2024 GROUP FINANCIAL HIGHLIGHTS
- Fy-24 record group revenues at €12.6bn, up 5.0% y/y (€3.4m in q4-24, +5.5% y/y), driven by all business units and reflecting a 3.0% cagr from 2017 to 2024:
- Mail, parcel & distribution external revenues at €3.8n in fy-24, + 2.6% y/y (€1.0bn in q4-24, + 5.5% y/y).
- Financial services gross revenues at €6.4bn in fy-24, +5.7% y/y (€1.7bn in q4-24, +9.2% y/y).
- Insurance services external revenues at €1.6bn in fy-24, +4.7% y/y (€0.4bn in q4-24, -2.5% y/y).
- Postepay services external revenues at €1.6bn in fy-24, +9.5% y/y (€0.4bn in q4-24, +7.3% y/y).
- Fy-24 total costs at €10.0bn, up +7.2% y/y (€3.0bn in q4-24, up 13.7% y/y):
- Fy-24 ordinary hr costs at €5.5bn, up +3.0% y/y (€1.4bn in q4-24, +2.6% y/y), reflecting the salary increases of the previous and new labour agreements, as well as higher variable compensation rewarding strong commercial results and in line with plan.
- Fy-24 non-hr costs to €4.5bn, up +8.4% y/y (€1.3bn in q4-24, +12.1% y/y) as a result of higher business volumes while embedding inflation impact and in line with plan.
- Fy-24 adjusted1 ebit at €2.96bn, up 13.0% y/y, c.3x the 2017 level, materially exceeding latest guidance of €2.8bn and reflecting a 15% cagr from 2017 to 2024.
- Fy-24 net profit at €2.0bn, up 4.1% y/y, posting a +17% cagr since 2017.
Matteo Del Fante, Poste Italiane Chief Executive Officer commented: “We were excited to share our vision in March last year at our Investor Day, and one year into the plan, we have exceeded our financial targets with a strong performance across our platform and seamlessly delivering on our strategic priorities. In a digital age Poste Italiane remains one of the most trusted institutions in Italy, with physical presence in every community, as well as the largest digital platform in the country.
2024 has been a record year. We achieved record-breaking revenues of €12.6 billion, record adjusted EBIT at €2.96 billion, almost three times the 2017 level and net profit at €2 billion, two years ahead of plan and 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.
Besided financial targets, which are ahead of plan, all the key strategic initiatives of The Connecting Platform plan are fully on track.
Poste Italiane remains a strategic pillar for Italy, playing a key role in the country’s economic and social development. We are extremely proud of the Polis project, reinforcing our position as a trusted partner for communities, bridging the digital divide and enhancing social cohesion.
Our transformation is delivering tangible results. Over the past seven years, we have more than mitigated lower revenues from businesses in structural decline, such as physical mail and payment slips, with €2 billion additional revenues from our fast-growing parcels and payments businesses, significantly higher investment portfolio revenues and resilient insurance business.
We remain focused on delivering sustainable revenue and profitability growth, with a €3.1 billion adjusted EBIT and €2.1 billion net profit guidance for 2025.
Furthermore, thanks to clear visibility on cash flows and effective group capital optimization we are committing to an upgraded dividend policy with a payout ratio structurally increased to 70% throughout the plan, translating into more than €7.5 billion cumulated dividends over the 2024-2028 period compared to the original target of €6.5 billion.
We will be proposing a full-year 2024 Dividend Per Share of €1.08, up 35% year-on-year for a total dividend of €1.4 billion on 2024 net profit. The balance will be paid in June of this year. Let me remind you that last year in March we gave a target DPS of €1 in 2026, we are overachieving that target 2 years in advance. This year marks the eighth consecutive year of annual dividend growth with a cumulative €7 billion in dividends distributed since 2016.
Looking ahead, our confidence in Poste Italiane’s future remains unwavering. Our ability to deliver sustainable and resilient growth, in any environment, confirms the strength of our business model and our long-term vision. As we move forward, we remain committed to creating value for all stakeholders – our shareholders, our customers, our employees and the communities we serve”.
