This article first appeared on GuruFocus .
Release Date: August 07, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Group revenue grew 3.8% to 1.544 million in H1 2026, driven by strong parcel volume growth in Austria (+9%) and e-commerce fulfillment.
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Bank 99 achieved a positive EBIT contribution of 4.2 million in H1 2026, a significant improvement from breakeven last year, with a solid run rate of 1.5-2 million per quarter.
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The launch of the telecom offering 'Yellow' has been successful, with strong customer ramp-up and a differentiated positioning in the Austrian market.
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Two strategic acquisitions (EU Shipments and Ecoworks in Serbia) are expected to strengthen the international e-commerce and parcel network, with EU Shipments already contributing positively.
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The company maintains a solid balance sheet with low financial debt (0.6x net debt) and a strong equity ratio of 24%, supporting continued investment in growth areas.
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Vienna achieved 100% CO2-free last-mile delivery, a world-first for a city over 1 million, enhancing the company's sustainability credentials.
Negative Points
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Letter mail volumes are declining at an accelerated pace due to digitization and government/corporate cost-saving measures, pressuring the mail segment's profitability.
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EBIT decreased by 11.7% to 187.7 million in H1 2026, impacted by lower mail volumes, the telecom transition (loss of A1 revenue), and intense competition in Eastern Europe and Turkey.
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New EU and national parcel taxes (e.g., 3 de minimis customs fee, 2-4 parcel tax in Austria) have caused a ~30% decline in Asian parcel volumes, with further uncertainty from a potential EU levy in November.
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Intense competition in Eastern Europe and Turkey is pressuring margins, with price pressure and a battle for market share impacting profitability.
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The financial result was sharply impacted by a 20 million negative effect from the revaluation of the Aras Kargo put option, driven by high inflation and FX rate discrepancies in Turkey.
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The company faces ongoing risks from currency fluctuations (TRY) and unclear impacts of new taxes, which could affect full-year earnings and growth targets.
Q & A Highlights
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Q: Can you provide the exposure to Asian parcel volumes by country and the impact of the new de minimis customs rules in July? A: CEO Walter Bleen explained that the Asia share of volumes is around 8% in Austria and in the low double-digit figures in Eastern Europe. The short-term impact in July was a decline of around 25% to 30% across the group, with Austria slightly below that and Eastern Europe above. He noted that the group's total exposure to Asian volumes is roughly 10%, which decreased to 7% in July. He expects this to improve as technical issues are solved and e-commerce platforms adapt their business models, including building up inventory in Europe.
Q: What is the strategic intent behind the significant price increase on premium letters, and what is the expected impact on the mail division in the second half? A: CEO Walter Bleen stated that the price increase from EUR1.30 to EUR1.90 is strategically intended to migrate more volume from the premium letter (delivered 5 days a week) to the slower standard product (bundled on 2 days a week). Currently, around 85% of volume is already in the standard product. The goal is to reduce the premium share further to save costs by eliminating daily stops, particularly in rural areas. He expects the mail division's performance in the second half to be relatively better than the first half, though not necessarily flat or rising.
Q: How will the acquisitions of EU Shipments and Ecoworks strengthen your competitive edge in the CEE region, and how do you plan to offset cost pressures with price increases? A: CEO Walter Bleen explained that the strategy is to offer a broader e-commerce service to SMEs, which is an opportunity in a market where parcel network margins are under pressure. The acquisitions help strengthen the Eastern European business and support margins. Regarding cost pressures, he is confident that price increases in Turkey will substantially improve margins in the second half. However, in Eastern Europe, there is not yet substantial clarity for a clear guidance due to the competitive environment.
Q: What is the underlying earnings trajectory for Bank 99 in H2, given the lower interest rate environment and ongoing customer growth? A: CFO Barbara Botti Gebensteiner stated that while there is uncertainty around the interest rate environment, the bank is now on a good run rate of approximately EUR1.5 to 2 million per quarter. She suggested taking the first half year performance and multiplying by two as a rough estimate, with the possibility of being slightly lower or higher depending on interest rate changes.
Q: Is the fulfillment business (EU Shipments) intended to be a separate 3PL division, and will it be operationally integrated with your last-mile carriers? A: CEO Walter Bleen clarified that the fulfillment business will remain within the e-commerce and logistics segment for the time being. The value proposition is to act as an integrator, offering the best last-mile solution for a given country without being too strongly integrated with their own carrier networks. He described it as a hedge, as being on the buyer side of last-mile services allows them to benefit from lower prices in a competitive market.
Q: How do you view the increasing activity of Chinese marketplaces in building their own warehousing and potentially entering the last-mile delivery market? A: CEO Walter Bleen acknowledged that Chinese competitors have ambitions to cover additional value chain elements, including the last mile. However, he noted that these markets are already quite competitive, and the group's exposure to Chinese e-commerce platforms is limited. He stated that the intention to strongly increase that exposure is limited, mitigating the potential risk.
Q: What is the outlook for Asian parcel volumes for the rest of the year, considering the new levies and taxes? A: CEO Walter Bleen stated that the 30% decline seen in July is likely the bottom, and volumes should improve afterward. He noted that the second fee on parcels across the group will only come in November and will be EUR2 or smaller. By then, he expects many Asian e-commerce platforms will have already adjusted their business models, leading to a recovery in volumes.
Q: Can you provide more details on the impact of the new parcel taxes and duties on the group's growth for the full year? A: CEO Walter Bleen explained that the combination of levies and taxes (including the EU de minimis customs rate and the Austrian parcel tax) will have at least a short-term impact on growth. While the group still expects good growth in parcels for the full year, the growth rate in the next six months is expected to slow from double-digit to single-digit figures. The exact impact remains unclear, particularly for the third possible levy in November.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
