Poste Italiane (PST) investor relations material

Executive summary

• Q1 2026 delivered record revenues of EUR 3.5 billion, up 8% year-on-year, with all business units contributing to growth.

• Adjusted EBIT reached EUR 905 million, up 14% year-on-year, and net profit was EUR 617 million, up 3% year-on-year, excluding TIM stake.

• Strong commercial momentum with EUR 1.7 billion investment inflows, robust postal savings, and stable retail deposits.

• Solid balance sheet with EUR 341 million cash generated in the quarter and Solvency II ratio at 294%.

• Digital payments and investment products showed notable growth, outpacing the market.

Financial highlights

• Revenues at EUR 3.5 billion, up 8% year-on-year; adjusted EBIT at EUR 905 million, up 14%; net profit at EUR 617 million, up 3%.

• All business units contributed: Financial Services (+11% y/y), Mail, Parcel & Distribution (+6%), Insurance (+6%), Postepay (+7%).

• Adjusted EBIT by segment: Financial Services EUR 318 million (+22%), Insurance EUR 392 million (+4%), Postepay EUR 153 million (+15%), Mail, Parcel & Distribution EUR 43 million (+71%).

• Group cash generation of EUR 341 million in Q1 (+EUR 43 million vs Q1-25).

• Group client TFAs reached EUR 606 billion, up EUR 5.3 billion from December 2025, driven by investment inflows.

Outlook and guidance

• Full-year 2026 adjusted EBIT guidance raised to EUR 3.4 billion, reflecting a strong start and supportive interest rate environment.

• 2026–2030 standalone plan to be presented with Q2 results in July.

• Dividend policy confirmed, with payout ratio over 70% and additional dividends from TIM.

• EPS accretive from 2027, double-digit accretion in 2028 post-TIM merger.

• Dividend per share for 2026 expected at the top end of EUR 1.25–1.3 range, with further growth anticipated.