Bnode cuts 2026 adjusted operating profit forecast to €95–105 million
Key Facts
Bnode, the parent company of Bpost, cut its 2026 adjusted operating profit forecast to a range of €95 million to €105 million, according to its third-quarter results announcement issued on November 6. The previous forecast was about €140 million, while the initial estimate was between €165 million and €195 million. The company attributed the revision to weaker-than-expected demand, delays in commercial execution and regulatory headwinds that were more severe than expected. The cut comes as the group recorded an adjusted operating loss in the third quarter. Chief Executive Chris Peeters said slower parcel growth and commercial delays affected the short-term performance outlook.
The group’s operating revenue was €1,005.4 million in the third quarter, while adjusted operating profit was a loss of €21.2 million, according to Bnode’s statement. The results highlight the contrast between revenue and the adjusted operating result for the period. At Bpost, operating revenue was €510.1 million, and the unit recorded an adjusted operating loss of €29.2 million. Mail and press volumes fell 16.4%, while parcel volumes rose 1.3%. The company said the development of commercial logistics activities at the unit fell short of expectations and resulted in lower revenue.
By contrast, Paxon recorded operating revenue of €368.4 million and adjusted operating profit of €6.9 million. Bnode said the unit’s revenue remained broadly stable, supported by continued growth in its European operations, but performance in new business and cross-selling remained below expectations. Landmark Global recorded operating revenue of €151.1 million and adjusted operating profit of €9.8 million. The company noted that the product mix was less favorable. Shipments from Asia were also affected by taxes imposed on small parcels in July, partly offset by commercial initiatives targeting major Asian customers.
In an earlier update in August, Bnode had cut its 2026 adjusted operating profit forecast to about €140 million, after updating its estimate of the impact of the strike in Belgium and slower commercial development at Paxon. The company then estimated that the strike in April had cost about €25 million in operating profit, compared with an initial estimate of €15 million announced in May. The group recorded operating revenue of €1,046.4 million and adjusted operating profit of €29.4 million in the second quarter, including the estimated impact of the strike. A comparison of the two quarters shows a difference in the adjusted operating result between the earlier period and the third quarter. The company also said in August that the expansion of its parcel pickup and drop-off point network was aimed at reaching 3,500 locations by the end of 2026.
Looking ahead to the operating environment, Bnode said it still lacked clarity from the Belgian government on the eighth management contract, with the December 31 deadline approaching. The issue is tied to a specific timetable before the end of the year, according to the company’s statement. In an announced management change, Nicolas Baise will become CEO of Bpost effective January 1, 2027. His appointment comes as the unit faces declining mail and press volumes and challenges in developing its commercial logistics activities. The announcement did not specify a later date for an update to the 2026 forecast.