarter of 2026 and
result mainly from the business activities of bank99.
On the liabilities side of the balance sheet, the equity of Austrian Post
Group amounted to EUR 722.4m as at 31 March 2026, implying an equity ratio
of 10.9 %. The logistics equity ratio (equity in relation to total capital
excluding financial liabilities from financial services) stood at 27 % at
the end of March 2026. Provisions of EUR 510.3m are shown on the equity
and liabilities side as at 31 March 2026, other financial liabilities
amounted to EUR 684.4m and trade and other payables totalled EUR 738.4m.
Financial liabilities from financial services in the amount of
EUR 3,967.3m result primarily from the business activities of bank99.
OUTLOOK 2026
Against the backdrop of economic uncertainty, the underlying trends in the
international mail and parcel business remain unchanged. The letter mail
business is experiencing volume declines driven by digitisation efforts,
whereas the ongoing e-commerce trend is the driving force behind rising
parcel volumes. At the same time, intense competition is expected in many
markets. Regulatory restrictions on international trade flows create
further uncertainty.
Revenue in 2026
Despite existing geopolitical uncertainties, Austrian Post expects a
slight revenue increase in 2026.
A change in segment reporting was implemented in the 2026 financial year.
Branch Services income is no longer combined with financial services but
is rather included in the Mail, Retail & Services division (formerly the
Mail division). This division is expected to experience a mid-single-digit
decline in revenue. This development is based on declining mail and direct
mail volumes, which cannot be fully offset by product and pricing
adjustments. The division now includes branch services in the amount of
approximately EUR 35m, covering the launch of the new mobile brand YELLLOW
in Austria as of the second quarter of 2026. The division will no longer
benefit from the revenue contribution of EUR 20m derived from the
terminated sales partnership in the telecommunications sector.
In contrast, growth in the upper single digit range is expected in the
E‑Commerce & Logistics division (previously Parcel & Logistics). Based on
current economic conditions, continued momentum from e-commerce is
expected, particularly from international senders. However, uncertainties
regarding the forecast of future trade flows arise from regulatory
measures by the European Union as well as national legislators aimed at
restricting the volume of private customer parcels or imposing tariffs on
parcels. This could lead to volume fluctuations as well as intensify
competition among parcel service providers. For these reasons, a more
challenging market environment is expected particularly in Southeast and
Eastern Europe but also in Türkiye. A positive contribution to Group
revenue in 2026 in the amount of EUR 55m is expected from the Bulgarian
company euShipments.com, which was initially consolidated in the Austrian
Post Group as of 6 March 2026. The company offers e-commerce services to
customers throughout the entire European Union, through nine proprietary
fulfilment centres.
The Bank division (formerly Retail & Bank) will only report on income from
financial services in the 2026 financial year. Revenue is expected to be
slightly above the prior-year level despite lower key interest rates
compared to the previous year.
Earnings in 2026
In addition to a slightly positive revenue trend, inflation-related cost
increases are expected to continue. For this reason, comprehensive
initiatives are being implemented to secure the Group’s earnings level.
Faced with a difficult macroeconomic environment, Austrian Post is
targeting broadly stable earnings for 2026 in the order of magnitude of
previous years. bank99 should contribute to a further earnings improvement
following the completion of the core banking migration and the expansion
of its security deposit business starting in the summer of 2026.
The expectation of a weaker first half-year and stronger second half is
confirmed, against the backdrop of a challenging market environment in
Southeast and Eastern Europe as well as in Türkiye, but also as a result
of the terminated telecommunications sales cooperation and the
establishment of Austrian Post’s own mobile telephone brand YELLLOW.
Investments in 2026
Investments in property, plant and equipment (CAPEX) for 2026 will be in
the range of EUR 140m to EUR 160m. The focus in the years 2026 and 2027
will be on expanding and modernising the logistics centre in Salzburg and
increasing the number of parcel machines, primarily in Southeast and
Eastern Europe. Another priority is the gradual electrification to make
the last-mile delivery in Austria completely CO₂-free by 2030.
CONTACTS
Austrian Post Austrian Post
Press-Team Harald Hagenauer, Head of Investor Relations
Tel.: +43 (0) 57767-32010 Tel.: +43 (0) 57767-30400
presse@post.at investor@post.at
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08.05.2026 CET/CEST This Corporate News was distributed by [1]EQS Group
View original content: [2]EQS News
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Language: English
Company: Österreichische Post AG
Rochusplatz 1
1030 Vienna
Austria
Phone: +43 577 67 – 30400
E-mail: investor@post.at
Internet: www.post.at
ISIN: AT0000APOST4
WKN: A0JML5
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2322888
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