Bnode sees broadly stable 2026 profit as Belgian mail volumes slide

PostNL NV

06/03/2026 06:44

March 6 (Reuters) - Bnode BPOST.BR, recently rebranded from Bpost, said on Friday it expected its adjusted operating profit to land between 165 million and 195 million euros ($192 million and $226 million) in 2026, broadly in line with last year's number and market expectations.

Bnode's postal operations remain a drag on the business, with underlying domestic mail volumes falling around 11% in the fourth quarter. This decline was only partially offset by higher prices.

European peers are seeing a similar trend: Dutch postal operator PostNL PTNL.AS flagged continuing erosion in letter volumes, while Britain's Royal Mail has argued that rules need to change as demand shrinks, reflecting the steady shift to digital communications.

Underlying parcel volumes grew 2.9% in the fourth quarter.

The 2026 outlook includes a roughly 35-million-euro drop in corporate EBIT, driven by salary indexation, higher headcount and increased business transformation-related costs.

2025 adjusted EBIT at 179.7 million euros, slightly above a consensus of 177.3 million euros.

Growth in e-commerce logistics unit Staci and the Europe business region, helped by productivity measures, offset U.S. pressures.

Bnode's board will propose not to pay a dividend this year.

Q4 group operating income fell 7% from a year ago to 1.24 billion euros.

Q4 free cash flow slumped 25% to 144.5 million euros.

($1 = 0.8616 euros)

(Reporting by Olivier Cherfan in Gdansk, editing by Milla Nissi-Prussak)

((olivier.Cherfan@thomsonreuters.com;))