Poste Italiane (PST) Q3 2026 earnings summary

Executive summary

• Record 9M-26 revenue of €10.165bn, up 5.4% YoY; adjusted EBIT rose 6.6% to €2.682bn and adjusted net profit increased 3.8% to €1.840bn.

• Q3 revenue reached €3.324bn, up 4.5% YoY; adjusted EBIT rose 6.3% to €910m and adjusted net profit increased 4.2% to €629m.

• Growth spanned all four businesses; investment-product inflows reached €4.5bn excluding Cronos run-off, and total financial assets were €614bn at September-end.

• TIM balance-sheet consolidation was effective 30 September and P&L consolidation began 1 October; FY26 standalone guidance excludes TIM’s Q4 contribution.

Financial highlights

• 9M adjusted profit before tax rose 6% to €2,692m; adjusted income tax expense increased 10% to €853m.

• 9M reported net profit was €3.553bn, including a €1.745bn contribution from the TIM stake; adjusted net profit excluded TIM investment income and extraordinary items.

• 9M operating cash flow was €4.458bn versus €3.016bn a year earlier; investing cash outflow was €2.863bn, including €1.811bn for investments in consolidated companies.

• 9M ordinary HR costs rose 1.8% to €4.3bn; non-HR costs increased 8.7% to €3.7bn.

Outlook and guidance

• FY26 standalone guidance confirmed at €3.4bn adjusted EBIT and €2.3bn adjusted net profit, excluding TIM’s Q4 contribution.

• TIM integration targets at least €0.5bn run-rate cost synergies by 2028 and over €0.2bn EBIT from incremental revenue from 2029; total run-rate synergies are at least €0.7bn.

• Combined-entity business plan and new divisional reporting are planned for Q1 2027; a Financial and Insurance Hub is planned from 1 January 2027.

• Protection combined-ratio guidance is at or below 83%; the 9M ratio was 80%.