Bpost’s parent company, Bnode, anticipates compensation claims worth several million euros from clients due to delivery delays caused by April’s strike, its CFO Philippe Dartienne revealed on Wednesday during the quarterly results presentation.
The delays stem from an extended strike that began in late March and lasted until earlier this week. While these effects are not yet visible in Q1 results, Bnode estimates the strike could reduce Q2 earnings by around €15 million in earnings before interest and taxes (EBIT).
“There are direct costs, including lost revenue,” Dartienne explained. In April alone, Bpost’s parcel deliveries fell by 25%, losing an estimated 3.2 million packages to competitors.
Additional costs were incurred to fulfil contracts despite disruptions. Temporary measures included rerouting packages through Bpost’s branches and storing 700,000 parcels at the former Caterpillar site in Charleroi and other locations.
There are concerns about long-term impacts. Market share losses remain uncertain as operations slowly recover. “Volumes are increasing but not yet back to pre-strike levels,” Dartienne said, adding, “I don’t have a crystal ball to predict client behaviour.”
Future claims for compensation, which are not yet factored into the company’s estimates, are expected to amount to “several million euros.” Dartienne reiterated that lost revenue will likely be the most significant financial hit.
Bnode also issued cautious guidance regarding potential indirect challenges. The ongoing conflict in Iran could lead to fuel shortages, higher energy costs, reduced purchasing power, and lower household spending. So far, the group reports limited financial impact, as contractual provisions allow energy price increases to be passed on to clients, ensuring stability for 2023.
In Belgium, wage costs will rise unexpectedly fast due to inflation fuelled by soaring energy prices. The Federal Planning Bureau announced Tuesday that the wage index threshold will be exceeded by June, triggering automatic salary increases for Bpost employees in September. A further index hike is projected by December.
