Poste Italiane Q3 & 9M 2026 Financial Results & TIM Integration Update

RECORD 9M-26 REVENUES OF €10.2BN, UP 5% Y/Y (€3.3BN IN Q3-26, +4% Y/Y), DRIVEN BY GROWTH ACROSS ALL BUSINESSES

CONTINUED PROFIT MOMENTUM, WITH 9M-26 ADJUSTED EBIT AT €2.7BN, UP 7% Y/Y (€910M IN Q3-26, +6% Y/Y) AND ADJUSTED NET PROFIT AT €1.8BN, UP 4% Y/Y (€629M IN Q3-26, +4% Y/Y) 

STRONG €4.5BN INVESTMENT INFLOWS, REFLECTING IMPROVING COMMERCIAL TRENDS ACROSS FINANCIAL AND INSURANCE PRODUCTS - TFA AT €614BN 

SOLID SOLVENCY II RATIO AT 269% INCLUDING THE ACCRUAL OF A 100% REMITTANCE TO THE PARENT COMPANY – DEMONSTRATING RESILIENCE TO SHARP SPREAD WIDENING AND RATES INCREASE 

TIM BALANCE SHEET CONSOLIDATION AS OF 30 SEPTEMBER 2026: PRO-FORMA LEVERAGE BELOW 1.5X^* – P&L CONSOLIDATION STARTING FROM OCTOBER 1

FY-26 STANDALONE UPGRADED GUIDANCE OF €3.4BN ADJUSTED EBIT AND €2.3BN ADJUSTED NET PROFIT CONFIRMED

 INTERIM DPS UP 7.5% TO €0.43; TOTAL INTERIM DIVIDEND UP 32% TO €686M REFLECTING THE ENLARGED SHARE COUNT FOLLOWING COMPLETION OF THE TIM OFFER – PAYMENT ON 25 NOVEMBER ** 

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TIM INTEGRATION UPDATE: 

COMBINING POSTE ITALIANE’S UNPARALLELED PHYSICAL AND DIGITAL NETWORK WITH TIM'S CONNECTIVITY AND TECH INFRASTRUCTURE, CREATING AN UNMATCHED AI-POWERED CONNECTING PLATFORM AND TECH LEADER

≥€0.7BN RUN-RATE SYNERGIES CONFIRMED, INCLUDING AT LEAST €0.5BN OF COST SYNERGIES BY 2028 AND OVER €0.2BN OF EBIT FROM INCREMENTAL REVENUES FROM 2029 – QUICK WINS ON BOTH COSTS AND COMMERCIAL INITIATIVES

LAUNCHED PILOT FINCANTIERI ONTOLOGY PROJECT FOR PHYSICAL AI IN SHIPBUILDING ON POSTE ITALIANE AND TIM PLATFORMS

FULL MANAGEMENT FOCUS ON TIM INTEGRATION AND COMBINED ENTITY BUSINESS PLAN TO BE RELEASED IN Q1-27

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• 9M-26 GROUP REVENUES AT €10.2BN, +5.4% Y/Y (€3.3BN IN Q3-26, +4.5% Y/Y):
  • MAIL, PARCEL & DISTRIBUTION REVENUES AT €3.0BN IN 9M-26, +5.2% Y/Y (€961M IN Q3-26, +2.8% Y/Y).
  • FINANCIAL SERVICES REVENUES AT €4.4BN IN 9M-26, +3.7% Y/Y (€1.4BN IN Q3-26, +2.2% Y/Y).
  • INSURANCE SERVICES REVENUES AT €1.5BN IN 9M-26, +10.0% Y/Y (€504M IN Q3-26, +13.0% Y/Y)
  • POSTEPAY SERVICES REVENUES AT €1.3BN IN 9M-26, +7.0% Y/Y (€435M IN Q3-26, +6.4% Y/Y).
• 9M-26 TOTAL COSTS*** AT €8.2BN, +4.5% Y/Y (€2.6BN IN Q3-26, +3.8% Y/Y):
  • ORDINARY HR COSTS*** AT €4.3BN IN 9M-26, +1.8% Y/Y (€1.4BN IN Q3-26, +3.9% Y/Y).
  • NON-HR COSTS^***,**** AT €3.7BN IN 9M-26, +8.7% Y/Y (€1.2BN IN Q3-26, +5.2% Y/Y).
• 9M-26 ADJUSTED EBIT AT €2.7BN, +6.6% Y/Y (€910M IN Q3-26, +6.3% Y/Y) DRIVEN BY HIGHER REVENUES AND CONTINUED COST DISCIPLINE.
• 9M-26 ADJUSTED NET PROFIT AT €1.8BN, +3.8% Y/Y (€629M IN Q3-26, +4.2% Y/Y).
• GROUP CLIENT TFAs REACHED €614BN AS OF 30 SEPTEMBER 2026, UP €14BN FROM DECEMBER 2025.
• STRONG CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 22.8% (OF WHICH CET1 RATIO AT 19.5%), LEVERAGE RATIO AT 3.2% AND POSTE VITA GROUP SOLVENCY II RATIO AT 269%.

POSTE ITALIANE DRIVES SUSTAINABLE AND INCLUSIVE GROWTH THROUGH DIGITAL INNOVATION, ENVIRONMENTAL RESPONSIBILITY AND PEOPLE DEVELOPMENT

KEY ACHIEVEMENTS IN Q3-26:

• The Polis Project confirms the role of post offices as key access points for public administration services, reinforcing Poste Italiane's presence in smaller municipalities and making essential services more accessible to local communities. At the end of September, 6,323 post offices have been transformed into digital service hubs and 195 co-working spaces have been created. More than 380,000 public administration services, including more than 299,000 passports, have been delivered through the post office network.
• Poste Italiane continues to support social inclusion and sustainability through 46 new educational initiatives in the third quarter, covering financial literacy, digital skills and environmental and social responsibility. Through training sessions and online resources, the Group aims to empower citizens to make more informed financial decisions, use digital technologies with greater confidence and adopt more sustainable everyday practices.
• Poste Italiane participates in the eighth edition of Green Postal Day, an international initiative led by the International Post Corporation (IPC) to accelerate decarbonisation across the postal sector. Poste Italiane contributes through the ongoing renewal of its delivery fleet and the use of biofuels. At the end of September, the fleet comprised around 30,000 lower-emission vehicles, including approximately 6,000 electric vehicles, with HVO and SAF usage rates of 10% and 4% respectively. The Group is also among 13 operators worldwide to have developed the Carbon Footprint Calculator, providing e-commerce customers with greater transparency on the environmental impact of deliveries.
• Poste Italiane reaffirms its commitment to fostering a fair, inclusive and diverse workplace through the renewal of its UNI/PdR 125:2022 gender equality certification and the continued maintenance of UNI/PdR 159:2024, covering workplace inclusion of people with disabilities, and ISO 30415:2021, addressing diversity and inclusion management.
• Poste Vita continues to expand its range of insurance investment products classified under Article 8 of the Sustainable Finance Disclosure Regulation (SFDR), with the launch during the third quarter of ‘Poste Progetto Next Step’, a multi-class insurance product, and ‘Poste Prospettiva Valore Gold VI’, a traditional life insurance product.

Yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Silvia Maria Rovere, approved the 9M-2026 Financial Results (unaudited).

Matteo Del Fante, Poste Italiane Chief Executive Officer commented: “Following an outstanding first half, I am pleased to report another record performance, with the strongest third quarter and nine-month results in our history. All businesses contributed to robust revenue growth of 5% to €10.2 billion, while Adjusted EBIT increased 7% to almost €2.7 billion, supported by profitable growth and continued cost discipline. Adjusted Net Profit reached €1.8 billion.

Commercial momentum remains strong. Investment inflows reached €4.5 billion since the beginning of the year, also thanks to the implementation of our new commercial service model, while Total Financial Assets reached €614 billion. Building on this performance, we confirm our upgraded 2026 stand-alone guidance of €3.4 billion Adjusted EBIT and €2.3 billion Adjusted Net Profit.

A growing dividend remains central to our strategy. On November 25, we will pay an interim dividend of €0.43 per share, up 7.5% on last year. In absolute terms, this amounts to €686 million, up 32% year-on-year, reflecting the higher share count following the TIM offer completion. We reaffirm our clear commitment to a compelling and growing dividend policy going forward.

In the quarter, Mail, Parcel and Distribution revenues grew 3%, supported by market share gains across parcel customer segments, contract logistics expansion and mail repricing. Financial Services revenues increased 2% to €1.4 billion, driven by solid investment portfolio revenues and commercial momentum. Insurance Services delivered strong profitability in both Life Investment & Pension and Protection segments, revenues rose 13% to half-a-billion euro, reflecting stable CSM and higher release in life and improved combined ratio in protection. Postepay Services reported solid top-line growth across payments and energy and stable telco business, with revenues up 6% to €435 million.

With TIM now part of the Group, our focus is firmly on execution and value creation. We are combining Poste Italiane’s unparalleled physical and digital reach, customer base and trusted platform with TIM’s connectivity and tech infrastructure to build Italy’s leading AI-powered connecting platform.

Integration is progressing at pace, with around 200 people working across nine joint workstreams led by a dedicated integration management office. We confirm at least €0.7 billion of run-rate synergies, with no impact from TIM’s listed minorities, and early quick wins across procurement, funding, real estate and commercial initiatives, including the launch of TIMVision/Fiber offering for Poste Italiane employees and friends & family in October 2026, the upcoming addition of TIMVision to our SuperApp and the opening of the first TIM shop-in-shops in landmark post offices. We will present the business plan for the combined Group in the first quarter of 2027.

Poste Italiane and TIM together have the scale, reach and technology to lead Italy’s digital transformation while strengthening the country’s technological independence. We are Italy’s connecting platform, creating value for our clients, our people, our country and our shareholders.

I am particularly proud of the pilot Fincantieri Ontology Project, a landmark project bringing physical AI into Fincantieri’s shipyards. By combining Fincantieri’s industrial know-how with the technology capabilities of Poste Italiane and TIM Enterprise, we will enable AI agents to understand and act on real-world industrial knowledge. This pioneering project is an important validation of our AI and data platforms by an external company, leader in its space, and a major step forward in our ambition to lead Italy’s digital transformation and AI adoption.

Finally, I would like to thank all our colleagues for their dedication and professionalism. Their expertise, commitment and ability to embrace change will be fundamental as we build the next chapter of our Group: stronger, more innovative and increasingly connected.”

*Calculated as Industrial Net Financial Position after lease (excluding debt related to leasing liabilities) divided by LTM pro-forma Group EBITDA after lease.

**Ex dividend date 23 November 2026.

***Before the application of IFRS 17.

****Excluding operating expenses related to TIM tender offer and other non-HR costs.

POSTE ITALIANE Q3 & 9M 2026 FINANCIAL RESULTS & TIM INTEGRATION UPDATE

Thursday, 12 November 2026 - 11:00 CET

WEBCAST

To attend click here: Poste Italiane Q3 & 9M 2026 Financial Results & TIM Integration Update Webcast

A listen only audio conference is also available: +39 02 8020902

For further information:
 
Poste Italiane S.p.A. Investor Relations                    Poste Italiane S.p.A. Media Relations
Tel. +39 06 5958 4716                                              Tel. +39 06 5958 2097
Mail: investor.relations@posteitaliane.it                    Mail: ufficiostampa@posteitaliane.it