New Risk • May 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 100% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (100% net debt to equity). Dividend is not well covered by earnings (113% payout ratio). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: €0.22 (vs €0.56 in 1Q 2025) First quarter 2026 results: EPS: €0.22 (down from €0.56 in 1Q 2025). Revenue: €802.7m (up 5.1% from 1Q 2025). Net income: €14.9m (down 61% from 1Q 2025). Profit margin: 1.9% (down from 5.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Apr 17
Upcoming dividend of €1.83 per share Eligible shareholders must have bought the stock before 24 April 2026. Payment date: 29 April 2026. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.4%). Declared Dividend • Mar 15
Dividend of €1.83 announced Dividend of €1.83 is the same as last year. Ex-date: 24th April 2026 Payment date: 29th April 2026 Dividend yield will be 5.4%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, it is covered by cash flows (57% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 3.6% to bring the payout ratio under control. EPS is expected to grow by 7.3% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: €1.96 (vs €2.04 in FY 2024) Full year 2025 results: EPS: €1.96 (down from €2.04 in FY 2024). Revenue: €3.16b (up 1.0% from FY 2024). Net income: €132.2m (down 4.1% from FY 2024). Profit margin: 4.2% (down from 4.4% in FY 2024). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Announcement • Mar 13
Österreichische Post AG announces Annual dividend, payable on April 29, 2026 Österreichische Post AG announced Annual dividend of EUR 1.8300 per share payable on April 29, 2026, ex-date on April 24, 2026 and record date on April 27, 2026. Announcement • Jan 28
The Platform Group AG (XTRA:TPG0) signed an agreement to acquire AEP GmbH from Österreichische Post AG (WBAG:POST) and a group of shareholders. The Platform Group AG (XTRA:TPG0) signed an agreement to acquire AEP GmbH from Österreichische Post AG (WBAG:POST) and a group of shareholders on January 26, 2026. The acquisition will be financed based on a clearly defined financing concept, combining internal funds, equity and debt capital. By March 2026, the Management Board intends to implement an adjusted and sustainable financing structure in connection with the acquisition of AEP. In this context, the Platform Group has resolved on two capital increases excluding subscription rights, comprising a total of 2 million new shares to be placed with long-term investors, with gross proceeds of €9.8 million. Registration in the commercial register is expected by February 2026.
For the period ending December 31, 2025, AEP GmbH reported total revenue of €1 billion. Following the acquisition, The Platform Group intends to establish the pharmaceutical business as a standalone segment. Going forward, this segment will operate under the name Pharma & Service Goods. In addition, the pharmaceutical activities are to be organized as a fully independent business unit with its own dedicated management team. Following closing, The Platform Group intends to bundle its existing pharmaceutical and pharmacy-related activities under the umbrella brand “Pharma Group.” This will include AEP, ApoNow, apothekia, and the Doc.Green platform.
The transaction is subject to regulatory approval, German Federal Cartel Office approval and the fulfillment of customary closing conditions. The transaction is expected to close in the first to second quarter of 2026. Announcement • Dec 09
Österreichische Post AG, Annual General Meeting, Apr 15, 2026 Österreichische Post AG, Annual General Meeting, Apr 15, 2026. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: €0.42 (vs €0.37 in 3Q 2024) Third quarter 2025 results: EPS: €0.42 (up from €0.37 in 3Q 2024). Revenue: €751.4m (up 2.6% from 3Q 2024). Net income: €28.9m (up 16% from 3Q 2024). Profit margin: 3.8% (up from 3.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. New Risk • Aug 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Paying a dividend despite having no free cash flows. High level of non-cash earnings (34% accrual ratio). Reported Earnings • Aug 11
Second quarter 2025 earnings released: EPS: €0.43 (vs €0.53 in 2Q 2024) Second quarter 2025 results: EPS: €0.43 (down from €0.53 in 2Q 2024). Revenue: €752.7m (flat on 2Q 2024). Net income: €28.9m (down 19% from 2Q 2024). Profit margin: 3.8% (down from 4.8% in 2Q 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. New Risk • May 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Upcoming Dividend • Apr 09
Upcoming dividend of €1.83 per share Eligible shareholders must have bought the stock before 16 April 2025. Payment date: 23 April 2025. Payout ratio is on the higher end at 90% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.1%). Declared Dividend • Mar 13
Dividend increased to €1.83 Dividend of €1.83 is 2.8% higher than last year. Ex-date: 16th April 2025 Payment date: 23rd April 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (89.6% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share is expected to remain steady over the next 2 years. This means the payout ratio will remain close to the sustainable range and the dividend may be at risk. New Risk • Mar 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: €2.04 (vs €1.96 in FY 2023) Full year 2024 results: EPS: €2.04 (up from €1.96 in FY 2023). Revenue: €3.23b (up 18% from FY 2023). Net income: €137.9m (up 4.0% from FY 2023). Profit margin: 4.3% (down from 4.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 6.2% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Announcement • Jan 27
Österreichische Post AG, Annual General Meeting, Apr 09, 2025 Österreichische Post AG, Annual General Meeting, Apr 09, 2025. New Risk • Nov 10
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 101% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. Minor Risks High level of debt (101% net debt to equity). Dividend is not well covered by cash flows (157% cash payout ratio). Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: €0.37 (vs €0.17 in 3Q 2023) Third quarter 2024 results: EPS: €0.37 (up from €0.17 in 3Q 2023). Revenue: €760.5m (up 11% from 3Q 2023). Net income: €24.9m (up 118% from 3Q 2023). Profit margin: 3.3% (up from 1.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: €0.67 (vs €0.67 in 2Q 2023) Second quarter 2024 results: EPS: €0.67 (down from €0.67 in 2Q 2023). Revenue: €639.6m (up 3.1% from 2Q 2023). Net income: €45.5m (flat on 2Q 2023). Profit margin: 7.1% (down from 7.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: €0.59 (vs €0.46 in 1Q 2023) First quarter 2024 results: EPS: €0.59 (up from €0.46 in 1Q 2023). Revenue: €782.2m (up 18% from 1Q 2023). Net income: €41.6m (up 34% from 1Q 2023). Profit margin: 5.3% (up from 4.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Apr 19
Upcoming dividend of €1.78 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 02 May 2024. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: €1.96 (vs €1.86 in FY 2022) Full year 2023 results: EPS: €1.96 (up from €1.86 in FY 2022). Revenue: €2.84b (up 13% from FY 2022). Net income: €132.6m (up 5.5% from FY 2022). Profit margin: 4.7% (down from 5.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 2.8% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Buy Or Sell Opportunity • Jan 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.4% to €31.45. The fair value is estimated to be €26.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 4.5% in 2 years. Earnings are forecast to decline by 4.1% in the next 2 years. Announcement • Dec 19
Österreichische Post AG Appoints Walter Oblin as CEO, Effective 1 October 2024 At its meeting on 18 December 2023, the Supervisory Board of Austrian Post appointed Walter Oblin as Chairman of the Management Board and CEO of Austrian Post. The appointment takes effect on 1 October 2024. Walter Oblin has been with the company since 1 October 2009 and has been Chief Financial Officer of Austrian Post since 1 July 2012. On 1 January 2019, he was appointed Deputy Chief Executive Officer and, in addition to his role as Management Board Member responsible for Finance, also took on responsibility for the Mail Division. Walter Oblin will continue in his current role as Management Board Member responsible for Finance and Mail (CFO) until he takes over the position of the Chairman of the Management Board. 
