Rome, 10 Nov 2022 07:01
SOLID RESULTS SUPPORT INTERIM DIVIDEND OF €0.210 ON 2022 RESULTS TO BE PAID ON NOVEMBER 23
Q3-22 SUSTAINABLE REVENUE GROWTH (+4.3% Y/Y) WITH POSITIVE UNDERLYING MIX ACROSS ALL BUSINESS UNITS
STRONG Q3-22 EBIT, UP 17.1% Y/Y TO €663M REACHING RECORD HIGH LEVEL OF €2.1BN IN 9M-22 (UP 27.2% Y/Y), WITH ALL SEGMENTS IMPROVING Y/Y, ALREADY AHEAD FY-22 ORIGINAL GUIDANCE
NET PROFIT STRONGLY UP 15.0% TO €461M IN Q3-22 (UP 21.4% TO €1.4BN IN 9M-22)
PARCEL REVENUES RECOVERING - POSITIVE SEGMENT EBIT FOR THE THIRD QUARTER IN A ROW
FINANCIAL SERVICES REVENUES SUPPORTED BY HIGHER RECURRING NET INTEREST INCOME
STRONG REVENUE GROWTH IN INSURANCE SERVICES THANKS TO STRONG CONTRIBUTION FROM LIFE UP 23% TO €460M IN Q3-22 AND P&C UP 19% TO €116M IN 9M-22
STRONG REVENUE GROWTH ACROSS ALL BUSINESS LINES IN PAYMENTS & MOBILE
RELENTLESS FOCUS ON COST DISCIPLINE TO ENSURE LONG-TERM PROFITABILITY AND MITIGATE INFLATIONARY PRESSURES
LIS SUCCESSFUL ACQUISITION ALREADY STRENGHTENING PAYMENT LEADERSHIP AND ACCELERATING GROUP OMNICHANNEL STRATEGY
- Q3-22 REVENUES AT €2.9BN, +4.3% Y/Y (+3.6% Y/Y TO €8.7BN IN 9M-22):
- Q3-22 MAIL, PARCEL & DISTRIBUTION REVENUES AT €843M, -0.9% Y/Y (-1.3% Y/Y TO €2.6BN IN 9M-22), WITH PARCEL REVENUE RECOVERING MITIGATING MAIL SECULAR DECLINE.
- Q3-22 FINANCIAL SERVICES GROSS REVENUES TO €1.4BN, -1.4% Y/Y (+2.2% Y/Y TO €4.3BN IN 9M-22), WITH LOWER ACTIVE PORTFOLIO MANAGEMENT MORE THAN OFFSETTING A STRONG INCREASE IN RECURRING NII.
- Q3-22 INSURANCE SERVICES REVENUES TO €500M, +23.9% Y/Y (+8.6% Y/Y TO €1.6BN IN 9M-22), THANKS TO HIGHER VOLUMES AND INCREASING MARGINS. IN Q3-22 LIFE GWP AT €4BN (+8% Y/Y), LEADING TO POSITIVE NET INFLOWS OF €1.8BN. P&C GWP AT €87M (+16% Y/Y).
- Q3-22 PAYMENTS & MOBILE REVENUES TO €297M, +34.8% Y/Y (+25.7% Y/Y TO €779M IN 9M-22) DRIVEN BY IMPRESSIVE CONTRIBUTIONS FROM ALL PRODUCT LINES AND SUPPORTED BY THE CONSOLIDATION OF LIS SINCE SEPTEMBER 1.
- Q3-22 TOTAL COSTS TO €2.2BN, +1.0% Y/Y (-2.0% Y/Y TO €6.7BN IN 9M-22). Q3-22 ORDINARY HR COSTS TO €1.2BN, UP +1.2% Y/Y (-2.1% Y/Y TO €3.8BN IN 9M-22), MAINLY RELATED TO THE CONSOLIDATION OF LIS AND PLURIMA AND WITH EFFECTIVE COST DISCIPLINE OFFSETTING THE IMPACT OF THE PLANNED SALARY INCREASE. Q3-22 NON-HR COSTS TO €915.4M, UP 4.9% Y/Y (+0.1% Y/Y TO €2.7BN IN 9M-22) RELATED TO M&A AND INFLATION IMPACT.
- Q3-22 EBIT AT €663M, +17.1% Y/Y (+27.2% Y/Y TO €2.1BN IN 9M-22), ABOVE FY-22 ORIGINAL GUIDANCE, WITH POSITIVE CONTRIBUTIONS FROM ALL SEGMENTS.
- Q3-22 NET PROFIT AT €461M, +15.0% Y/Y (+21.4% Y/Y TO €1.4BN IN 9M-22).
- STRONG NET INFLOWS OF €5.9BN IN 9M-22 ON SAVING AND INVESTMENT PRODUCTS - TFAs TO €562BN IMPACTED BY MARKET EFFECT FOR €25BN.
- SOUND CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 22.2% (OF WHICH CET1 RATIO AT 19.6%), LEVERAGE RATIO AT 3.0% AND POSTE VITA GROUP SOLVENCY II RATIO AT 207% IN LINE WITH MANAGERIAL AMBITION IN A NEW MARKET ENVIRONMENT.
Q3 & 9M 2022 Operational Segment Highlights
- Mail, Parcel & Distribution: Mail repricing related to universal service products in force since June 2022; more than 170 municipalities now covered by the home-delivery service for medicines, which can be instant (within 90 minutes from purchase), scheduled (at the desired time) or next day (the day after the purchase).
- Financial Services: ‘Conto BancoPosta Affari’ and ‘BPIOL- BancoPostaImpreseOnline’ remote sales services launched, allowing SMEs to manage and buy banking and financial products and services through remote communication, with certified e-mail enabling document exchange and digitally signed contracts; third-party distribution agreement with Banca AideXa and Banca CF+ signed in July to provide quick response and rapid credit disbursement to SMEs and sole proprietorships.
- Insurance Services: proposed acquisition of Net Insurance to further accelerate protection business growth; the new “Digital Protection” feature of ‘Poste Vivere Protetti’, included within the modular offer, now extended to the whole family.
- Payments & Mobile: LIS Holding S.p.A. acquisition, the largest M&A deal in Poste Italiane’s history, completed in September, strengthening PostePay’s positioning as a leading paytech company and further enriching the Group omnichannel strategy; ‘QR Code Web’ launched in July, allowing cardholder to directly frame the automatically generated code within the payment page.
POSTE ITALIANE’S THIRD QUARTER RESULTS ARE ANOTHER MILESTONE IN OUR SUSTAINABLE GROWTH PATH, CREATING SHARED VALUE FOR ALL STAKEHOLDERS.
Q3-22 KEY ACHIEVEMENTS:
- Poste Italiane has been recognised for the first time in Fortune’s “2022 Change the World” prestigious list that ranks globally the 50 leading companies that, through their strategy and operations, are changing the world. Poste is the only Italian company to be honoured for our delivery fleet electrification process which is taking place at a faster rate compared to other players. At the end of September, the number of low emission vehicles were more than 21,000 (of which 2,800 electric vehicles) while charging points were more than 3,100.
- Poste Italiane is the first among the largest FTSEMIB companies to receive the new “Diversity & Inclusion” ISO 30415:2021 international certification, for our commitment in integrating diversity principles and the adoption of a company-wide inclusive culture.
- More than 45,000 people across the territory have taken part in Poste’s financial education events year-to-date. The Group continues to play a key role in supporting the dissemination of financial literacy making Italians more aware of their financial, insurance and pension planning choices. This all-year-round activity for the value creation and financial inclusion for local communities has been intensified during the fifth edition of the Financial Educational Month (#ottobreEdufin22), the far-reaching initiative promoted by the government to protect savings.
- MSCI upgraded Poste Italiane’s ESG rating from “A” to “AA”, as a result of having introduced governance practices adequately addressing investors’ interest. The “AA” rating is also due to improvements in talent management activities, through the adoption of a comprehensive employee engagement strategy.
- Poste Italiane included for the first time in the STOXX Global ESG Leaders index, a benchmark designed by Qontigo (part of the Deutsche Börse group) measuring the performance of the highest-scoring companies according to ESG criteria.
- Furthermore, Poste Italiane consolidated its worldwide sustainability leadership reaffirming its inclusion in the Euronext Vigeo-Eiris indices at Global, European and Eurozone levels. Vigeo-Eiris acknowledged Poste’s strong commitment in managing social and environmental aspects, increasing Group’s ESG Overall Score (77/100) and confirming its top-ranking position in both the “Universe” of 4,907 companies analysed and its “Transport & Logistics” reference sector comprised of 1,624 EMEA companies.
Rome, 10 November 2022. Yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Maria Bianca Farina, approved 9M 2022 Financial Results (unaudited).
Matteo Del Fante, Poste Italiane CEO and General Manager, commented:
“Thanks to continued business momentum across all Group divisions and the successful implementation of 24SI Plus, Poste Italiane has delivered yet another solid financial performance in the third quarter, with revenues strongly rising year-on-year and a record EBIT for the nine months of the year, almost doubling that of 2017.
The key to our success relies on enabling growth engines within each business unit, combined with a continued cost discipline, providing additional flexibility to adapt to a changing macro context.
We are very proud of our achievements in the Mail, Parcel & Distribution division, where, in a challenging market environment, parcel volumes’ recovery in Q3 combined with lower costs contributed to positive EBIT for the third quarter in a row.
Financial Services revenues were stable in the quarter thanks to the recurring contribution from Net Interest Income, benefitting from the favourable interest rates environment.
Insurance Services revenues recorded a remarkable double-digit growth with solid contribution from both life and non-life products.
Payments & Mobile revenues strongly increased with double digit growth, supported by card payments with the Group already leveraging on LIS consolidating PostePay’s leadership within the payment business and accelerating Group omnichannel strategy.
On the basis of these solid results and confident that our ‘24SI’ Plan implementation is progressing, we upgraded our 2022 EBIT guidance.
We are now expecting operating profit for 2022 to reach €2.3 billion, compared to our original target of €2.0 billion, reflecting the strong performance year-to-date and enabling us to distribute an interim dividend of €0.21 per share. Our long-term vision is supported by the commitment of our employees and the successful execution of our 24SI Plan.
Poste Italiane is well positioned to continue to deliver, even in a complex market environment.”
1Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Net Technical Reserves, and Assets under Custody.
Thursday 10 November 2022 - 14:00 CET
To attend click here: Poste Italiane Q3 & 9M 2022 Results Webcast
A listen only audio conference is also available: +39 02 8020927
To see the press release in full version download pdf
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
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