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, reflecting a 21% CAGR since 2020.

• Strategic priorities include digital transformation, AI-driven growth, and the creation of a new financial hub by merging payments and financial services.

• Completed migration to SuperApp, now Italy's leading digital platform 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 acquired in PagoPA.

Financial highlights

• FY25 group revenues: EUR 13.12 billion (+4.2% y/y); adjusted EBIT: EUR 3.24 billion (+9.6% y/y); net profit: EUR 2.22 billion (+10.3% y/y); Q4-25 revenues: EUR 3.5 billion (+3.5% y/y), adjusted EBIT: EUR 729 million (+7% y/y), net profit: EUR 447 million (+7% y/y).

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

• Dividend payout ratio for 2026 set above 70%, with additional dividends from TIM.

• Group client total financial assets reached EUR 600 billion, up EUR 10 billion from December 2024.

• Adjusted EBIT margin improved to 25% in FY25.

Outlook and guidance

• Organic revenue growth expected to continue, reaching EUR 13.5 billion in 2026, with positive contributions from all segments.

• Adjusted EBIT guidance for 2026 above EUR 3.3 billion; net profit (excluding TIM) at EUR 2.3 billion.

• Dividend policy reinforced, with payout ratio above 70% and additional cash dividends from TIM.

• Multi-year strategic plan to be released by year-end 2026, providing visibility beyond 2026.