• 2Q19 in line with expectations, on track for 2019 outlook
• Group operating income at EUR 935.7m ( + 0.8% )
• Group reported EBIT at EUR 101.8m. Normalized EBIT at EUR 107.5m ( margin of 11.5% )

Mail & Retail

• Total operating income at EUR 521.4m ( - 1.8% ) driven by vigorous underlying mail volume decline partly compensated by elections and pricing.
• Underlying mail volume decline at - 9.4 % driven by Transactional mail due to tougher comparables and e-substitution trend.
• Reported EBIT at EUR 73.7m. Normalized EBIT at EUR 74.8m ( 14.4% margin ) mainly impacted by mail volume decline and wage drift.

Parcels & Logistics Europe & Asia 

• Total operating income at EUR 201.4m ( + 5.6% ) driven by Parcel BeNe up 11.8% and terminal dues settlements in Cross-border.
• Parcel BeNe volume growth at + 17.7% driven by e-commerce.
• Reported EBIT at EUR 22.3m. Normalized EBIT at EUR 23.6m ( 11.7% margin ): solid EBIT margin improvement thanks to phasing of settlements on terminal dues and back-end loading of costs towards 2H.

Parcels & Logistics North America 

• As anticipated, total operating income at EUR 239.0m ( - 4.7% ) impacted by Radial customer churn and repricing.
• Good commercial development with Total Contract Value above full-year target.
• Reported EBIT at EUR -3.8m, normalized EBIT at EUR -0.5m ( - 0.2% margin ) mainly impacted by client churn & repricing, in line with expectations.

S&P reaffirms the long- and short-term credit rating at its current level of A/A-1, outlook stable

Source: bpost