Bnode lowers its 2026 adjusted EBIT target again, to between €95 and €105 million from €140 million
Bnode cut its annual adjusted EBIT target for a second time on 6 November 2026. The Belgian logistics group now targets between €95 and €105 million for 2026, compared with about €140 million previously and an initial range of €165 to €195 million. In the third quarter, its adjusted EBIT moved from -€3.0 million to -€21.2 million.
This decline of €18.2 million stems from two divisions. Bpost's adjusted EBIT, the Belgian postal business, fell by €19.8 million, and that of Landmark Global by €7.4 million. Conversely, Paxon, the e-commerce logistics division, improved its adjusted EBIT by €8.6 million, which offset only part of these declines.
Lower mail volumes deepen Bpost's loss in the third quarter
Bpost's operating revenue fell by 4.4% to €510.1 million. Domestic mail accounted for most of the decline: its revenue dropped by 9.4% to €233.2 million, with volumes down 16.4%, compared with a 10.1% decline a year earlier.
The price and mix effect, positive at 7.0%, contributed €15.8 million, against a volume effect of -€40.1 million.
Parcels in Belgium grew by 2.2% to €132.6 million, supported by a 1.3% increase in volumes. This growth did not offset the end of bank contract 679, which caused revenue from the proximity network to fall by 13.7% to €57.5 million.
The decrease of approximately 7.2% in full-time equivalent headcount was partly offset by a 2.7% rise in labour cost per employee. Bpost's adjusted EBIT stood at -€29.2 million, compared with -€9.4 million a year earlier.
Paxon improves its adjusted EBIT, while Landmark Global's margin declines by 5 points
At Paxon, operating revenue was stable (-0.3%, to €368.4 million). A 5.5% increase in Europe, to €240.6 million, offset an 8.8% decline in North America, to €126.6 million, linked to the loss of contracts announced in 2025.
Cost measures lifted adjusted EBIT to €6.9 million, compared with -€1.7 million, corresponding to a margin of 1.9%.
Landmark Global's operating revenue rose by 1.0% to €151.1 million. Its volumes from Asia to Belgium declined following the introduction, on 1 July 2026, of a €3 tax per shipment.
Its operating expenses increased by 6.6%, driven by transport costs. Its adjusted EBIT margin therefore fell by 5 points, to 6.5%.
The annual target implies adjusted EBIT of €55 to €65 million in the fourth quarter
Over nine months, adjusted EBIT fell by 57.2% to €41.4 million, and the adjusted EBIT margin declined by 1.7 points to 1.3%. This decline includes a net negative effect of approximately €19.5 million linked to strikes. According to the group, the new target implies adjusted EBIT of €55 to €65 million in the fourth quarter.
For this final period of the year, Bnode expects an adjusted EBIT margin of 2% to 3% at Bpost, compared with 4.4% a year earlier, and of 10% to 11% at Landmark Global, compared with 14.3%.
At Paxon, the margin is expected to be between 7% and 8%, compared with 6.7%. Gross capex is now forecast at around €135 million, compared with €150 million initially planned.
Adjusted free cash flow rose by 11.0% over nine months to €212.6 million, and net debt fell by 5.3% to €1,704.4 million as of 30 September. Cash decreased to €796.1 million following the repayment, in July, of a €462.8 million bond, a transaction with no effect on net debt.
For chief executive Chris Peeters, commercial delays and parcel growth that was “slower than expected” have “weighed on our short-term performance outlook”, but “reinforce the need to accelerate commercial execution”.
On 23 October 2026, the group had announced the appointment of Nicolas Baise as head of Bpost, effective 1 January 2027.
Overall, Paxon's improvement and the group's cash generation do not offset the decline in mail and the regulatory pressure on Landmark Global, which led to the revision of the annual target.
