Market position
The Poste Italiane Group is Italy’s largest services distribution network, active in logistics, mail and parcel delivery, financial and insurance services, payment systems, telecommunications and the retail energy market.
With over 160 years of history, around 120,000 employees, almost 13,000 post offices, €600 billion in Total Financial Assets and 46 million customers, with about 27 million daily interactions, Poste Italiane is deeply embedded in the country’s social and economic fabric. Its size, recognizability, reach and the trust it enjoys make it a truly unique player in the Italian market.
In Mail, Parcel & Distribution, Poste Italiane is the leading parcel operator in Italy with revenue growth in all segments.
In Financial Services we are Italy’s most trusted omnichannel financial institution with €600 billion in Total Financial Assets.
In Insurance Services, the Protection business delivered strong growth, approximately three times faster than the market.
In the cards and payments sector, Poste is Italy’s largest payments player with around 30 million payment cards, 30.1 million digital identities and 14.7 million digital wallets.
Corporate Divisions
The mail market continues to undergo a period of change linked to digital transformation, which, on the one hand, leads to a continuous structural decline in traditional mail volumes, stimulating the emergence and development of new digital communication markets (e-substitution), and, on the other hand, to an increase in the volume of parcels sent thanks to the growth of e-commerce, also enabling synergies for the proposal of end-to-end solutions within Contract Logistics.
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|---|---|
| Unrivalled physical distribution network | |
| 100% | Italian coverage |
| 349 million | Parcels delivered |
| 1.9 billion | Items of mail delivered |
| 12,659 | Postal Offices |
During 2025, the Group company, Poste Logistics, was responsible for the design, development and implementation of Integrated Logistics services ensuring the logistics of the 2026 MI.CO. Winter Olympics and Paralympics held in February and March 2026 respectively.
The main logistical services offered, which served some 3,500 athletes from 93 countries and engaged more than 900 resources during the competition period, included the following activities:
- warehousing: two warehouses totalling 32,500 square metres were set up: a “Central” Distribution warehouse in Filago (BG) and one dedicated to broadcasting materials (cameras and event filming equipment) of high value in Vignate (MI);
- materials handling: management of handling (warehouse logistics) within the two main warehouses and to and from the 32 territorial locations (Olympic Villages);
- transport services: distribution of all support materials from the central warehouse in Filago (BG) to the 32 territorial offices through the operational management and supply of about 270 dedicated vehicles;
- development and management of IT infrastructure;
- special projects: anti-doping on about 4,000 samples and international transport and customs services to 93 countries.
Below you can find comparisons with European postal operators on parcel volumes operating data.
| CAGR 21-25 |
DELTA 21-25 |
|
|---|---|---|
| Poste Italiane | 9% | 40% |
| Austrian Post | 3% | 13% |
| Bpost | 2% | 9% |
| Deutsche Post | 3% | 11% |
| Post NL | (1%) | (2%) |
| CTT Correios | 21% | 112% |
Below you can find comparisons with European postal operators on mail volumes operating data.
Mail Volume (%)| CAGR 21-25 |
DELTA 21-25 |
|
|---|---|---|
| Poste Italiane | (7%) | (25%) |
| Austrian Post | (6%) | (21%) |
| Bpost | (7%) | (26%) |
| Deutsche Post | (5%) | (20%) |
| Post NL | (7%) | (25%) |
| CTT Correios | (8%) | (38%) |
Client Total Financial Assets
Client Total Financial Assets amounted to €600 billion at 31 December 2025, up 1.6% (+€9.7 billion) from €590 billion at 31 December 2024. The increase is due to both positive net inflows on: Current accounts (+€1.8 billion), insurance provisions (+€1.2 billion), investment funds (+€1.3 billion) and assets under administration (+€1.0 billion), partially offset by the negative net inflows of postal savings (equal to -€5.1 billion), and to the positive contribution of Cronos Assicurazioni Vita SpA (+€1.8 billion) related to the demerger transaction in favour of Poste Vita effective as of 1 October 2025. The overall performance effect for the year 2025 is €7.7 billion, mainly attributable to the performance of Postal Savings (+€4.3 billion), insurance provisions (+€2.7 billion), Investment Funds (+€0.4 billion) and Assets under Administration (+€0.2 billion).
New commercial service model
The new commercial service model, launched as part of the “2024 - 2028 Strategic Plan - The Connecting Platform,” aims to optimise retail customer coverage and transform the Post Office from a space dedicated to transactions to a place for relationships, maximising the value of the Group’s omnichannel platform.
During 2025, the process of optimising specialist customer coverage and maximising customer value continued by assigning approximately 17,900 private banking customers to premium portfolios, for a total of over 47,000 private banking customers at 31 December 2025.
In 2025, efforts continued to strengthen the focus on strategic and higher-value customer segments. With a view to expanding the customer base, dynamic portfolios increased to 2,287 at 31 December 2025 (1,893 at 31 December 2024). The implementation of the new commercial service model also continued, with actions both in the retail sector, with the establishment, depending on the type of portfolio managed by the professional figures, of the Specialist Financial Consultant and the Specialist Mobile Consultant, personal and dynamic, and in the business sector, with the introduction of the organisational model of the small business channel with the aim of maximising and enhancing the integrated omnichannel offering, while strengthening the synergy with the retail sales force.
The new organizational model of the small business channel envisages, in particular: the surpassing of the professional figures Small Business Specialist and Mail and Parcels Specialist; the introduction of the Specialist Business Consultant, (the strengthening of the figure of the Small Business Contact Person; the qualification for Small business sales and commercial reporting also of Retail figures (i.e. Post Office Manager, Specialist Financial Consultant, Counter Operator and Front End Operator) of the 5,700 MIFID Post Offices.
As a result of these actions, specialist coverage of Affluent and Private customers went from 32% in 2023 to 64% in 2024 and 69% in 2025, confirming the trajectory envisaged over the course of the plan to better cover customers’ needs by further developing customer segmentation and entrusting it to specialised financial advisors.
Net inflows of the Investment and Pension business were positive in the year 2025 and stood at €1.2 billion, albeit down (-€0.3 billion) when compared to 2024 due to the increase in liquidations (+2.2 billion compared to 2024 due mainly to the growth in lapses in the year) only partly offset by the increase in gross inflows (up €1.9 billion compared to 2024, or +10.4%).
The lapse rate at 31 December 2025 was 8.3%, up from the 6.6% recorded at 31 December 2024, remaining lower than the market average of 9.4% at 31 December 2025; approximately 50% of the 2025 lapse rate (approximately 25% in 2024) is represented by reinvestments in Group policies as a result of the rebalancing of client portfolios carried out in line with the guided advisory activity implemented as part of the new business service model.
In 2025, gross premiums from the Protection business amounted to €1,222 million, up €208 million (+20.5%) compared to 2024 when they stood at €1,014 million (approximately 3 times faster than the market) and were mainly driven by:
-growth in the “corporate” segment (+€89 million, +24.1%), whose premiums increased from €369 million in 2024 to €458 million in 2025;
-the “property and personal protection” line, which recorded an increase of €70 million (+23%) reaching €375 million in 2025;
-the increase in premiums relating to the “credit protection” line (+€44 million, +13.6%), mainly attributable to the contribution of Net Insurance Life and Net Insurance.
The Combined Ratio of the Protection business net of reinsurance stood at 84%, an improvement compared to the value recorded in the same period of 2024 (equal to 84.9%).
The Solvency Ratio of the Poste Vita Group at 31 December 2025 stood at 303%, down from the 323% recorded in December 2024 (-20 pp), remaining at levels well above regulatory constraints and managerial aspirations (around 200% over the entire economic cycle), confirming the insurance Group’s high solvency ratio.
The change in the year is due to the decrease in available own funds (-17 pp on the Solvency ratio) and the increase in the capital requirement (-3 pp on the Solvency ratio).
In particular, the combined effect of the increase in the 10-year Swap rate (+56 bps) and the decrease in the BTP-Swap Spread (-53 bps) lead to an increase in the value of Own Funds, although this is fully offset by the dividend planned for 2025 (100% of the year’s profit and additional dividends to the Parent Company of €500 million equal to -37 pp on the Solvency ratio) and by the repayment, following the authorisation received from the Supervisory Authority, of the Tier 2 perpetual bond of €250 million in favour of the Parent Company in October 2025 (-6 pp on the Solvency ratio value). The increase in the Capital Requirement is mainly due to the increase in market risks, attributable to the higher level of risk-free rates
The Group has consolidated its role as the largest Italian operator in the payments sector with around 30 million cards.
At 31 December 2025, the total stock of prepaid Postepay and Postepay Debit cards amounted to 30.2 million, an increase of 0.4 million (+1.4%) compared to the end of 2024 mainly due to the growth of Postepay Evolution cards. The total transaction value175 in 2025 came to €95 billion, up by about €7.5 billion (+8.7%) compared to 2024.
Prepaid Postepay cards amounted to 22.7 million (up by +1.5% compared to December 2024) and of these, Postepay Evolution cards, equal to approximately 10.8 million, showed an increase of 2.9% compared to the value at 31 December 2024.
Payment card transactions increased by 12.2% compared to 2024, from 2,989 million in 2024 to 3,355 million transactions in 2025, also thanks to the contribution of e-commerce and web transactions, which reached 795 million, an increase of 82 million (+11.6%) compared to 2024.
The Poste Italiane Group achieved a total number of 27.2 million daily interactions in 2025 (25.2 million total daily interactions in 2024). The number of active digital customers also grew during the same period, reaching 19.4 million, up 7.8% compared to the previous year. Daily transactions on digital channels also recorded double-digit growth (+11.2%), accounting for 28% of total daily transactions. In 2025, 44% of total sales involved a digital contribution: 26% were completed through direct digital channels and 19% through the drive-to-post-office effect. Overall, this represents 19% y/y growth.
Digital customers enabled to transact on-line via e-wallet reached 14.7 million at 31 December 2025. Following the migration of the Postepay and BancoPosta apps to SuperApp, the number of daily active users grew significantly, reaching 4.2 million in December 2025, an increase of 11% compared to the sum of the users of the previous apps (4.2 million compared to 3.8 million). This result confirms the SuperApp as the most used Italian app, with a large gap compared to its main competitors.
Moreover, Poste Italiane is confirmed as the first SPID Digital Identity Manager, with a market share of around 72% and a customer base of around 30.1 million Identities Digital public databases issued.
The energy customer base stood at 1,023 thousand users (of which 664 thousand for the Electricity line and 359 thousand for the Gas one).