Poste Italiane (PST) Q2 2026 & Strategy update earnings summary

Executive summary

• Record H1 2026 revenues of €6.841bn, up 6% year-on-year, with growth across all business units.

• Adjusted EBIT reached €1.8bn (+7% y/y); net profit at €1.2bn (+4% y/y, excluding TIM stake); client total financial assets at €613bn.

• Strong commercial momentum with €2.7bn net investment inflows and stable retail deposits.

• Balance sheet remains robust with Solvency II ratio at 303% and €894m cash generated in H1.

• Strategic initiatives include new postal savings agreement, group structure simplification, AI adoption, and the TIM transaction.

Financial highlights

• Q2 revenues at €3.4bn, up 4% y/y; H1 revenues at €6.841bn, up 6% y/y.

• Adjusted EBIT for H1 at €1.8bn (+7% y/y); net profit (excluding TIM stake) at €1.2bn (+4% y/y).

• Mail, parcel, and distribution H1 revenues at just over €2bn (+6% y/y); parcel revenues up 13% to €908m.

• Financial services H1 revenues up 4% to €3.5bn; net interest income at €606m in Q2.

• Insurance services H1 revenues up 9% to €983m; protection revenues up 11% in H1.

Outlook and guidance

• FY-26 standalone guidance and dividend policy confirmed, with adjusted EBIT guidance at €3.4bn and net profit expected to exceed €2.3bn.

• New postal savings agreement with CDP for 2027-2030 provides enhanced revenue visibility.

• Targeting €1.9bn average annual revenues from postal savings over 2027-2030.

• NII outlook improved for 2026 and beyond, with total portfolio return guidance raised to €2.8bn.

• Strategic plan update expected in Q1-27, post-TIM integration.