Poste Italiane (PST) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results: revenues of €12.6bn, adjusted EBIT of €2.96bn, and net income of €2.01bn, two years ahead of plan and aligned with updated guidance.

• Upgraded 2025 guidance: adjusted EBIT of €3.1bn and net income of €2.1bn, confirming growth trajectory.

• Dividend policy structurally increased to 70% payout ratio through 2028, with cumulative dividends target raised to €7.5bn for 2024-2028 and proposed FY24 DPS of €1.08 (+35% YoY), totaling €1.4bn.

• All business units contributed to revenue growth, validating the diversified platform model and digital transformation initiatives, including the Super App and AI integration.

• Poste Italiane solidified its position as Italy's largest phygital platform, serving 46m clients and driving digital and omnichannel transformation.

Financial highlights

• FY24 revenues grew 5% year-over-year to €12.6bn; Q4 revenues up 6% to €3.4bn.

• Adjusted EBIT for FY24 was €2.96bn (+13% YoY), nearly triple 2017 levels; net profit reached €2.01bn (+4% YoY), the highest ever.

• Proposed FY24 dividend per share of €1.08, up 35% year-on-year, totaling €1.4bn, with a dividend yield of 9%.

• Total shareholder return has materially outperformed the Italian stock market index since 2016.

• Group client total financial assets reached €590bn, up €10bn from December 2023.

Outlook and guidance

• 2025 guidance: revenues of €12.8bn, adjusted EBIT of €3.1bn, and net profit of €2.1bn, with positive contributions from all segments.

• Dividend payout ratio increased to 70% for 2024-2028, with expected cumulative dividends of €7.5bn.

• Continued focus on cost discipline, digital investments, and ESG initiatives.

• Net financial position stable at ~€(1.5)bn by year-end 2025; distributable reserves to exceed €3bn.

• Management expects continued growth across all business units, supported by strategic execution and capital optimization.