Our 2024-2028 strategic plan reshapes our business to best seize growth opportunities. There are two points at the centre of our strategy: a new commercial service model that maximises the value of our platform, and a transformation of our logistics to create a technological network increasingly oriented towards parcel management. In this way, we intend to ensure the financial sustainability of the mail and parcel business.
2024 - 2028 Strategic Plan “The Connecting Platform”
2024 - 2028 Strategic Plan “The Connecting Platform”
"The Connecting Platform" Plan aims to achieve responsible growth and accompany Italy's path to sustainability and social inclusion
“Poste Italiane’s transformation journey started back in 2017 with a simple ambition: to maximise value for our clients and be the most effective and trusted distribution network in Italy. We have gone beyond that and established ourselves as 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 other."
Main strategic highlights
In 2024, the first year of the Plan, we successfully achieved our strategic priorities: financial targets were met ahead of schedule and all key initiatives are well under way.
- New commercial service model: the new service model will optimize retail customer coverage and transform the post office from a transactional to a relational space. Renewed focus on SME clients;
- Omnichannel and Digital transformation: the Group’s omnichannel strategy is aimed at creating an ecosystem and multi-channel platform model which, thanks to cutting-edge digital channels and simplified processes for serving its customers, aims to guarantee an excellent and homogeneous customer experience on all contact points;
- SuperApp: incorporating the new payment wallet, the SuperApp will be fully customized to client’s individual profiles. Thanks to cutting-edge technology and Artificial Intelligence it will be a unique access point to Poste Italiane's ecosystem;
- Polis Project: in order to further support Italy’s social and economic cohesion and reduce the digital divide, by 2026, about 7,000 post offices in small municipalities will be transformed into digital service hubs and access points for Public Administration services. Additionally, 250 co-working sites will be made available to citizens;
- Decarbonisation: To ensure the proper implementation of the Plan, the Group has established a structured governance, which defines the roles, responsibilities and processes to be followed in implementing and monitoring the decarbonisation levers.
- Logistic Transformation: We are also reshaping our logistics network. Predictive models now support planning, warehouse management and routing of over one million parcels every single day. This means fewer kilometres driven, faster deliveries, lower operating costs and a tangible reduction in CO₂ emissions.
∼ € 1.3 billion of Group funded Capex in 2026
Focus on digitalisation and mail & parcel transformation.
We continue to increase our capital expenditure in key areas of development, to support business transformation.
In 2026 we expect € 1.1 billion CAPEX excluding Polis, with the majority of investments in hybrid cloud transformation and IT platform coupled with logistics evolution.
2026 Group Financial Targets
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Revenues (€ billion) | 12.59 | 13.12 | 13.5 |
| Adjusted EBIT (€ billion) | 2.96 | 3.24 | 3.4 |
| Net profit (ex TIM stake) (€ billion) | 2.01 | 2.22 | 2.3 |
Revenues will grow to reach € 13.5 billion in 2026, with a positive contribution from all segments and increasing exposure to growing businesses.
The growth trajectory will continue into 2026, with a revised Adjusted (EBIT) guidance of € 3.4 billion and Net Profit excluding equity-accounting of the TIM stake at € 2.3 billion.
Dividend policy
Thanks to the solid and sustainable generation of cash, we are revising our dividend policy upwards, increasing the payout ratio to over 70% in 2026.
Since 2016, we have returned almost €9 billion to our shareholders.
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Dividend per share (€ Cents) | 1.08 | 1.25 | |
| Dividend Payout (%) | 70% | 73% | >70%* |
- *Applied to Net Profit ex. TIM stake
Our approach to sustainability
Our strategy by business area
The strategic goal for the Mail, Parcels and Distribution business is to accelerate our transformation from a pure mail operator to a full logistics operator, ensuring the economic and environmental sustainability of our operations. To this end, we are implementing two far-reaching initiatives: a new commercial service model, aimed at maximising the value of customer relations, and a logistical transformation, to build a future-oriented technological network.
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Segment revenues (€ billion) | 3.84 | 3.95 | 4.01 |
| Mail revenues (€ billion) | 2.12 | 2.06 | 2.0 |
| Parcel & logistic revenues (€ billion) | 1.59 | 1.74 | 1.9 |
| Other revenues(€ billion) | 0.14 | 0.15 | 0.2 |
| Adjusted EBIT (€ billion) | 0.10 | 0.03 | 0.1 |
2028 Operational Objectives
- Expansion of warehouse capacity in Contract Logistics: we will almost double the capacity to 400,000 square metres in 2028, working towards warehouses that meet ESG standards.
- Delivery services: micro-fulfilment services will allow merchants delivery options within 4 hours. In 2025, we expect to increase the volume of parcels delivered by our employees to 42%, up from 39% in 2024, thanks to the launch of the new directly operated courier network in the first half of 2025.
- Expansion of the network of Pick-Up & Drop-Off (PUDO) points: the network will increase to about 40,000 units (about 30,000 in 2024), with an increasing number of lockers (2,000 by 2028) thanks to the joint venture with DHL.
- Increased accessibility of the PUDO network: the population coverage index for the PUDO network (i.e. accessibility within a radius of 2.5 km) will exceed 98%, with 8 million kilometres saved.
- Sustainability of operations: waste materials in logistics centres are expected to be reduced by 40% by 2028.
- New business development: the plan aims to develop new business for €700 million in revenues, focusing on two areas (parcels and logistics), with growth supported by technology, sustainability and the real estate development strategy.
- Joint ventures in real estate: in order to accelerate and co-finance the Group’s infrastructure and real estate transformation process, in February 2025 we established the joint venture Patrimonio Italia Logistica - SICAF SpA, which we control 90% while Dea Capital Real Estate Sgr S.p.A. has a 10% share. The joint venture, under external management, improves operational efficiency and sustainability of the infrastructure.
We aim to best cover our customers’ needs by further developing customer segmentation and entrusting it to specialised financial advisors.
We leverage favourable macroeconomic and market trends, including the closure of bank branches in small towns, by directing the financial needs of retail customers and small and medium-sized businesses to post offices. We also complement the traditional physical model with the opportunities provided by technological innovation.
The main strategic actions include:
- Strengthening Savings and Investment products by attracting new liquidity through digital channels and rebalancing customers’ investments to optimise their risk/return profile. In August 2024, we signed the new agreement with Cassa Depositi e Prestiti for the postal savings collection service for the three-year period 2024-2026.
- Expansion of Financing, improving approval rates and expanding partnerships, with particular emphasis on the salary-backed loans segment.
- Strengthening services for SMEs, with a comprehensive product range and more contact points, through the retail network and digital platforms.
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Gross revenues (€ billion) | 6.44 | 6.67 | 6.8 |
| Adjusted EBIT (€ billion) | 0.90 | 1.04 | 1.0 |
| Net profit (€ billion) | 0.67 | 0.77 | 0.7 |
| TFA (€ billion) | 590 | 600 | - |
2028 Operational Objectives
- Financial Assets Invested: the target is to reach €624 billion in 2028 (€590 billion in 2024).
- Financing: the 2028 target is €4.3 billion compared to €3.6 billion in 2024. Personal loan volumes will increase to 3.4 billion thanks to greater customer engagement, including through a revamped digital experience and an improved approval rate from the banking partner network. Volumes for salary- or pension-backed loans will reach €0.9 billion in 2024.
- SMEs: the number of current accounts will reach 400,000 (300,000 in 2024), with an average balance per account of €11,000 in 2024, thanks to a renewed commercial focus, with a state-of-the-art service platform and a new service model. In particular, there will be 400 new “Punto Poste Business Counters” in the main post offices, with dedicated consultants.
- Revenues from the investment portfolio: these will amount to €2.5 billion at the end of the plan (€2.6 billion in 2024), thanks to effective management that will generate higher revenues. Proactive portfolio management will be aimed at stabilising medium- to long-term returns, providing flexibility to adapt to different market conditions.
We expect our Investment segment – which includes all investment-based insurance products and pensions distributed through Poste Italiane’s internal channel – to continue its path of steady growth, outperforming the market and strengthening our leadership position. We work to offer our customers safe and at the same time more profitable and capital-efficient products, increasingly integrating ESG principles into investment policies.
For the Protection sector – which includes all Non-Life and Life Protection insurance products – we confirm our ambition to reduce the country’s underinsurance by making insurance protection more accessible through the development of the offer and an integrated advisory model. We will increase the channels of access to the insurance offer, including through the enhancement of the Net Insurance Group, acquired in February 2025.
We are leveraging the growing demand for personal insurance products, fuelled by the progressively ageing population, changes in lifestyle patterns and reduced market penetration in Italy compared to other developed markets.
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Segment revenues (€ billion) | 1.64 | 1.83 | 1.9 |
| Life investments & pension (€ billion) | 1.48 | 1.64 | 1.7 |
| Protection (€ billion) | 0.16 | 0.19 | 0.2 |
| Adjusted EBIT (€ billion) | 1.43 | 1.58 | 1.6 |
| Net profit (€ billion) | 1.03 | 1.08 | 1.1 |
2028 Operational Objectives
- Technical Investment Reserves: we expect to reach more than €180 billion at the end of the plan.
- Share of insurance investment products compliant with art. 8 of the Sustainable Finance Disclosure Regulation (SFDR): 100% by the end of 2024.
- Protection Premiums: our goal is to reach no less than €1.5 billion, thanks to the increase in demand and the low penetration of protection products in the Italian market.
- Solvency II Ratio: during the period of the plan, the ratio stood at 334% at year-end 2024, well ahead of the managerial ambition of around 200% through the cycle, providing a substantial buffer to cushion any market volatility.
Postepay services now represent an open payments ecosystem centred on digital payments to which home and family services, such as fibre and energy, have been added, leveraging Poste Italiane's omnichannel platform. The Postepay ecosystem has considerable growth potential based on the structural low penetration of digital payments in Italy compared to European standards and a unique market positioning in the sector.
The transaction value will grow faster than the market due to the strong presence in the e-commerce sector.
To grow, we will leverage our large and loyal customer base and, in particular, our 10.5 million IBAN Postepay Evolution cards.
In telecommunication services, Postepay is ready to exploit the opportunities emerging from the expansion of demand for fibre connections across the country and to strengthen its position in the mobile sector through the extension of the Postepay Connect model. The recent acquisition of TIM constitutes a strategic investment for our Group, with the aim of creating synergies between the companies and facilitating the consolidation of the telecommunications market in Italy.
Finally, in the energy sector, which was successfully launched in 2023, Postepay will exploit an innovative and transparent offer, with a non-aggressive sales method.
| 2024 | 2025 | 2028 | |
|---|---|---|---|
| Segment revenues (€ billion) | 1.58 | 1.67 | 1.8 |
| Adjusted EBIT (€ billion) | 0.53 | 0.59 | 0.6 |
| Net profit (€ billion) | 0.39 | 0.44 | 0.5 |
2028 Operational Objectives
- New contracts: our goal is to have 15 million new contracts by the end of the plan – including for cards, mobile phones, fixed and fibre connections, energy and gas – thanks to the unique sales proposal that integrates payments, telephony and energy.
- Wallets: there will be 16 million digital payment wallets by the end of the plan,.
- Transactions: total value will exceed €130 billion at the end of the plan, with a boost coming from e-commerce, which will reach €42 billion.
- Number of transactions: will rise to 4.6 billion, with the number of e-commerce transactions at 1.1 billion.
- Telephone lines (mobile, fixed and fibre): the target at the end of the plan is to have 5.5 million.
- Energy offer: the number of contracts will reach 2.5 million.
Postepay intends to contribute to the green transition of the Group and the country, with mechanisms that reward the most eco-conscious customers.
Targets & achievements
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenues (€ billion) | 10.57 | 10.82 | 10.96 | 10.53 | 11.22 | 11.37 | 11.99 | 12.59 | 13.12 | 13.5 |
| Adjusted Ebit (€ billion) | 1.12 | 1.50 | 1.77 | 1.52 | 1.85 | 2.40 | 2.62 | 2.96 | 3.24 | 3.4 |
| Net profit (€ billion) | 0.69 | 1.40 | 1.34 | 1.21 | 1.58 | 1.58 | 1.93 | 2.01 | 2.22 | 2.3 |
We have constantly over-delivered on our key targets. Every single year over the course of the last 8 years.
We have demonstrated our nature of being an antifragile company: we have always adapted to a rapidly evolving operating context, transforming challenges into opportunities.
2025 has been a record year. We achieved record-breaking revenues of €13.1 billion, record adjusted EBIT at €3.24 billion, almost three times the 2017 level and net profit at €2.22 billion, fully aligned with our updated guidance. All our four business units delivered solid revenue growth, further validating the strength of our highly diversified platform business model.