Poste Italiane: the largest phygital platform in Italy
Poste Italiane stands out as a unique reality in several key aspects, distinguishing it from its peers and as a solid, trusted and effective strategic pillar for the country.
The largest phygital platform in Italy, thriving on the integration of multiple touchpoints and creating an omnichannel ecosystem where each portion of the platform complements the others. Financial stability, an increasingly sustainable business model and a generous dividend policy are fundamental values.
12,659 Post Offices in every corner of the country, often where no other trusted institution can be found. Around 49,000 third-party network touchpoints lead to almost 27 million daily interactions with our 46 million clients.
At the heart of this strategy, the SuperApp offers a single point of digital access to the Group’s entire range of products and services: with 16 million downloads and more than 4 million daily active users, Poste Italiane App ‘P’ is now Italy’s leading App.
Since 2016, we have returned €9 billion euros to our shareholders. Over the same period, our market capitalization increased over 3 and a half times, from approximately €8 billion at the end of 2016 to over €30 billion today. This means that our total shareholder return has materially outperformed the Italian market index by 2 and a half times.
With a record net profit of €2.22 billion, dividends for 2025 amounted to €1.6 billion or €1.25 euro per share. This represents a remarkable 21% average annual growth since 2020.
Impacts generated by Poste Italiane
Through its leadership in the logistics, financial, insurance and payment services sectors, Poste Italiane plays a key role in the creation of economic value both for the stakeholders directly impacted by its business activities and for the country as a whole.
In particular, the activities carried out by Poste Italiane generate impacts on GDP, employment income, employment and contributions to the Publica Administration. The estimated impacts include:
Direct impacts: impacts generated by the operating activities carried out directly by Poste Italiane;
Indirect impacts: impacts generated along the supply chain as a result of Poste Italiane's spending on goods and services (€4.2 billion in 2025) from Italian suppliers;
Induced impacts: impacts generated by consumer spending that is realised through the income earned by workers employed directly and indirectly by the Group.
In 2025, the Poste Italiane Group had an impact on the country's economy, in terms of Gross Domestic Product (GDP), of around €14 billion and, employed a total of approximately 182,000 people and contributed around €2.6 billion in tax revenue to the Public Administration. Furthermore, it is estimated that Poste Italiane contributed directly and indirectly to the distribution of income to workers, totaling over €7 billion.
Poste Italiane's creation of value is based on the contribution that the Group's individual people make through their daily work and commitment. Indeed, during 2025, each Poste Italiane person contributed to the creation of economic impacts for the territory amounting to €115,000 of GDP, €59,000 of income for families, €22,000 of tax contributions and the employment of 1.5 people.
The integration of physical and digital presence allows Poste Italiane to strengthen its relationship with customers, increases their loyalty and generates new business opportunities as a reference platform serving citizens, businesses and public administration.
Megatrends
The megatrends influencing Poste Italiane are shaped by a complex global context marked by several significant factors – including technological innovation and artificial intelligence, environmental sustainability, demographic and social shifts and the evolution of payment systems – by embedding them into its strategy to ensure resilience, sustainable growth and long-term value creation.
Infrastructure Investments
The Group is strengthening its Cloud and Edge Computing capabilities to support a national-scale omnichannel platform currently managing 27 million customer interactions per day.
The Artificial Intelligence Committee was also established, chaired by the General Manager, which is dedicated to evaluating, approving, and overseeing the use of Artificial Intelligence across the Group, ensuring that applications are in line with the Company's strategic objectives and comply with applicable ethical, regulatory, and legal standards, promoting the adoption of safe, transparent, and traceable technology that protects fundamental citizen rights and European values.
Polis Project
As part of the National Plan for Investments Complementary to the NRRP, the Group has continued to implement the Project "Polis – homes for digital citizenship services", a strategic project to support the social cohesion of the country that involves approximately 7,000 municipalities throughout the National Territory with a population of less than 15 thousand inhabitants, in which the Post Office is transformed into a one-stop shop for public administration. The project also envisages the creation of 250 coworking spaces nationwide, 80 of them in municipalities with less than 15,000 inhabitants, and the implementation of numerous initiatives to support the country's energy transition by 2026. By 31 December 2025, 4,849 Post Offices had been completed and reopened and 160 co-working sites had been completed.
Regarding public administration services, operations are continuing with plans to extend the passport application service at all Polis Post Offices during 2026.
Cashless Acceleration
During 2025, numerous functionalities were introduced and consolidated to make payment and financial transactions through digital channels easier, faster and safer: ntroduction of instant and free permanent and deferred bank transfers, with the option of changing maximum amounts and automatic verification of correspondence between IBAN and beneficiary, in line with European legislation that came into force on 9 October 2025.
Market overview by business area
The performance of the Mail services recorded by the Group in 2025 showed a drop in volumes of 9.2% (-193 million items), with decline in revenue of 2.9% (-€62 million) compared to 2024. This trend is attributable to a different product mix, with lower drop in volumes of some higher-value products compared to products with a lower unit value, to repricing actions on some products not belonging to the Universal Service as well as to the effect of the tariff manoeuvre effective from 31 March 2025.
In 2025, the parcels and logistics segment recorded growth in both volumes (+41 million shipments, equal to +13.3%) and revenue (+€149 million, equal to +9.4%) compared to the previous financial year. E-commerce continued to be the strategic business segment with the highest growth compared to 2024, mainly due to the contribution of large customers and the second hand; growth in international shipments compared to 2024 is also noted, due to the strategic partnership with the DHL group.
On the currency front, markets were characterised by a pronounced and generalised weakening of the dollar, concentrated in the first half of 2025 as a result of European fiscal policy guidance and fears over the US macroeconomic and fiscal outlook. On 31 December 2025, the euro/dollar exchange rate stood at 1.18, the highest level since 2021.
Banking system - based on available estimates provided by the Italian Banking Association (ABI), at the end of December 2025, customer deposits of all banks in Italy, represented by deposits from resident customers (current accounts, certificates of deposit and repurchase agreements) and bonds, increased by 2.0% on an annual basis, settling at €2,137 billion, continuing the positive trend recorded from the start of the year (€2,069 billion at the end of January 2025). This reflected an increase of around €3 billion in bond funding (+1.1% y/y), and a 12-month increase in deposits from resident customers of around €39 billion (+2.1% y/y).
Asset Management - Assogestioni data show, at 31 December 2025 , total assets of €2,636 billion, up 5.3% on the €2,504 billion at the end of 2024. With regard to portfolio management, assets amounted to approximately €1,215 billion, up 5.3% from €1,154 billion at 31 December 2024. With regard to Collective asset management, assets went from about €1,350 billion at the end of December 2024 to about €1,421 billion at the end of December 2025 (+5.3%). With regard to open-ended investment funds alone, client assets stood at around €1,344 billion at the end of December 2025, up 5.2% from roughly €1,278 billion at the end of December 2024.
During 2025, the market in the Investment and Pension business recorded positive net inflows of €9.9 billion, after a 2023 and 2024 strongly affected by the macroeconomic context, an improvement of €13.4 billion compared to 2024, when it was negative. This result is mainly attributable to the growth in gross inflows (+7.4% compared to 2024), mainly related to class III products, and the decrease in outflows (-4.6% compared to 2024) mainly related to lower lapses of class I and III products. The average lapse rate recorded in the market at 31 December 2025 was 9.40%, down from the value in 2024 (10.38%).
In the first nine months of 2025, the Protection insurance market continued on a path of robust growth in terms of premium inflows, recording, at 30 September 2025, €21.2 billion in premiums for non-motor P&C business (+7.6% compared to the same period in 2024), and €15 billion in premiums for motor business (+5.9% y/y), due not only to the positive trend in demand for Motor business, but also to an increase in rates as a result of the high inflation of recent years. In addition, premiums from the Protection segment of the Life business recorded gross inflows during the period of €2.5 billion (+€0.2 billion), compared to €2.3 billion in the same period of 2024.
Gross inflows relating to investment and pension products is equal to approximately €115.5 billion in 2025 (+7.5% compared to 2024). If new Life premiums reported by EU companies is also taken into account, the figure reached €127.2 billion (+9.2% y/y).
With reference to the distribution channel, 57.3% of inflows relating to investment products was intermediated in 2025 through bank and post office branches, with a premium volume of €66.2 billion, up by 8.2% compared to 2024. By contrast, with regard to the entire agency channel, gross inflows in 2025 reached €27.7 billion, up €1.7 billion compared to 2024 and accounting for 24% of total intermediated inflows.
Gross written premiums through the authorised financial advisors channel amounted to €20 billion in 2025, up 8.1% compared with the amount placed in 2024, accounting for 17.4% of total intermediated premiums.
Lastly, the broker and distance sales channel recorded a decrease in the year of 11.2% compared to 2024, with a volume of premiums placed equal to €1.5 billion (equal to 1.3% of the total intermediated).
On the Italian payment cards market in the first nine months of 2025 show a total domestic value of card transactions of approximately €360 billion, up 7.4% compared to the first nine months of 2024 and confirming the continued expansion of digital payments in Italy.
The mobile telephone market with a stock of Human-to-Human (H2H) SIMs at September 2025 of 79.3 million, shows an increase of 0.8% compared to the end of 2024 (78.7 million of H2H SIMs). In particular, taking into account the creation of the new operator Fastweb + Vodafone, the growth continues in the number of SIMs (+7.3% compared to 31 December 2024) of virtual operators (Mobile Virtual Network Operator - MVNO), while the growth of stock of SIMs of the incumbent operators continues at a more moderate rate (+0.2% compared to the end of 2024). Poste Mobile, which accounts for 45% of MVNO, recorded slight growth (+1.4% of H2H SIMs compared to December 2024) with a stable market share of 5.5% in September 2025.
The energy market during 2025 continued to experience significant volatility, in line with the first part of the year, due to continuing international geopolitical tensions and changes in weather conditions and forecasts.
2025 Record Financial Results with Adjusted EBIT and Net Profit ahead of plan
In 2025, Poste Italiane recorded the best results in our history despite an international scenario marked by geopolitical and economic uncertainties and accentuated market volatility.
All business areas contributed to the achievement of the targets, thanks to solid business dynamics, strict cost discipline and consistent returns on the investment portfolio.
Revenue reached an all-time high of €13.1 billion, the adjusted operating profit (EBIT) reached a record level of €3.24 billion and net profit stood at €2.22 billion.
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|---|---|---|---|
| REVENUES (€ bn) | 12.59 | 13.12 | 13.5 |
| ADJUSTED EBIT (€ bn) | 2.96 | 3.24 | 3.4 |
| NET PROFIT (ex TIM stake) (€ bn) | 2.01 | 2.22 | 2.3 |
| DPS (€cents) | 1.08 | 1.25 | |
| DIVIDEND PAYOUT (%) | 70% | 73% | >70%* |
* Applied to Net Profit ex. TIM stake.
Our approach to Sustainability
Sustainability has long been a strategic driver of long-term value creation.
The 2024–2028 Strategic Plan is built around Environmental, Social and Governance (ESG) principles, with the objective of supporting Italy's sustainability journey through a wide range of initiatives.
Our extensive nationwide presence is a key asset in promoting the country's economic and social cohesion while helping bridge the digital divide in smaller municipalities and rural areas. In this context, throughout 2025 we continued to advance the Polis Project, aimed at improving access to Public Administration services in municipalities with fewer than 15,000 inhabitants, bringing institutions closer to citizens and local communities.
As Italy's largest employer, Poste Italiane is committed to empowering its people through skills development, diversity, inclusion and equal opportunity initiatives. The Group's commitment was further recognised in 2025 through several important achievements, including Top Employer certification for the seventh consecutive year, UNI/PdR 159:2024 certification and recognition as a Dyslexia Friendly Company.
We are also contributing to the fight against climate change through the decarbonisation of our logistics operations and the improvement of our buildings' energy efficiency. Today, we operate the largest low-emission fleet in Italy, consisting of approximately 30,000 vehicles, including 6,200 electric vehicles, and more than 4,300 buildings managed through the Smart Building project.
Integrity, transparency and sustainable finance principles also guide the Group's business and investment decisions.
The effectiveness of our sustainable growth journey is recognised by leading environmental, social and governance rating agencies, including S&P and CDP, which have acknowledged the strength of our sustainable business model and our leadership in ESG matters.