Poste Italiane (PST) Q3 2024 earnings summary

Executive summary

• Nine-month 2024 revenues reached €9.2 billion, up 5% year-over-year and 8% underlying, marking record results with all business units contributing to growth.

• Adjusted EBIT for 9M-24 was €2.3 billion, up 18% underlying, and net profit was €1.6 billion, up 19% underlying, both at record highs.

• Total financial assets grew to €593 billion (+€12 billion vs December 2023), with strong net inflows in investment funds and insurance reserves.

• Interim dividend of €0.33 per share (€427 million), up 39% year-over-year, to be paid in November 2024.

• Major strategic initiatives included new logistics hubs, digital transformation, sustainability investments, and labor agreement renewal.

Financial highlights

• 9M-24 revenues: €9,226 million (+5% year-over-year, +8% underlying); Q3-24 revenues: €3,062 million (+10% vs Q3-23).

• Adjusted EBIT: €2,277 million (+8% year-over-year, +18% underlying); Q3: €789 million (+46%).

• Net profit: €1,595 million (+5% year-over-year, +19% underlying); Q3: €569 million (+49%).

• Total costs for 9M-24: €7,005 million (+4.6% year-over-year), mainly due to higher goods/services and personnel expenses.

• Earnings per share for 9M: €1.22 (+4.5% year-over-year).

Outlook and guidance

• Upgraded full-year 2024 guidance: adjusted EBIT of €2.8 billion and net profit of €2 billion.

• Interim dividend of €0.33 per share confirmed for November 2024.

• Strategic focus on logistics transformation, digital payments, energy business growth, and sustainability.

• Continued investments in green transition, digital channels, and omni-channel customer experience.

• Italian GDP expected to grow moderately, with risks from international conflicts and commodity markets.