Oesterreichische Post (POST) Q3 2024 earnings summary

Executive summary

• Revenue increased 13.6% year-over-year to EUR 2,237.6m in Q1-3 2024, with all divisions contributing to growth and driven by parcel volumes, major elections, and a positive interest rate environment.

• EBIT rose 10.7% to EUR 144.7m, and profit for the period increased by 16.9% to EUR 106.1m.

• Earnings per share improved by 14.0% to EUR 1.48.

• New management board in place following CEO retirement; Walter Oblin now CEO, Barbara Potisk-Eibensteiner appointed CFO, and Peter Ummundum as Deputy CEO.

• Business portfolio includes mail, parcel and logistics, and retail bank segments, with international operations in 13 countries.

Financial highlights

• EBITDA rose 7.9% to EUR 304.9m, with an EBITDA margin of 13.6%.

• Operating free cash flow increased to EUR 229.3m, with positive tax effects included.

• Equity stood at EUR 710.7m, with an equity ratio of 11.7%.

• Staff costs increased 15.7% due to wage adjustments and higher headcount.

• Dividend payment of EUR 120.2m made to shareholders.

Outlook and guidance

• Full-year 2024 revenue forecast at EUR 3bn, with EBIT expected to exceed EUR 200m (at least +5%).

• 2025 forecast targets similar revenue and EBIT levels as 2024, with limited growth due to lower inflation and absence of election-related revenues.

• Parcel & Logistics revenue projected to grow ~15% in 2024, Retail & Bank to achieve double-digit growth.

• Dividend policy aims to distribute at least 75% of group net profit.

• 2024 investments planned at EUR 140-160m, including EUR 40-50m for green transformation.