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.”
