EQS-News: Österreichische Post AG / Key word(s): Annual Results/Quarter
Results
AUSTRIAN POST IN 2024: Revenue and earnings increase in all divisions
07.03.2025 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AUSTRIAN POST IN 2024:
Revenue and earnings increase in all divisions
Revenue in 2024
• Revenue +13.9 % to EUR 3,123.1m (+9.2 % excl. Parcel Türkiye)
• Declining letter volumes and increasing parcels quantities
• Favourable underlying trends and positive momentum from 2024 elections
and Turkish Lira exchange rate
• Mail +4.1 % to EUR 1,239.8m
• Parcel & Logistics +20.9 % to EUR 1,712.5m (+12.7 % excl. Parcel
Türkiye)
• Retail & Bank +19.5 % to EUR 201.5m
Earnings in 2024
• EBITDA +8.0 % to EUR 422.7m
• EBIT +9.0 % to EUR 207.3m
• Earnings per share from EUR 1.96 to EUR 2.04
Cash flow, balance sheet and dividend
• Operating free cash flow of EUR 253.9m (+14.6 %) in 2024
• Equity of EUR 761.6m as at 31 December 2024
• Dividend proposal to the Annual General Meeting on 9 April 2025:
EUR 1.83 per share (+2.8 %)
Outlook for 2025
• Modest revenue growth with the Turkish Lira continuing its development
• Targeted goal remains to achieve earnings (EBIT) in the order of
EUR 200m
Overall, the year 2024 went very well for Austrian Post. This is despite a
challenging business environment impacted by a weak economy which, in
turn, muted the investment climate and led to a restrained purchasing
behaviour of households. In contrast, positive momentum was provided by
the increasing use of postal voting in Austria, especially for the
European Parliament and Austrian national parliament elections. E-commerce
revenue grew as well, and as a result, Austrian Post in 2024 delivered
more than 500m parcels in the regions of Austria, Southeast and Eastern
Europe, Türkiye and Azerbaijan for the first time. “Austrian Post was able
to achieve double-digit revenue growth in the past financial year,
successfully withstanding weak economic conditions, inflation and the
strong competitive environment”, says Walter Oblin, CEO of Austrian Post.
“We consider ourselves to be strategically well positioned. The
transformation from the increasingly declining letter business to the
growing parcel business and hence to further internationalisation is well
under way”, Walter Oblin adds.
Revenue of the Austrian Post Group increased by 13.9 % in 2024 to
EUR 3,123.1m. Excluding Parcel Türkiye, revenue still increased by 9.2 %.
Growth was generated in all divisions during the course of the year. Mail
Division revenue rose by 4.1 % to EUR 1,239.8m and is negatively impacted
by the structural decline of addressed letter mail volumes in the amount
of 6 % caused by the electronic substitution. In contrast, postage rate
adjustments as at 1 September 2023 as well as the super election year of
2024 had a positive effect. The direct mail segment was faced with a
backdrop of a weak economic environment with a structural decline in
certain customer segments (e.g., furniture sector, mail-order business).
The Parcel & Logistics Division revenue increased by 20.9 % in 2024 to
EUR 1,712.5m. The parcel business developed very positively in all
regions. Strong revenue growth was particularly recorded in Türkiye,
impacted by high inflation and the exchange rate of the Turkish Lira.
Divisional revenue was still up by 12.7 % excluding the parcel business in
Türkiye. The Retail & Bank Division achieved a revenue of EUR 201.5m in
2024 (+19.5 %). The increase in the number of bank99-customers as well as
interest rate developments in the past financial year positively
contributed to divisional revenue.
In terms of earnings, Austrian Post also had a very successful year.
EBITDA increased by 8.0 % to EUR 422.7m and earnings before interest and
taxes (EBIT) rose by 9.0 % to EUR 207.3m. The profit for the period of the
Austrian Post Group equalled EUR 145.9m, comprising a year-on-year
improvement of 5.2 %. Accordingly, earnings per share were EUR 2.04, up
from EUR 1.96 in the prior-year period (+4.1 %). On the basis of this
solid performance and balance sheet position, an attractive dividend of
EUR 1.83 per share will be proposed to the Annual General Meeting on 9
April 2025. This corresponds to a payout ratio of 85 % of the Group net
profit and a dividend yield of 6.4 % based on the closing share price on
31 December 2024.
The fundamental trends impacting European mail and parcel markets have
been stable for years and are also expected to prevail in the future: The
growth of parcel volumes driven by increased national and international
e-commerce orders continues to be in contrast to the ongoing decline of
addressed and unaddressed letter mail and direct mail items. These
developments are taking place against the backdrop of a market environment
featuring improved but still weak economic growth in many European
countries. Following the strong revenue growth of 13.9 % in 2024, which
was driven by positive special effects, a period of consolidation is
anticipated in 2025. The aim of Austrian Post is to generate modest
revenue growth in 2025, subject to stable development of the Turkish Lira.
Revenue growth combined with cost discipline and efficiency are necessary
to ensure the targeted stability for Austrian Post. Accordingly, the
defined goal of generating earnings (EBIT) in the order of EUR 200m in
2025 remains unchanged.
Investments requirements over the next few years will shift, with a main
focus on growing markets in CEE, SEE and Türkiye. Total capital
requirements (CAPEX) for 2025 is expected to be in the range of recent
years. In addition to replacement investments, the focus will be on
international growth investments and investments facilitating the
decarbonisation of the company’s logistics operations. Austrian Post
continues to pursue the goal of combining growth and a high dividend. The
cash flow from operating activities should continue to ensure the main
investment requirements and an attractive dividend policy.
“We express sincere gratitude to our employees, who work with tireless
commitment on a daily basis, and thus ensure the quality leadership of
Austrian Post. Together we will continue to be the preferred partner in
the future of our customers,” concludes CEO Walter Oblin.
KEY FIGURES
Change
Q4
EUR m 2023 2024 % EUR m Q4 2023 2024
Revenue 2,740.8 3,123.1 13.9 % 382.2 771.5 885.5
Mail 1,190.4 1,239.8 4.1 % 49.4 323.8 328.8
Parcel & Logistics 1,416.5 1,712.5 20.9 % 296.0 407.4 511.1
Retail & Bank 168.6 201.5 19.5 % 32.9 50.0 55.5
Corporate/Consolidation –34.7 –30.8 11.3 % 3.9 –9.6 –10.0
Other operating income 100.3 104.1 3.7 % 3.8 23.4 28.2
Raw materials, consumables
and services used –832.4 –920.6 –10.6 % –88.2 –235.4 –276.6
Expenses from financial
services –21.6 –51.4 <-100 % –29.7 –9.7 –14.8
Staff costs –1,215.4 –1,405.5 –15.6 % –190.1 –328.7 –379.4
Other operating expenses –387.4 –437.2 –12.9 % –49.8 –112.9 –126.1
Results from financial
assets acc.for using the
equity method 2.1 3.1 46.9 % 1.0 0.6 0.0
Net monetary gain 5.1 7.1 38.5 % 2.0 0.3 1.0
EBITDA 391.6 422.7 8.0 % 31.2 109.1 117.9
Depreciation, amortisation
and impairment losses –201.3 –215.5 –7.0 % –14.1 –49.7 –55.3
EBIT 190.2 207.3 9.0 % 17.0 59.5 62.5
Mail 152.3 159.1 4.4 % 6.8 50.2 43.9
Parcel & Logistics 89.5 103.3 15.5 % 13.9 28.8 38.6
Retail & Bank –13.7 –11.8 14.0 % 1.9 –8.1 –4.4
Corporate/Consolidation^1 –37.9 –43.4 –14.5 % –5.5 –11.4 –15.6
Financial result –3.0 –10.5 <-100 % –7.5 0.5 –7.9
Profit before tax 187.2 196.7 5.1 % 9.5 60.0 54.6
Income tax –48.5 –50.8 –4.8 % –2.3 –12.0 –14.8
Profit for the period 138.7 145.9 5.2 % 7.2 47.9 39.8
Earnings per share (EUR)^2 1.96 2.04 4.1 % 0.08 0.66 0.56
Gross cash flow 320.6 395.5 23.4 % 74.9 104.5 119.2
Cash flow from operating
activities 254.5 121.7 –52.2 % –132.8 181.1 63.3
CAPEX 155.3 143.1 –7.8 % –12.1 57.3 52.5
Free cash flow 158.8 –28.9 <–100 % –187.6 136.7 –9.6
Operating free cash flow^3 221.6 253.9 14.6 % 32.3 44.4 24.6
^1 Includes the intra-Group cost allocation procedure
^2 Undiluted earnings per share in relation to 67.552.638 shares
^3 Free cash flow before acquisitions/securities/money market investments,
Growth CAPEX and core banking assets
Vienna, 7 March 2025
EXCERPTS FROM THE MANAGEMENT REPORT 2024
REVENUE DEVELOPMENT IN DETAIL
The Austrian Post Group’s revenue increased by 13.9 % to EUR 3,123.1m in
2024, with an increase of 9.2 % excluding Parcel Türkiye. An increase was
recorded in all divisions in the 2024 financial year: revenue was up by
4.1 % in the Mail Division, by 20.9 % in the Parcel & Logistics Division
(+12.7 % excluding Parcel Türkiye) and by 19.5 % in the Retail & Bank
Division.
The Mail Division accounted for 39.3 % of Austrian Post’s revenue in the
2024 financial year. The division’s revenue of EUR 1,239.8m is dominated
by the structural decline in the volume of addressed letters due to
electronic substitution, but is also positively influenced by the Price
adjustments made in the previous year and by the Major nationwide
elections in Austria (National Parliamentary elections, European
elections, Chamber of Labour elections) in 2024. The direct mail business
is also subdued due to the weak development in individual retail segments.
The Parcel & Logistics Division generated 54.3 % of Group revenue, or
EUR 1,712.5m, in the reporting period. The parcel business showed very
positive development in all regions. Strong revenue growth was recorded in
Türkiye in particular, influenced to a significant degree by high
Inflation and the associated price adjustments.
The Retail & Bank Division achieved a 6.4 % share of Group revenue in the
2024 financial year with revenue of EUR 201.5m. The ramp-up of bank99
customers and developments in the interest rate landscape in 2024made a
positive contribution to revenue in this division.
Revenue in the Mail Division amounted to EUR 1,239.8m in 2024, 62.3 % of
which can be attributed to the Letter Mail & Business Solutions business,
26.3 % to Direct Mail and 11.4 % to Media Post.
At EUR 772.6m, revenue in the Letter Mail & Business Solutions business
was up on the prior-year level by 3.0 % in the 2024 financial year.
Volumes continued to decline as a result of the substitution of letters by
electronic forms of communication. Conventional letter volumes in Austria
fell by 6 % in 2024. The price adjustments made in September 2023 and
numerous elections in 2024 (in particular the National Parliamentary
elections, European elections, Chamber of Labour elections) had a positive
effect. Inflationary pressure on all cost types led to adjustments in the
product and price structure, as well as to necessary efficiency
improvements in internal Processus. International letter mail saw a
decline in volume and revenue, while Business Solutions showed positive
development.
Revenue from Direct Mail rose by 5.2 % to EUR 326.4m in the 2024 financial
year. Restrained direct mail behaviour against the backdrop of a weak
economic Environment and the structural decline in specific customer
segments (e.g. furniture and mail order) were offset by adjustments to the
price structure. The major elections in 2024 also had a positive impact on
revenue.
The revenue from Media Post, i.e. the delivery of newspapers and
magazines, rose by 8.5 % year-on-year to EUR 140.8m. This increase is
mainly due to price adjustments.
Revenue in the Parcel & Logistics Division rose by 20.9 % to EUR 1,712.5m
in the 2024 financial year. Excluding Parcel Türkiye, growth came to
12.7 %. The parcel Business showed very positive development in all
regions.
The Austrian parcel business (Parcel Austria) saw revenue increase by
15.2 % to EUR 928.7m in the reporting period. Parcel volumes grew by 12 %
in 2024 thanks to rising national and international parcel volumes. This
is testimony to the strong trust in the quality offered by Austrian Post.
Revenue in Türkiye and Azerbaijan (Parcel Türkiye) increased by 45.5 %
compared to 2023 to EUR 516.7m. This strong growth is dominated by
inflation in Türkiye and the exchange rate of the Turkish lira. Parcel
volumes in this region showed stable development compared to the previous
year.
The parcel business in Southeast and Eastern Europe (Parcel CEE / SEE)
continues to show positive growth rates, with revenue up by 7.8 % to
EUR 213.6m in the 2024 financial year. Parcel volumes in these countries
increased by 12 % year-on-year, with a sharp rise in parcels from Asia in
particular.
Logistics Solutions/Consolidation reported a drop from EUR 56.9m to
EUR 53.5m in the current reporting period due to consolidation effects,
with Logistics Solutions reporting an increase of 2.6 % compared to the
previous year.
Revenue in the Retail & Bank Division increased by 19.5 % to EUR 201.5m in
the 2024 financial year, with 78.8 % attributable to income from financial
services and 21.2 % to branch services.
Income from financial services increased by 24.1 % to EUR 158.9m in the
period under review, mainly due to the higher interest rate environment in
Europe and the customer ramp-up at bank99.
Branch Services reported an increase of 5.1 % to EUR 42.7m in 2024 due to
price adjustments for merchandise to reflect inflation.
EARNINGS DEVELOPMENT
The structure of expenses at Austrian Post features a high share of staff
costs. Accordingly, 46.4 % of total operating expenses incurred in 2024
were attributable to staff costs. The second largest expense item, at
30.4 %, was the cost of raw materials, consumables and services used,
which largely includes outsourced transport services. Furthermore, 14.4 %
was attributed to other operating expenses and 7.1 % to write-downs.
Expenses for financial services account for 1.7 % of total operating
expenses.
Staff costs in the 2024 financial year amounted to EUR 1,405.5m, up by
15.6 % or EUR 190.1m. The Change is due to an increase in the number of
employees in the Austrian Post Group outside of Austria on the one hand,
and to the salary adjustment under collective bargaining Agreements in
operating staff costs, both in Austria and internationally, on the other.
The Austrian Post Group had an average of 27,802 employees (full-time
equivalents) in the 2024 financial year, compared to an average of 27,254
employees in the same period of the previous year (+2.0 %).
In the 2024 financial year, non-operating staff Costs were also incurred
in the form of expenses for staff-related provisions. In general,
non-operating staff costs relate to termination benefits and changes in
provisions, which can be attributed primarily to the specific employment
situation of civil servant employees.
Raw materials, consumables and services used increased by 10.6 % to
EUR 920.6m in 2024. Transport by external service providers in particular
contributed to this increase due to higher parcel volumes in Austria and
in Southeast and Eastern Europe.
Other operating income rose by 3.7 % to EUR 104.1m in 2024. Other
operating expenses were up by 12.9 % to EUR 437.2m and include a negative
valuation effect of EUR 14.9m relating to the option liability for the
remaining 20 % of the shares in Aras Kargo.
EBITDA in 2024 came to EUR 422.7m, 8.0 % above the previous year’s level
of EUR 391.6m, corresponding to an EBITDA margin of 13.5 %. Depreciation
and amortisation in 2024 were up by 10.6 % or EUR 20.1m year-on-year to
EUR 209.8m. The increase is due predominantly to investments in new parcel
logistics infrastructure locations. Impairment losses totalling EUR 5.7m
in connection with right-of-use assets related to buildings are also
included. EBIT totalled EUR 207.3m in the financial year under review, as
against EUR 190.2m in the previous year (+9.0 %). The EBIT margin came to
6.6 %.
The Group’s financial result changed from minus EUR 3.0m to minus
EUR 10.5m in 2024. The financial result for 2024 also includes valuation
effects related to the Option liability for the remaining 20 % of the
shares in Aras Kargo. Income tax increased slightly from EUR 48.5m to
EUR 50.8m, producing a tax rate of 25.8 % for the 2024 financial year. The
profit for the period for the 2024 financial year totalled EUR 145.9m
compared with EUR 138.7m a year earlier (+5.2 %). Basic earnings per share
were EUR 2.04 compared to EUR 1.96 in the same period of the previous year
(+4.1 %).
EARNINGS BY DIVISON
Earnings (EBIT) for the 2024 financial year rose from EUR 190.2m to
EUR 207.3m (+9.0 %), reflecting a very positive revenue trend (+13.9 %) as
well as cost increases due to inflation and a valuation effect related to
the Aras Kargo option liability.
In terms of divisional result, the Mail Division achieved EBIT of
EUR 159.1m in 2024 as against EUR 152.3m in the previous year (+4.4 %).
This increase is due to the adjustments made to the letter mail product
and price structure with effect from 1 September 2023 and the numerous
elections in 2024, as well as price Adjustments in direct mail and media
post.
The Parcel & Logistics Division generated EBIT of EUR 103.3m in the 2024
financial year, compared to EUR 89.5m in the previous year (+15.5 %). The
parcel Business developed well in all of Austrian Post’s regions, with the
parcel business in Türkiye making a significant contribution to the
increase in earnings. Business development in Türkiye was characterised by
a combination of high inflation and a favourable exchange rate. A
valuation effect of EUR 14.9m relating to the option liability for the
remaining 20 % of the shares in Aras Kargo had a negative impact on
earnings.
The Retail & Bank Division reported EBIT of minus EUR 11.8m in 2024, as
against minus EUR 13.7m in the previous year. The result is dominated
primarily by Special IT expenses in connection with the migration of
bank99’s core banking systems.
EBIT in the Corporate Division (incl. Consolidation and the intra-group
apportionment procedure) changed from minus EUR 37.9m to minus EUR 43.4m.
The Corporate Division provides non-operating services which are essential
for the purpose of the administration and financial Control of a corporate
group. In addition to conventional governance tasks, these activities
include the management and development of properties not required for
operations, the management of significant financial investments, the
provision of IT services, the development of new business models and the
administration of the Internal Labour Market of Austrian Post.
CASH FLOW AND BALANCE SHEET
The cash flow of the Austrian Post Group is influenced by the financial
services business. Cash flow from earnings amounted to EUR 395.5m in the
2024 financial year, compared with EUR 320.6m in 2023 (+23.4 %). Cash flow
from operating activities totalled EUR 121.7m in the reporting period as
against the previous year’s figure of EUR 254.5m. The biggest effects here
can be traced back to changes in the core banking assets of bank99
amounting to minus EUR 237.6m, as against minus EUR 44.2m in the previous
year. The change in core banking assets in the current reporting period
mainly includes the purchase of government bonds. 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, meaning that
they encompass the deposit and Investment business of bank99. Cash flow
from operating activities excluding core banking assets amounted to
EUR 359.3m in the 2024 financial year as against EUR 298.6m a year earlier
(+20.3 %).
Cash flow from investing activities amounted to minus EUR 150.6m in 2024
after minus EUR 95.7m in the previous year. Expenses for the acquisition
of property, plant and equipment and investment property (CAPEX) amounted
to EUR 143.1m in the reporting period as against EUR 155.3m in the
previous year (– 7.8 %).
Austrian Post relies on operating free cash flow as an indicator in order
to assess the financial strength of its operating business and to cover
the dividend for the financial year. Operating free cash flow, excluding
the change in core banking assets, amounted to EUR 253.9m in the current
reporting period, compared to EUR 221.6m in the previous year. The
increase of 14.6 % is due to encouraging operating business performance
and a positive tax effect from a previous period.
Cash flow from financing activities totalled minus EUR 152.6m in 2024 as
against minus EUR 149.8m in the previous year, and included distributions
of EUR 125.9m in the current financial year, EUR 120.2m of which related
to the dividend payment to Austrian Post shareholders.
Austrian Post relies on a solid balance sheet and financing structure.
Austrian Post’s total assets of EUR 6.5bn as at 31 December 2024 have
expanded significantly since the inclusion of bank99 in 2020. On the asset
side, property, plant and equipment of EUR 1,392.0m was one of the largest
balance sheet items and included right-of-use assets under leases of
EUR 388.7m. In addition, there were intangible assets and goodwill from
business combinations, which are reported in the amount of EUR 158.9m as
at 31 December 2024. The balance sheet shows receivables of EUR 495.9m,
which include current trade receivables of EUR 384.7m. Other financial
assets amounted to EUR 47.3m as at 31 December 2024. Financial assets from
financial services amounted to EUR 4,088.1m at the end of 2024 and mainly
result from the business activities of bank99.
On the equity and liabilities side of the balance sheet, the equity of the
Austrian Post Group amounted to EUR 761.6m as at 31 December 2024 (equity
ratio of 11.7 %). The logistics equity ratio (equity to total capital
excluding financial liabilities from financial services) came to 29 % as
at the end of December 2024. Provisions of EUR 591.5m are shown on the
equity and liabilities side at the end of December 2024, other financial
liabilities amounted to EUR 673.7m and trade and other payables totalled
EUR 587.1m. Financial liabilities from financial services amounting to
EUR 3,878.0m result from the business activities of bank99 (deposit and
investment business of bank99’s customers).
OUTLOOK FOR 2025
The underlying trends in the European letter and parcel markets have
remained unchanged for years and are expected to continue: rising parcel
volumes due to increased domestic and international e-commerce orders, in
contrast to continuous decline in addressed and unaddressed letter and
direct mail volumes. These trends are influenced by a somewhat improved
market environment, although many European countries still have weak
economic growth. In addition, the business and consumer investment climate
remains cautious.
Revenue in 2025
Following the strong increase in revenue of 13.9 % in 2024, driven by
positive special effects, 2025 is likely to bring a period of
consolidation. Some effects, such as the numerous elections in Austria,
which created high letter volumes, or the strong revenue growth in
Türkiye, cannot be assumed to occur again in 2025. Austrian Post’s goal
for 2025 is to achieve modest revenue growth with the Turkish Lira
continuing its development. The exchange rate impact on the accuracy of
the revenue forecast has a range of approximately ± 2 %.
The revenue of the Mail Division is expected to decline somewhat after the
positive effects of last year. The general trend of declining volumes of
conventional mail is assumed to continue, and the same is valid for direct
mail and media post due to low economic momentum.
In the Parcel & Logistics Division, on the other hand, the company
predicts that growth will continue. Growth in revenue in the
mid-single-digit range seems possible based on further growth in national
and international e-commerce. The accuracy of the forecast is hindered by
the extent to which inflation and the currency in Türkiye could fluctuate.
The Retail & Bank Division is also expected to have a mid-single-digit
increase in revenue in the 2025 financial year based on stable or slightly
lower interest rates.
Earnings in 2025
Based on a somewhat improved macroeconomic environment compared to 2024
and a slight uptick in revenue, the Group will continue to focus on
efficiency and productivity across all activities. Revenue growth combined
with cost discipline are required to ensure the desired stability of
Austrian Post. As a result, the target of achieving earnings (EBIT) in the
region of EUR 200m in 2025 remains unchanged.
Investments in 2025
In recent years, Austrian Post’s investment programme – with CAPEX
averaging between EUR 140m and EUR 160m over the past five years – was
impacted by capacity expansion in Austria. With an increase in sorting
capacity to around 140,000 parcels an hour, the foundation has been laid
for the most efficient and reliable logistics network in the country. The
need for investment will shift in the coming years and focus on the
growing markets of Southeast and Eastern Europe, as well as Türkiye. The
total capital requirement (CAPEX) for 2025 is expected to be between
EUR 150m and EUR 160m. In addition to replacement investments, the focus
will be on international growth as well as investment to decarbonise
logistics.
Austrian Post’s aim remains to offer a combination of growth and strong
dividends. The Management Board will propose to the Annual General Meeting
scheduled for 9 April 2025 to approve dividend distribution in the amount
of EUR 1.83 per share. The company is continuing its attractive dividend
policy: Austrian Post continues to pursue the objective of distributing at
least 75 % of the Group’s net profit to its shareholders.
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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07.03.2025 CET/CEST This Corporate News was distributed by EQS Group.
www.eqs.com
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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: 2095827
End of News EQS News Service
2095827 07.03.2025 CET/CEST
