Poste Italiane (PST) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 results: revenues of €6.5bn (up 5% y/y), adjusted EBIT of €1.7bn (up 12% y/y), and net profit of €1.2bn (up 14% y/y), with all business units contributing to growth.

• Financial and insurance services delivered strong results, supported by record net interest income and robust commercial performance.

• Group balance sheet remains solid, with Solvency II ratio at 315% and client total financial assets at €600bn (+€9bn vs Dec 2024).

• Strategic investments included the acquisition of a 24.8% stake in TIM and sale of Nexi and Anima Holding stakes.

• Upgraded FY 2025 guidance: adjusted EBIT to €3.2bn, net profit to €2.2bn, and dividend payout ratio confirmed at 70%.

Financial highlights

• H1 2025 group revenues at €6.5bn (up 4.8–5% y/y); Q2 revenues at €3.3bn (up 4.5–5% y/y).

• Adjusted EBIT for H1 2025 at €1.7bn (up 11.5–12% y/y); Q2 at €864m (up 10.4–10% y/y).

• Net profit for H1 2025 at €1.2bn (up 14% y/y); Q2 at €572m (up 9–9.1% y/y), including €27m mark-to-market gain on Nexi and TIM shares.

• All business units posted revenue growth: Mail, Parcel & Distribution (+1% y/y), Financial Services (+5.7–7% y/y), Insurance Services (+9.5–10% y/y), Postepay Services (+5–5.4% y/y).

• Group client TFAs reached €600bn, up €9bn from December 2024.

Outlook and guidance

• FY 2025 adjusted EBIT guidance raised to €3.2bn (from €3.1bn); net profit guidance increased to €2.2bn (from €2.1bn).

• Dividend policy confirmed with a payout ratio of 70% for 2024–2028.

• Management expects continued execution of the 2024–2028 Strategic Plan, focusing on omnichannel service, customer relations, and logistics transformation.

• All business units expected to continue contributing to top-line and profitability growth.

• Italian GDP growth for 2025 projected at 0.6%, with high uncertainty due to global trade and geopolitical tensions.