Poste Italiane (PST) Q4 2025 & CMD earnings summary

Executive summary

• Achieved record FY25 results with revenues of EUR 13.12 billion, adjusted EBIT of EUR 3.24 billion (+9.6% y/y), and net profit of EUR 2.22 billion (+10.3% y/y), at the high end of guidance, with all business units contributing to growth.

• Proposed FY25 dividend per share of EUR 1.25 (+16% y/y), with a 73% payout ratio and total distribution of EUR 1.6 billion.

• Strategic priorities include digital transformation, AI integration, and the creation of a new financial hub integrating payments and financial services.

• Strengthened digital leadership with the SuperApp, now Italy's #1 app with over 4 million daily active users and 16 million total users.

• Consolidated position as TIM's largest long-term shareholder (27.3% of ordinary shares), with synergy initiatives underway and additional stakes in PagoPA.

Financial highlights

• FY25 group revenues: EUR 13.1 billion (+4.2% y/y); Q4-25 revenues: EUR 3.5 billion (+4% y/y); adjusted EBIT: EUR 3.24 billion (+9.6% y/y); net profit: EUR 2.22 billion (+10.3% y/y).

• Segment revenues: Mail, Parcel & Distribution EUR 3.95 billion (+3%), Financial Services EUR 6.7 billion (+4%), Insurance Services EUR 1.83 billion (+11%), Postepay Services EUR 1.67 billion (+5%).

• Adjusted EBIT by segment: Financial Services EUR 1.04 billion (+16%), Insurance Services EUR 1.59 billion (+11%), Postepay Services EUR 586 million (+11%).

• Dividend payout ratio at 73% for FY25; total shareholder return outperformed Italian market index by 2.5x since 2016.

• BancoPosta total capital ratio: 23.1%; CET1 ratio: 19.8%-22.6%; Poste Vita Solvency II ratio: 304%.

Outlook and guidance

• 2026 guidance: revenues EUR 13.5 billion, adjusted EBIT above EUR 3.3 billion, net profit (excluding TIM stake) EUR 2.3 billion.

• Dividend policy reinforced: payout ratio greater than 70% of net profit (excluding TIM stake), plus TIM dividends on a cash-for-cash basis.

• Expecting EUR 100 million in cash dividends from TIM in 2027 and further stake accretion from TIM share buyback.

• Multi-year strategic plan with updated guidance to be released before year-end 2026.