E-commerce: revenues in the Parcels and Logistics business continue to accelerate

In Q1-26 Mail, Parcel & Distribution external revenues were up 5.7% y/y to €1bn. Mail revenues were down 2.8% y/y to €505m, in line with the trend that we anticipated for 2026. Parcel & Logistics revenues recorded a solid 15.2% y/y growth to €453m driven by parcel market share gains across a diversified customer base and contract logistics development. In Q1-26, Parcel volumes grew to 89m items, up 14.6% y/y. In April Poste Italiane signed a Joint Venture with Benetton Logistics, leveraging our logistics and e‑commerce leadership to create a scalable platform capable of attracting new customers and supporting profitable growth for the Group. The parcel average tariff was down 2.9% y/y, reflecting higher volumes spread across customer segments, while volumes with lower pricing also carry a lower unit cost to deliver. The share of parcels delivered by “Postini” reached 43% in Q1-26. Distribution revenues  in Q1-26 were up 7.2% y/y to €1.5bn, supported by strong commercial momentum and Active Portfolio Management concentration in Q1-26. Segment Adjusted EBIT at €43m in Q1-26, up 71.2% y/y, progressing in line with 2026 guidance.