Bnode announced its financial results for the third quarter of 2026, reporting total revenues of EUR 1,005.4 million and an adjusted EBIT of -21.2 million EUR. These results reflect a seasonal downturn. Bnode has revised its EBIT outlook for 2026 to between 95 and 105 million EUR.
During this quarter, Bnode achieved important milestones in its strategic transformation, including the operational model transformation at Bpost and the launch of Paxon as a third-party logistics (3PL) brand. While Paxon Europe shows slight growth, commercial momentum in North America has not yet recovered. Landmark Global demonstrated resilience in a challenging international trade environment.
Chris Peeters, CEO of Bnode, stated: “Throughout the third quarter, we continued to execute our strategy with discipline and focus. We improved operational efficiency across the Group, implemented the new business model at Bpost, and reached several key milestones, including the launch of the Paxon brand.” He noted that recent market developments, slower-than-expected parcel volume growth, and commercial delays have impacted short-term performance outlooks, underscoring the need to accelerate commercial execution. To address this, the executive committee has been strengthened with the appointment of Nicolas Baise as CEO of Bpost, effective January 1st.
Bpost reported total revenues of EUR 510.1 million and an adjusted EBIT of -29.2 million EUR. Letter and press volumes decreased by 16.4%, while parcel volume saw a slight increase of 1.3%. Bpost successfully extended its contract for the production and distribution of license plates in Belgium for five years. However, the commercial development of logistics activities remains below expectations.
In September, Bpost implemented significant changes to its distribution model to support the transition to a more parcel-focused operation. These changes include dynamic distribution routes and more efficient letter sorting. The 'Out-of-Home' network continues to develop as planned, with customer acceptance meeting expectations. Services in the retail network are expanding, with post offices now offering home security solutions and telecom services. A collaboration with energy supplier Luminus has also begun in select post offices.
Paxon's total revenues remained stable at EUR 368.4 million, supported by the ongoing growth of its European operations. Adjusted EBIT stood at EUR 6.9 million, driven by operational discipline and efficiency measures. The global brand Paxon was launched on September 30th as an overarching brand for third-party logistics (3PL), bringing together leading logistics companies from Europe, North America, and Asia. Paxon Europe is experiencing slight growth, but commercial performance in both new business and cross-selling remains below expectations, leading to the development of a new growth plan.
At Landmark Global, total revenues amounted to EUR 151.1 million, with an adjusted EBIT of EUR 9.8 million. The business unit continues to generate stable revenues and shows resilience in a challenging regulatory environment. Volume growth persisted, although the product mix evolved less favorably, partly due to taxes on small parcels from Asia.
Due to a weaker-than-expected demand, increased commercial delays, and stronger regulatory headwinds, Bnode now forecasts an adjusted EBIT for the full year 2026 between 95 and 105 million EUR, lowering its previous expectations.
