As of 31 December 2025, financial debt of the Group towards third parties amounts to €2,763 million (nominal value), entirely issued by Poste Italiane S.p.A. consisting of:
- a senior unsecured bond with a nominal value of €500 million, issued on 10 December 2020 and maturing on 10 December 2028. The bond was issued below par at 99.758, carries a fixed annual coupon of 0.50%, and has an effective yield to maturity of 0.531%. The bond is part of a two-tranche issuance placed in public form to institutional investors for a total amount of €1 billion, the first tranche of which was redeemed on 10 December 2024;
- a senior unsecured bond with a nominal amount of €750 million, issued on 3 December 2025 and maturing on 3 December 2030, with an issue price below par at 99.794, an annual fixed coupon of 3.00%, and an effective yield to maturity of 3.045%. The bond is hedged against fair value fluctuations through an interest rate swap designated as a fair value hedge, which converts the fixed-rate exposure into a floating-rate exposure;
- five loans for specific investment projects granted by the EIB – European Investment Bank – totaling €1,273 million (€573 million maturing in 2026, €250 million maturing in 2028 and €450 million maturing in 2031);
- two loans totaling €240 million granted by the CEB – Council of Europe Development Bank – under a medium to long-term credit line of €250 million aimed at supporting projects and investments focused on social integration, infrastructure development, and sustainability. The two loans, disbursed at floating interest rates on 28 December 2023 and 25 January 2024, respectively mature in 2030 (€125 million) and 2031 (€115 million) with an amortizing repayment schedule following a three-year grace period.
Financial debt reported above does not include:
- an amount of €412 million relating to bank loans assumed by Poste Vita S.p.A. following the total demerger of Cronos Vita Assicurazioni S.p.A., granted to the latter for the purpose of financing the settlement of amounts due to beneficiaries of policies linked to segregated funds upon surrender;
- a perpetual subordinated 8-year non-call hybrid securities issue, with a nominal value of €800 million, issued on June 24, 2021 and placed in public form to institutional investors, as such hybrid bond is accounted for in equity. The securities, which have no fixed maturity, become due and payable only in the event of winding-up or liquidation of the Company, as specified in the terms and conditions, save for optional redemption (call), where applicable. The "First Call Date" is March 24, 2029. The annual fixed coupon is 2.625% until the first Reset Date of 24 June 2029. As from such date, interest per annum is determined according to the relevant 5-year Euro Mid Swap rate, plus an initial spread of 267.7 basis points, increased by an additional 25 basis points as from 24 June 2034 and a subsequent increase of additional 75 basis points as from 24 June 2049. The fixed coupon is payable annually in arrears, starting from 24 June 2022. The issue price has been set at 100% and the effective yield to the first "Reset Date" is equal to 2.625% per annum.
As of 31 December 2025, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts of €1,459 million. Such amount represents the Group's free liquidity generated by the company's self-financing capability, partly attributable to Poste Italiane S.p.A. and partly deriving from the centralization of the Group liquidity and from the related cash pooling activity by the parent company.
Furthermore, as of 31 December 2025 Poste Italiane S.p.A. has about €3.8 billion of undrawn committed and uncommitted credit lines of which Revolving Credit Facilities committed of €2.9 billion.