The recent strike at Bpost has cost the postal company’s operating profit an estimated €15 million, according to parent company Bnode in its first-quarter results released on Wednesday.
Bpost employees protested for five weeks against plans to shift working hours by up to two hours later to better align with changes in the parcel delivery market. While the strike has ended, no formal agreement has been reached. Negotiations between unions, management, and mediators resumed on Wednesday.
The strike particularly affected Wallonia and Brussels, causing delays for over 16 million letters and up to 700,000 parcels. Bpost estimates it also lost around 3.2 million parcel deliveries to competitors.
Bnode calculates the direct financial impact on its operating profit at about €15 million, largely affecting the second quarter. This figure includes lost revenue, quality-related fines, emergency measures, and costs for clearing the backlog. Indirect future consequences have not yet been assessed.
Union workers blocking the entrance of the Liege X sorting center of Bpost in Awans, Tuesday 14 April 2026. Credit: Belga/Eric Lalmand
Despite the strike, Bnode maintains its full-year profit forecast for 2026, expecting an adjusted operating profit of €165 to €195 million. However, it now anticipates landing closer to the lower end of that range due to the strike’s impact.
In the first quarter, Bnode reported €1.06 billion in total revenue, a 5% drop from the previous year. Adjusted operating profit fell 20% to €33.2 million, missing analyst expectations of €36.8 million.
At Bpost, revenue decreased by over 3% to €547.6 million, with adjusted operating profit plunging 40% to €16.7 million. Declines in mail volume and the loss of federal account handling to BNP Paribas Fortis offset gains from a 9.3% increase in parcel volume, which drove a 5.8% revenue boost.
Mail distribution volumes, including letters, advertising, and press publications, shrank by 14.3% in the first quarter, partially offset by price increases. Parcel volume growth reflected growing demand but was insufficient to fully counter other revenue losses.
Bpost vans. Credit: Belga/Eric Lalmand
Bnode’s logistical subsidiary Paxon, including Active Ants, Radial, and Staci, saw revenue drop nearly 10% to €390 million due to its North American operations. However, adjusted operating profit soared nearly 67% to €11.1 million, helped by European and North American growth and cost-saving measures.
Landmark Global, which handles international shipping, posted a 3.4% revenue increase to €150.1 million, driven by rising parcel volumes from Asia to Belgium. However, adjusted operating profit fell 25% to €14.6 million due to higher costs. With an operating margin near 10%, Landmark Global remains Bnode’s most profitable division.
“Our results are on track, but we need to remain realistic: the environment remains challenging, and the recent strikes have impacted our organisation,” said Bnode CEO Chris Peeters.
