Speedy AD – 2025 Q2 individual review

Slowed growth continues in Q2

Q2 Individual Results

• Revenues in Q2 2025 marked a 3.2% increase to BGN 178.3mln. The lower growth, which was observed in previous quarter, is evident here and it is due to the decline in international shipments and the decreased growth in the domestic market to 6.5%.
• The number of transported shipments was 27.5 million, 4% less than the previous year. The decrease is driven by the drop in foreign markets (Greece).
• OPEX increased by 2.9% YoY to BGN 158.5 Within that, the expenses for external services, which is the subcontractors in foreign markets, marked a marginal decline as a result of the lower amount of parcels and the use of external parties for the deliveries. Personnel expenses increased 8.5% to BGN 42.8mln stemming from the increased salaries and the larger workforce to handle the domestic market. Salaries indexations were needed considering the overall macro environment. The investments in automation and employee productivity have compensated to a large degree the growth in this account.
• Amortization increased 13.3% due to the increased investments. The smaller rise of OPEX compared to revenues, however, resulted in EBIT increasing 18.3% to BGN 26.6mln and EBITDA increasing 16.4% to BGN 41.9mln.
• The profitability margins marked a slight increase. EBITDA margin increased from 20.4% to 22.6%. Net Profit margin decreased from 13.1% to 12.8% even when Net Profit increased 2% to BGN 23.4mln. The main reasons are the drop in financial revenues (90% dropping from BGN 3.6mln to BGN 0.3mln due to no dividend income) and the 18% rise in taxes from BGN 2.2mln to BGN 2.6mln.
• To a great degree it is understood that the company will be reaping benefits from process and cost optimizations at a decreased rate and that they will reach market saturation soon considering their competition. Their dividend yield for 2024 was 2.88% and in 2025 the announced dividend of BGN 6.2 per share in 10.07.2025 amounted to 3.1% dividend yield. The stock price movement has shown the reservations of the investors about the future as price has dropped from highs of BGN 218 to BGN 196 currently. The only alternative for them would be to look for other markets one way or another in the next couple of years. On the other hand, the introduction of staff-less delivery premises by some parcel delivery companies and thus save on personnel cost might be a way to postpone the need for that with a couple of years.

Full review can be accessed here.