In Q2-26 Mail, Parcel & Distribution external revenues were at €1bn, up 7.0% y/y (€2.0bn in H1-26, up 6.4% y/y).
Mail revenues were at €502m, down 2.7% y/y (€1.0bn in H1-26, -2.7% y/y), reflecting expected lower volumes and partially mitigated by ongoing repricing actions.
Parcel & Logistics revenues recorded a solid 11.2% y/y growth to €453m (€907m in H1-26, +13.1% y/y) driven by a diversified customer base and continued expansion in logistics, with an initial contribution from the Logistic 360 Joint Venture with Benetton signed in April.
In Q2-26, Parcel volumes grew to 90m items, up 10.6% y/y (179m items in H1-26, +12.5% y/y).
In Q2-26 the average parcel tariff was up 1% y/y, benefiting from a repricing effect and a diversified client base, while in the first six months of the year it was down 1% y/y.
The share of parcels delivered by “Postini” reached 48%, up 5 p.p. Y/Y in Q2-26 reflecting new the logistics network set-up, allowing more efficient fixed costs absorption.
Distribution revenues were stable at €1.4bn in Q2-26 (€2.9bn in H1-26, +3.1% y/y), reflecting lower Active Portfolio Management revenues vs Q2-25.
Segment Adjusted EBIT was at €10m in Q2-26 (€52m in H1-26) and in line with 2026 guidance.
