Rome, 7 May 2026 07:03
Q1-26 REVENUES1 AT A RECORD €3.5BN UP 8% Y/Y, WITH HEALTHY GROWTH ACROSS ALL BUSINESS UNITS
RECORD Q1-26 PROFITABILITY: ADJUSTED EBIT2 AT €905M, UP 14% Y/Y, REFLECTING EFFECTIVE COST DISCIPLINE IN AN INFLATIONARY ENVIRONMENT
NET PROFIT AT €617M3, UP 3% Y/Y
ROBUST €1.7BN INVESTMENT PRODUCTS NET INFLOWS COUPLED WITH STRONG POSTAL SAVINGS MOMENTUM AND STABLE RETAIL DEPOSITS
SOLID GROUP BALANCE SHEET AND SOLVENCY II RATIO AT 294% WITH IMPROVING NET FINANCIAL POSITION
ABOVE‑MARKET DIGITAL PAYMENTS GROWTH
***
TIM TENDER OFFER:
TRANSACTION TIMELINE ON TRACK, EXPECTED CLOSING BY Q3-26
***
FY-26 GUIDANCE UPGRADE: ADJUSTED EBIT RAISED TO €3.4BN
MULTI-YEAR STANDALONE PLAN TO BE PRESENTED WITH Q2-26 RESULTS ON JULY 24, 2026
POSTE ITALIANE CREATES VALUE FOR ALL STAKEHOLDERS, ADVANCING SOCIAL INCLUSION AND ENVIRONMENTAL SUSTAINABILITY
Q1-26 KEY RESULTS:
Thursday, 7 May 2026 - 12:30 CEST
POSTE ITALIANE Q1-26 RESULTS
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
Financial calendar
Next events
To see the press release in full version download pdf
RECORD Q1-26 PROFITABILITY: ADJUSTED EBIT2 AT €905M, UP 14% Y/Y, REFLECTING EFFECTIVE COST DISCIPLINE IN AN INFLATIONARY ENVIRONMENT
NET PROFIT AT €617M3, UP 3% Y/Y
ROBUST €1.7BN INVESTMENT PRODUCTS NET INFLOWS COUPLED WITH STRONG POSTAL SAVINGS MOMENTUM AND STABLE RETAIL DEPOSITS
SOLID GROUP BALANCE SHEET AND SOLVENCY II RATIO AT 294% WITH IMPROVING NET FINANCIAL POSITION
ABOVE‑MARKET DIGITAL PAYMENTS GROWTH
***
TIM TENDER OFFER:
TRANSACTION TIMELINE ON TRACK, EXPECTED CLOSING BY Q3-26
***
FY-26 GUIDANCE UPGRADE: ADJUSTED EBIT RAISED TO €3.4BN
MULTI-YEAR STANDALONE PLAN TO BE PRESENTED WITH Q2-26 RESULTS ON JULY 24, 2026
- Q1-26 REVENUES1 AT €3.5BN, UP 8.0% Y/Y:
- MAIL, PARCEL & DISTRIBUTION REVENUES AT €1.0BN IN Q1-26, UP 5.7% Y/Y.
- FINANCIAL SERVICES REVENUES AT €1.6BN IN Q1-26, UP 10.5% Y/Y.
- INSURANCE SERVICES REVENUES AT €469M IN Q1-26, UP 6.1% Y/Y.
- POSTEPAY SERVICES REVENUES1 AT €425M IN Q1-26, UP 6.8% Y/Y.
- Q1-26 TOTAL COSTS4 TO €2.8BN, UP 4.9% Y/Y:
- Q1-26 ORDINARY HR COSTS4 AT €1.5BN, UP 1.4% Y/Y, REFLECTING HIGHER VARIABLE COMPENSATION AND LABOUR AGREEMENT SALARY INCREASE.
- Q1-26 NON-HR COSTS4,5 TO €1.2BN, UP 10.3% Y/Y AS A RESULT OF HIGHER BUSINESS GROWTH.
- Q1-26 ADJUSTED EBIT2 AT A RECORD LEVEL OF €905M, UP 13.6% Y/Y, REFLECTING CONTINUED DISCIPLINE ON THE COST BASE.
- Q1-26 NET PROFIT3 AT €617M, UP 3.3% Y/Y.
- GROUP CLIENT TFAs REACHED €606BN, UP €5.3BN FROM DECEMBER 2025: STRONG NET INFLOWS IN INVESTMENT PRODUCTS AT €1.7BN WITH SOLID POSTAL SAVINGS COMMERCIAL TRENDS AND STABLE DEPOSITS.
- STRONG CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 24.4% (OF WHICH CET1 RATIO AT 20.9%), LEVERAGE RATIO AT 3.3% AND POSTE VITA GROUP SOLVENCY II RATIO AT 294%.
***
1 Revenues are restated net of commodity price and pass-through charges of the energy business. See the section “Alternative Performance Indicators” for reconciliation with reported data.
2 EBIT is adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of an extraordinary nature. See the section “Alternative Performance Indicators” for reconciliation with reported data.
3 Excluding TIM stake contribution (including PPA adjustments). See the section “Alternative Performance Indicators” for reconciliation with reported data.
4 Before the application of IFRS 17.
5 Including costs for goods and services, depreciation, amortisation and impairments. Numbers are presented net of commodity price and pass-through charges of the energy business. See the section “Alternative Performance Indicators” for reconciliation with reported data.
POSTE ITALIANE CREATES VALUE FOR ALL STAKEHOLDERS, ADVANCING SOCIAL INCLUSION AND ENVIRONMENTAL SUSTAINABILITY
Q1-26 KEY RESULTS:
- The Polis Project continues to progress, reinforcing Poste Italiane’s role in supporting social cohesion and bridging the digital divide in small towns and rural areas across Italy. As at the end of March, 5,251 post offices have been transformed into digital service hubs, simplifying citizens’ daily lives and 160 co-working spaces have been created. More than 250,000 Public Administration services have been delivered, including over 190,000 passports.
- Polis is also contributing to improving the Group’s energy efficiency and increasing renewable energy production. The number of buildings equipped with smart building systems has risen to 5,273 with approximately 1,000 photovoltaic systems installed, for a total installed capacity of 31 MWp.
- The ‘Green Delivery’ project continues, aimed at developing an increasingly sustainable delivery model that meets customer needs while reducing environmental impact. As at the end of March, Poste Italiane has further strengthened its PUDO (Pick-Up-Drop-Off) network with a total of 31,917 physical points, including post offices across the country, as well as more than 18,000 collect points and around 1,800 lockers within the Punto Poste network.
- Poste Italiane has renewed its ‘Equal Salary’ certification, which confirms equal pay between women and men for the same role, reaffirming the Group’s commitment to fostering an inclusive culture based on equal opportunities, merit and transparency.
- Poste Italiane confirms its position among the most inclusive brands in Italy, ranking in the Top 10 of the Diversity Brand Index 2026 and receiving the Diversity Brand Award for accessibility. This recognition reflects the Company’s commitment to inclusive digital solutions – including video tutorials with Italian Sign Language, audio descriptions and multilingual subtitles – enhancing accessibility to services for a broad and diverse audience.
Yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Silvia Maria Rovere, approved First Quarter 2026 Financial Results (unaudited).
Matteo Del Fante, Poste Italiane Chief Executive Officer commented: “We delivered a very strong start to the year, achieving record Q1‑26 revenues of €3.5 billion, up a healthy 8% year on year. This performance confirms the strength of our platform model and the consistency of our long‑term strategy. It is our fourth consecutive record first quarter, supported by robust contributions from all business units, with €1.7 billion investment product net inflows reflecting strong performance of life insurance, coupled with improving commercial trends in postal savings and stable retail deposits. Our leadership in digital payments is confirmed, with above-market growth underscoring the strength of our platform.
Profitability hit record levels, with adjusted EBIT up 14% to €905 million, confirming the strength of our cost discipline and efficiency actions in an inflationary context. Net profit rose to €617 million, up 3% year on year.
Building on a strong start to the year and a more supportive interest rate environment, we have raised our 2026 adjusted EBIT guidance to €3.4 billion.
In Mail, Parcel & Distribution, revenue growth was driven by increasing parcel volumes and re-pricing actions mitigating anticipated mail volumes decline. In mid‑April, we announced a joint venture with Benetton Logistics as a further step to scale and strengthen our contract logistics business.
In Financial Services, revenues increased 11% to €1.6 billion, supported by investment portfolio strength and a solid commercial performance.
Insurance Services delivered strong results in both the life investments & pension and protection segments with revenues up 6% in the quarter to €469 million.
Postepay Services' unique and integrated ecosystem of everyday services delivered growth in both revenues and profitability, ahead of integration into the new financial hub.
We continue to operate from a position of strength, the Group’s balance sheet remains robust, with our Solvency ratio at 294% and improving net financial position with €341 million cash generated in the quarter (+€43 million vs. Q1-25).
We have further strengthened our conviction in the strategic rationale of the TIM acquisition and its natural fit within our platform business model. With our solid balance sheet and strong cash generation, we are uniquely positioned to support digital investments and accelerate strategic initiatives that will deliver growth. The merger of Poste Telco and TIM consumer businesses will create the number one mobile operator in Italy, kick-starting the next leg of domestic telco consolidation.
The financial profile of the proposed transaction is extremely strong, with positive EPS impact from 2027, rising to double‑digit accretion from 2028. Our guidance-implied 2026 DPS is confirmed and the dividend policy going forward will be accretive compared to the standalone scenario. Pro-forma leverage is expected at 1.4x EBITDA After Lease costs by the end of 2026 and steadily decreasing going forward, with our current credit rating, which, as of today, has been confirmed by all three rating agencies.
We are entering a new chapter of our journey, shaped by the progress we have achieved and driven by a clear long‑term ambition. On July 24, we will be unveiling our 2026–2030 standalone plan, alongside our Q2-26 results.
Our people remain our most valuable asset and I want to thank them for their continued hard work and dedication to Poste Italiane’s long-term success.
We remain committed to creating value for all stakeholders - our shareholders, our customers, our employees and the communities we serve.”
Matteo Del Fante, Poste Italiane Chief Executive Officer commented: “We delivered a very strong start to the year, achieving record Q1‑26 revenues of €3.5 billion, up a healthy 8% year on year. This performance confirms the strength of our platform model and the consistency of our long‑term strategy. It is our fourth consecutive record first quarter, supported by robust contributions from all business units, with €1.7 billion investment product net inflows reflecting strong performance of life insurance, coupled with improving commercial trends in postal savings and stable retail deposits. Our leadership in digital payments is confirmed, with above-market growth underscoring the strength of our platform.
Profitability hit record levels, with adjusted EBIT up 14% to €905 million, confirming the strength of our cost discipline and efficiency actions in an inflationary context. Net profit rose to €617 million, up 3% year on year.
Building on a strong start to the year and a more supportive interest rate environment, we have raised our 2026 adjusted EBIT guidance to €3.4 billion.
In Mail, Parcel & Distribution, revenue growth was driven by increasing parcel volumes and re-pricing actions mitigating anticipated mail volumes decline. In mid‑April, we announced a joint venture with Benetton Logistics as a further step to scale and strengthen our contract logistics business.
In Financial Services, revenues increased 11% to €1.6 billion, supported by investment portfolio strength and a solid commercial performance.
Insurance Services delivered strong results in both the life investments & pension and protection segments with revenues up 6% in the quarter to €469 million.
Postepay Services' unique and integrated ecosystem of everyday services delivered growth in both revenues and profitability, ahead of integration into the new financial hub.
We continue to operate from a position of strength, the Group’s balance sheet remains robust, with our Solvency ratio at 294% and improving net financial position with €341 million cash generated in the quarter (+€43 million vs. Q1-25).
We have further strengthened our conviction in the strategic rationale of the TIM acquisition and its natural fit within our platform business model. With our solid balance sheet and strong cash generation, we are uniquely positioned to support digital investments and accelerate strategic initiatives that will deliver growth. The merger of Poste Telco and TIM consumer businesses will create the number one mobile operator in Italy, kick-starting the next leg of domestic telco consolidation.
The financial profile of the proposed transaction is extremely strong, with positive EPS impact from 2027, rising to double‑digit accretion from 2028. Our guidance-implied 2026 DPS is confirmed and the dividend policy going forward will be accretive compared to the standalone scenario. Pro-forma leverage is expected at 1.4x EBITDA After Lease costs by the end of 2026 and steadily decreasing going forward, with our current credit rating, which, as of today, has been confirmed by all three rating agencies.
We are entering a new chapter of our journey, shaped by the progress we have achieved and driven by a clear long‑term ambition. On July 24, we will be unveiling our 2026–2030 standalone plan, alongside our Q2-26 results.
Our people remain our most valuable asset and I want to thank them for their continued hard work and dedication to Poste Italiane’s long-term success.
We remain committed to creating value for all stakeholders - our shareholders, our customers, our employees and the communities we serve.”
Thursday, 7 May 2026 - 12:30 CEST
POSTE ITALIANE Q1-26 RESULTS
To attend click here: Poste Italiane Q1-26 Results 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
Financial calendar
Next events
- 24 June 2026 - Payment of the balance of the dividend for 2025, with ex-dividend date 22 June 2026 and record date (i.e. date of dividend payment eligibility) 23 June 2026.
- 24 July 2026 - Q2 & H1-26 Group Results and 2026-2030 Business Plan presentation.
- 12 November 2026 - Q3 & 9M-26 Group Results presentation.
- 25 November 2026 - Payment of the interim dividend for 2026, with ex-dividend date 23 November 2026 and record date of 24 November 2026.
To see the press release in full version download pdf
