Informazione
Regolamentata n.
1130-115-2026Data/Ora Inizio Diffusione 24 Luglio 2026 07:00:04Euronext Milan
Societa' :POSTE ITALIANE
Utenza - referente :POSTEN03 - Ciammaglichella abio Tipologia :REGEM; 1.2 Data/Ora Ricezione :24 Luglio 2026 07:00:04 Data/Ora Inizio Diffusione :24 Luglio 2026 07:00:04 Oggetto :Poste Italiane: 2Q&1H2026 financial results Testo del comunicato
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1 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
POSTE ITALIANE Q2 & H1 -26 FINANCIAL
RESULTS & STRATEGY UPDATE
RECORD H1 -26 REVENUES1 UP 6% Y/Y TO €6.8BN, WITH HEALTHY GROWTH
ACROSS ALL BUSINESS UNITS
RECORD H1-26 PROFITABILITY WITH ADJUSTED EBIT2 AT €1.8BN, UP 7% Y/Y AND
NET PROFIT AT €1.2BN3, UP 4% Y/Y
STRONG INVESTMENT INFLOWS AT €2. 7BN4, CONFIRMING IMPROVED POSTAL
SAVINGS COMMERCIAL TRENDS AND STABLE RETAIL DEPOSITS – TFA
REACHING €613BN
SOLID GROUP BALANCE SHEET AND INSURANCE SOLVENCY II RATIO AT 303% -
IMPROVING MP&D NET FINANCIAL POSITION WITH €894M CASH GENERATED IN
H1-26
FY-26 STANDALONE GUIDANCE AND DIVIDEND POLICY CONFIRMED
***
AGREED TERMSHEET ON NEW 2027 -2030 POSTAL SAVINGS AGREEMENT WITH
CDP , FURTHER EN HANCING VISIBILITY ON FUTURE ECONOMICS
NEW FINANCIAL HUB SIMPLIFY ING GROUP STRUCTURE, REINFORC ING CLIENT
CENTRIC ITY AND OPTIMIS ING CAPITAL
STRENGTHENING NETWORK EFFECTIVENESS THROUGH A HUB & SPOKE MODEL
TO IMPROVE COMMERCIAL PRODUCTIVITY , WITH A LANDMARK AGREEMENT
WITH UNIONS SIGNED ON JULY 23
SCALING OUR AI-POWERED AND CLIENT -CENTRIC PLATFORM COMPANY TO
UNLOCK GROWTH, CROSS -SELLING AND EFFICIENCY ACROSS THE GROUP – TO
BE ENHANCED BY TIM
***
TIM BOARD DEEMED OFFER FAIR FROM A FINANCIAL POINT OF VIEW AND
SUPPORTED STRATEGIC RATIONALE
TIM TENDER OFFER PERIOD FROM 20 JULY TO 11 SEPTEMBER 2026
COMBINED ENTITY BUSINESS PLAN IN Q1 -27
1 Revenues are restated net of commodity price and pass -through charges of the energy business. See the section “Alternative Performance Indicators” for reconciliation with reported data.
2 EBIT is adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of an extraordinary na ture.
With regard to the 2026 financial year, the expense will be recognized on 31 December 2026, in line with the recently enacted relevant legislation . See the section “Alternative Performance Indicators” for reconciliation with reported data.
3 Excluding TIM stake contribution (including PPA adjustments). See the section “Alternative Performance Indicators” for reconc iliation with reported data.
4 Excluding Cronos portfolio run -off.
2 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
• H1-26 REVENUES1 AT €6.8BN, +5.9% Y/Y (€3. 4BN IN Q2 -26, UP 3.9% Y/Y) :
o MAIL, PARCEL & DISTRIBUTION REVENUES AT €2.0BN IN H1-26, UP
6.4% Y/Y (€1.0BN IN Q2 -26, UP 7.0% Y/Y) .
o FINANCIAL SERVICES REVENUES AT €3.0BN IN H1 -26, UP 4. 4% Y/Y
(€1.4BN IN Q2 -26, DOWN 1.6% Y/Y) .
o INSURANCE SERVICES REVENUES TO €9 83M IN H1 -26, UP 8.6% Y/Y
(514M IN Q2 -26, UP 10.9% Y/Y) .
o POSTEPAY SERVICES REVENUES1 AT €86 0M IN H1 -26, UP 7.3% Y/Y
(€435M IN Q2 -26, UP 7.7% Y/Y) .
• H1-26 TOTAL COSTS5 TO €5. 5BN, UP 4.1% Y/Y (€ 2.8BN IN Q2 -26, UP 3.4% Y/Y) :
o H1-26 ORDINARY HR COSTS5 AT €2.9BN, UP 0.9% Y/Y (€ 1.4BN IN Q2 -
26, UP 0.3% Y/Y), REFLECTING LABOUR AGREEMENT SALARY
INCREASE .
o H1-26 NON -HR COST S5,6 TO €2.5BN, UP 10. 5% Y/Y (€1. 3BN IN Q2 -26, UP
10.7% Y/Y), RESULTING FROM HIGHER VARIABLE COSTS FOR
BUSINESS EXPANSION .
• H1-26 ADJUSTED EBIT2 AT €1.8BN, UP 6. 8% Y/Y (€8 68M IN Q2 -26, UP 0.5 % Y/Y),
DRIVEN BY HIGHER REVENUES AND CONTINUED COST DISCIPLINE .
• H1-26 NET PROFIT AT €1.2BN3, UP 3.5% Y/Y (€ 594M IN Q2 -26, UP 3.8% Y/Y).
• GROUP CLIENT TFAs AT € 613BN, UP €1 3BN FROM DECEMBER 202 5.
• STRONG CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 22.5%
(OF WHICH CET1 RATIO AT 19.3%), LEVERAGE RATIO AT 3.2% AND POSTE
VITA GROUP SOLVENCY II RATIO AT 303%.
***
5 Before the application of IFRS 17.
6 Including costs for goods and services, depreciation, amortisation and impairments. Numbers are presented net of commodity price and pass -through charges of the energy business. See the section “Alternative Performance Indicators” for reconciliation with reported data.
3 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
POSTE ITALIANE CREATES VALUE FOR ALL STAKEHOLDERS ,
SUPPORTING ITALY’S DIGITAL AND SUSTAINABLE TRANSITION, WITH
PEOPLE AT THE CENTRE.
KEY ACHIEVEMENTS IN Q2-26:
• The Polis Project reinforces Poste Italiane’s role in promoting social cohesion and bridging the digital divide in small towns and rural areas across Italy . As of the end of June, 5,825 post offices have been transformed into digital service hubs, making access to public services easier for citizens, while 175 co -working spaces have been created. More than 312,000 Public Administration services , including over 240,000 passports , have been delivered through the post office network .
• Advancing initiatives to improve the energy efficiency of the Group’s buildings and increase renewable energy production . Also supported by the Polis Project, the number of sites equipped with smart building solutions has increased to approximately 6,700, while around 1,080 photovoltaic systems have been installed , bringing total installed capacity to 31.7 MWp.
• Poste Italiane ranked first in the Financial Services category of the 2026 ESG Identity Corporate Index , among the top three companies nationwide, reflecting the integration of ESG principles into the Group's strategy, governance and business model .
• Poste Italiane is the first Italian company to achieve the internationally recognised Certified Age -Friendly Employer (CAFE) certification, thanks to its inclusive workplace policies that promote intergenerational collaboration, continuous skills development and employee wellbeing.
• The corporate welfare programme exceeded 55,500 participants (+11% vs.
2025) and was further enhanced with new products and services supporting caregivers, young people, vulnerable groups and initiatives to strengthen employees' sense of belonging.
• Poste Italiane strengthened its health and safety initiatives by opening five additional next -generation medical facilities across logistics sites , to provide rapid first-aid support in emergenc ies. Poste Italiane also participated in the Worklimate 3.0 project , promoted by Italy's National Institute for Insurance against Accidents at Work (INAIL) and the Institute for BioEconomy of the National Research Council (CNR -IBE), reinforcing its approach to preventing heat -related risks by integrating climate data into early warning systems and protective measures for employees.
• Poste Italiane continues its commitment to sustainable finance. Since the beginning of the year, Poste Vita has launched four new insurance investment products, combining sustainability principles with diversified financial objectives.
4 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release Rome, 24 July 2 026. Yesterday , the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Silvia Maria Rovere, approved the first half 20 26 Financial Results .
Matteo Del Fante, Poste Italiane Chief Executive Officer commented: “I am proud to announce another record -breaking first half - our fifth consecutive one - with revenues up 6% to €6.8 billion, Adjusted EBIT up 7% to a record €1.8 billion and net profit at an all -time high of €1. 2 billion - confirming the strength and resilience of our platform business model .
Strong investment inflows at €2. 7 billion7, improved postal savings commercial trends , coupled with stable retail deposits bringing Total Financial Assets to a remarkable €613 billion.
Revenue momentum remains healthy across all businesses . In Mail, Parcel and Distribution, growth was driven by parcel and logistics, with mail revenues benefit ting from repricing actions .
Financial Services revenues continued to grow in the first half to €3.0 billion, supported by a strong investment portfolio and solid commercial activity.
Insurance Services delivered strong performance across both Life, Investment and Pension and Protection with revenues up 9% in the first half to €983 million .
Postepay Services kept up its solid growth across payments, ahead of integration into the new financial hub , as well as in telco and energy .
Today's results are not only a testament to the strength of our business; they also mark the beginning of the next chapter in the evolution of our platform company , with a clear roadmap on key strategic projects and the acceleration on the TIM offer .
We have agreed a termsheet with CDP on the new 2027 –2030 Postal Savings Agreement , providing further visibility on future economics .
We are creating a single Financial Hub to simplify the group structure , reinforc ing our client -
centric approach and optimis ing capital allocation .
We are reshaping our physical network through a hub -and-spoke model, making it more flexible , more effective and even better equipped to serve millions of customers daily. This is an initiative shaped through years of planning and constructive engagement with union representatives, reflecting both the scale and complexity of the transformation and leading to the signing of a landmark agreement with the unions yesterday.
We are accelerating the evolution of our unique platform company, focused on client needs and powered by best -in-class AI infrastructure . TIM is the perfect fit to further enhance our platform .
On July 18, the TIM Board unanimously deemed the consideration offered fair from a financial point of view and positively assessed the rationale and business prospects of the
7 Excluding Cronos portfolio run -off.
5 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release transaction. The tender offer started on 20 July and will run to 11 September , with a potential re-opening of terms between 21 and 25 September . We expect to present the combined entity business plan in the first quarter of 2027.
We are pursuing this transformation from a position of strength. Our businesses continue to perform well, our execution remains disciplined and the market continues to recognize the value we are creating. This gives us the confidence to reaffirm our FY -26 standalone guidance as well as our dividend policy, reflecting both the resilience of our business model , the quality of our earnings and our commitment to delivering attractive and sustainable returns to shareholders over the long term .
Finally, I want to extend my sincere thanks to our employees for their dedication and professionalism. Their unwavering dedication continues to be central to the success and resilience of our Group.”
6 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
POSTE ITALIANE Q 2 & H 1 2026 RESULTS & STRATEGY UPDATE
Frida y 24 July 2026 - 11:00 CEST
WEBCAST
To attend click here: Poste Italiane Q2 & H1 2026 Results & Strategy Update
or via QR cod e:
A listen only audio conference is also available: +39 02 80209 02
For further information:
Poste Italiane S.p.A . Investor Relations Poste Italiane S.p.A. Media Relations Tel. +39 06 5958 4716 Tel. +39 06 5958 2097 Mail: investor.relations@posteitaliane.it Mail: ufficiostampa@posteitaliane.it
***
Financial calendar
Next events
• 12 November 20 26 - Q3 & 9M -26 Group Results presentation.
• 25 November 20 26 - Payment of the interim dividend for 2026, with ex -dividend date 23 November 2026 and record date of 24 November 2026.
7 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
CONSOLIDATED FINANCIAL RESULTS SUMMAR Y
*Revenues are restated net of commodity price and pass -through charges of the energy business. See the section “Alternative Performance Indicators” for reconciliation with reported data.
** EBIT is adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of an extraordinary nature.
With regard to the 2026 financial year, the expense will be recognized on 31 December 2026, in line with the recently enacted relevant legislation. See the section “Alternative Performance Indicators” for reconciliation with reported data.
*** Excluding TIM stake contribution (including PPA adjustments). See the section “Alternative Performance Indicators” for re conciliation with reported data.
*** In addition to the standard financial indicators required by IFRS, Poste Italiane discloses alternative performance indicators to provide a better understanding of business performance and financial position. These indicators are described in the Half Year Report for the six months ended 30 June 20 26, in line with the ESMA/2015/1415 Guidelines of 5 October 2015 .
The Poste Italiane Group consolidated balance sheet and consolidated statement of profit/(loss) and consolidated statement of cash flows, are attached to this press release.
***
Q2-25
(€m)Q2-26
(€m)Y/Y%H1-25
(€m)H1-26
(€m)Y/Y%
GROUP
Revenues* 3,260 3,387 +3.9% 6,458 6,841 +5.9% Adjusted EBIT** 864 868 +0.5% 1,660 1,772 +6.8% Net Profit (ex. TIM stake)*** 572 594 +3.8% 1,170 1,211 +3.5%
MAIL, PARCEL & DISTRIBUTION
External Revenues 960 1,028 +7.0% 1,909 2,031 +6.4% Adjusted EBIT 42 10 -77.1% 67 52 -21.7% Net Profit (ex. TIM stake)*** (37) (34) +8.2% (8) (23) n.m.
FINANCIAL SERVICES
External Revenues 1,433 1,409 -1.6% 2,841 2,967 +4.4% Adjusted EBIT** 268 265 -1.1% 528 583 +10.4% Net Profit 204 197 -3.2% 396 425 +7.3%
INSURANCE SERVICES
External Revenues 464 514 +10.9% 906 983 +8.6% Adjusted EBIT** 410 436 +6.2% 789 827 +4.9% Net Profit 298 312 4.9% 573 578 +0.8%
POSTEPAY SERVICES
External Revenues* 404 435 +7.7% 802 860 +7.3% Adjusted EBIT 144 158 +9.8% 276 310 +12.3% Net Profit 108 118 +9.5% 209 232 +10.9%
8 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
MAIL, PARCEL & DISTRIBUTION – STRONG PARCEL & LOGISTICS REVENUE
GROWTH – MAIL IN LINE WITH GUIDANCE
* Includes Digital Identities fees, EGI, Philately, Poste Welfare Service, Agile Lab and Sourcesense .
** Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement .
*** Excluding TIM stake contribution (including PPA adjustments). See the section “Alternative Performance Indicators” for re conciliation with reported data.
In Q2 -26 Mail, Parcel & Distribution external revenues were at €1bn, up 7.0% y/y (€2.0bn in H1-26, up 6. 4% y/y).
Mail revenues were at €50 2m, down 2. 7% y/y (€1.0bn in H1 -26, -2.7% y/y), reflecting expected lower volumes and partially mitigated by ongoing repricing actions.
Parcel & Logistics revenues recorded a solid 11. 2% y/y growth to €45 3m (€907m in H1 -26, +13.1% y/y) driven by a diversified customer base and continued expansion in logistics , with an initial contribution from the Logistic 360 Joint Venture with Benetton signed in April.
In Q2-26, Parcel volumes grew to 90m items, up 1 0.6% y/y (179m items in H1 -26, +12.5% y/y).
In Q2 -26 the average parcel tariff was up 1% y/y, benefiting from a repricing effect and a diversified client base , while in the first six months of the year it was down 1% y/y.
The share of parcels delivered by “Postini” reached 48% , up 5 p.p. Y/Y in Q2 -26 reflecting new the logistics network set -up, allowing more efficient fixed costs absorption .
Distribution revenues8 were stable at €1.4bn in Q2 -26 (€2.9bn in H1 -26, +3. 1% y/y), reflecting lower Active Portfolio Management revenues vs Q2 -25.
Segment Adjusted EBIT was at € 10m in Q2 -26 (€ 52m in H1 -26) and in line with 2 026 guidance.
***
8 Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement.
Q2-25
(€m)Q2-26
(€m)Y/Y%H1-25
(€m)H1-26
(€m)Y/Y%
EXTERNAL REVENUES 960 1,028 +7.0% 1,909 2,031 +6.4%
Mail Revenues 516 502 -2.7% 1,036 1,008 -2.7% Parcel & Logistics Revenues 408 453 +11.2% 801 907 +13.1% Other Revenues* 36 72 +100.3% 71 116 +62.5%
INTERSEGMENT REVENUES** 1,430 1,415 -1.0% 2,851 2,939 +3.1%
TOTAL REVENUES 2,390 2,443 +2.2% 4,760 4,970 +4.4%
ADJUSTED EBIT 42 10 -77.1% 67 52 -21.7%
NET PROFIT (37) (90) n.m. (8) 121 n.m.
NET PROFIT (ex. TIM stake)*** (37) (34) +8.2% (8) (23) n.m.
KPI’s
Mail Volumes (#m) 479 449 -6.2% 990 919 -7.2% Parcels delivered by mailmen (#m) 35 43 +23.2% 66 81 +22.6% Parcel Volumes (#m) 82 90 +10.6% 159 179 +12.5%
9 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
FINANCIAL SERVICES – SOLID INVESTMENT PORTFOLIO REVENUES SUPPORTED
BY HIGHER RATES
* Includes revenues from payment slips (bollettino) , current accounts related revenues, fees from INPS and money transfer .
** Includes reported revenues from custody accounts, credit cards and other revenues from 3P products distribution .
*** Includes intersegment distribution revenues.
**** EBIT is adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of an extraordinary nature. With regard to the 2026 financial year, the expense will be recognized on 31 December 2026, in line with the recently enacted relevant legislation. See the section “Alternative Performance Indicators” for reconciliation with reported data.
In Q2 -26 gross revenues (including intersegment distribution revenues) were down 1. 2% y/y to €1.7bn (€3.5bn in H1 -26, +3. 7% y/y).
External revenues were at €1. 4bn, -1.6% y/y (€3bn in H1 -26, +4.4% y/y) .
Net Interest Income was up +0. 8% y/y, to €67 6m in Q2 -26, (€1.3bn in H1 -26, -0.2% y/y), benefiting from improved rates environment.
Postal savings’ distribution fees were at €443m in Q2 -26, -1.8% y/y (€883m in H1 -26, -1.0% y/y), progressing in line with FY -26 guidance.
Transaction banking fees9 at €16 9m, down 3.1% y/y (€3 42m in H1 -26, -2.6% y/y), due to lower payment slip volumes.
Consumer loans’ distribution fees10 were at €6 5m in Q2 -26, down 6.4% y/y (€130m in H1 -
26, -6.9% y/y), impacted by higher interest rate s.
Fees from asset management were up 23.5% y/y, to €5 6m in Q2 -26 (€112m in H1 -26, +25.1% y/y), reflecting higher assets under management.
Total Financial Assets reached €61 3bn in H1 -26, up €1 3bn from December 202 5 driven by strong €2.7bn net inflows11 in Investment products, confirming the positive trend in Life
9 Includes revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer.
10 Includes reported revenues from custody accounts, credit cards and other revenues from 3P products distribution.
11 Includes Mutual funds and Life Investments & Pension. Excluding Cronos portfolio run -off.
Q2-25
(€m)Q2-26
(€m)Y/Y%H1-25
(€m)H1-26
(€m)Y/Y%
EXTERNAL REVENUES 1,433 1,409 -1.6% 2,841 2,967 +4.4%
Active Portfolio Management 21 (0) n.m. 32 166 n.m.
Net Interest Income 671 676 +0.8% 1,337 1,334 -0.2% Postal Savings 451 443 -1.8% 892 883 -1.0% Transaction banking* 175 169 -3.1% 351 342 -2.6% Consumer Loans Distribution** 69 65 -6.4% 140 130 -6.9% Asset Management 46 56 +23.5% 89 112 +25.1%
INTERSEGMENT REVENUES*** 251 254 +1.5% 511 508 -0.6%
TOTAL REVENUES 1,683 1,664 -1.2% 3,353 3,475 +3.7%
ADJUSTED EBIT**** 268 265 -1.1% 528 583 +10.4%
EBIT Margin (%) +15.7% +16.2% +15.5% +16.8%
NET PROFIT 204 197 -3.2% 396 425 +7.3%
KPI’s
TOTAL FINANCIAL ASSETS - TFAs (€bn) 600 613 +2.3%
Average Deposits (€bn) 89 93 +3.9% Average Postal Savings Deposits (€bn) 309 311 +0.7% Postal Savings Net Inflows (€m) (2,428) (391) +83.9% (6,535) (2,778) +57.5%
10 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release Insurance . Postal Savings net outflows continued to improve . Deposits growth driven by higher PA balances and stable retail deposits .
Adjusted EBIT12 was at €2 65m in Q2 -26, -1.1% y/y (€5 83m in H1 -26, up 10.4% y/y) reflecting positive revenue trend s.
***
12 EBIT is adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of an extraordinary na ture.
With regard to the 2026 financial year, the expense will be recognized on 31 December 2026, in line with the recently enacted relevant legislation . See the section “Alternative Performance Indicators” for reconciliation with reported data.
11 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
INSURANCE SERVICES – SOLID PROFITABILITY GROWTH ACROSS LIFE &
PROTECTION - IMPROVING LAPSE RATE
* EBIT is adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of an extraordinary na ture.
With regard to the 2026 financial year, the expense will be recognized on 31 December 2026, in line with the recently enacted relevant legislation. See the section “Alternative Performance Indicators” for reconciliation with reported data.
** Includes Motor (distribution only).
In Q2-26 Insurance external revenues were up 10.9% y/y, to € 514m (€9 83m in H1 -26, +8.6% y/y). Life Investments & Pension revenues at €455m in Q2 -26, up 10.6% y/y (€878m in H1 -26, + 8.2% y/y), driven by higher CSM and CSM release (€ 413m in Q2 -26, +9.7% y/y and up to €781m, +7.3% in H1 -26).
In H1 -26 positive Life Investments & Pension net inflows of €1.5bn13 were recorded, with a lower than market and improving lapse rate14 of 6.8% driven by multi -class products and lower clients’ portfolio rebalancing activity.
Protection revenues reached at €5 9m in Q2 -26, up 1 3.4% y/y (€10 5m in H1 -26, +1 1.4% y/y).
At the end of June 2026, the Contractual Service Margin amounted to €1 3.8bn, after the release of € 825m in H1-26, providing strong visibility on the division’s sustainable profitability going forward.
At the end of June 2026, Poste Vita Group’s Solvency II Ratio15 stood at 303%, well a bove the managerial ambition of c.200% through the cycle, including the impact of foreseeable dividend based on a 100% net profit remittance .
Segment Adjusted EBIT16 to €4 36m in Q2 -26, up 6.2% y/y (€8 27m in H1 -26, + 4.9% y/y) reflecting top -line trends.
***
13 Excluding Cronos portfolio run -off.
14 Lapse rate is calculated as surrenders divided by average technical provisions and excludes Cronos portfolio run -off.
15 EoP figures.
16 EBIT is adjusted excluding systemic charges related to insurance guarantee fund and costs and proceeds of an extraordinary na ture.
With regard to the 2026 financial year, the expense will be recognized on 31 December 2026, in line with the recently enacted relevant legislation. See the section “Alternative Performance Indicators” for reconciliation with reported data.
Q2-25
(€m)Q2-26
(€m)Y/Y%H1-25
(€m)H1-26
(€m)Y/Y%
EXTERNAL REVENUES 464 514 +10.9% 906 983 +8.6%
Life Investments & Pension 412 455 +10.6% 811 878 +8.2% Protection 52 59 +13.4% 94 105 +11.4%
INTERSEGMENT REVENUES (50) (62) -25.2% (102) (125) -22.5%
TOTAL REVENUES 414 452 +9.2% 804 858 +6.8%
ADJUSTED EBIT* 410 436 +6.2% 789 827 +4.9%
NET PROFIT 298 312 +4.9% 573 578 +0.8%
Release CSM Insurance Services 396 436 +10.1% 764 825 +8.0%
KPI’s
Gross Written Premiums 5,351 4,667 -12.8% 11,672 10,572 -9.4% GWP - Life Investments & Pension 5,014 4,349 -13.3% 10,964 9,861 -10.1% GWP - Protection** 337 318 -5.7% 708 711 +0.3%
12 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
POSTEPAY SERVICES – SOLID REVENUE AND EBIT UNDERSCORING STRENGTH OF
EVERYDAY ECOSYSTEM
* Revenues are restated net of commodity price and pass -through charges of the energy business. See the section “Alternative Performance Indicators” for reconciliation with reported data.
In Q2-26 Postepay services revenues were up 7.7% y/y to €43 5m (€86 0m in H1 -26, + 7.3% y/y).
Payments’ revenues were up 6.1% y/y to €31 4m (€611m in H1 -26, + 5.3% y/y) supported by transaction value growth (+ 8% y/y in H1-26) and a higher number of total ecosystem transactions +1 3% y/y growth ).
Telco revenues amounted to €8 4m in Q2 -26, up 1. 3% y/y (€165m in H1 -26, +0. 6% y/y) supported by new client acquisitions and a client base of over 5 million .
The Poste Energia retail energy offer contributed to the top line with €38m net revenues Q2 -
26 and €84m in H1 -26, supported by a growing customer base now standing at 1.2 million clients.
Segment Adjusted EBIT grew by 9.8% y/y to €15 8m in Q2 -26 driven by top -line performance and effective cost management (+12.3% y/y to €3 10m in H1 -26).
***
Q2-25
(€m)Q2-26
(€m)Y/Y%H1-25
(€m)H1-26
(€m)Y/Y%
SEGMENT REVENUES* 404 435 +7.7% 802 860 +7.3%
Payments 296 314 +6.1% 580 611 +5.3% Telco 82 84 +1.3% 165 165 +0.6% Energy* 25 38 +47.9% 57 84 +46.5%
INTERSEGMENT REVENUES 71 68 -4.5% 143 139 -2.4%
TOTAL REVENUES 475 504 +5.9% 944 1,000 +5.8%
ADJUSTED EBIT 144 158 +9.8% 276 310 +12.3%
NET PROFIT 108 118 +9.5% 209 232 +10.9%
KPI’s
Issuing Transaction Value (€bn) 23.0 24.4 +6.3% 44.1 47.7 +8.1% of which e-commerce (€bn) 7.5 8.2 +9.3% 14.7 16.3 +11.0% Total Transactions (#bn) 0.8 0.9 +11.2% 1.6 1.8 +12.7% of which e-commerce (#m) 189 213 +12.3% 374 427 +14.3% Digital e-wallets stock (#m) 14.1 15.1 +6.7% Mobile & Land-Line stock (#m) 4.9 5.0 +2.4% Energy Contracts, stock (#k) 874 1,190 +36.2%
13 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
OUTLOOK
During the first half of 2026, the global economy was characterised by a high degree of uncertainty, mainly due to the geopolitical crisis generated by the attack by the United States and Israel against Iran in February, as well as by structural changes in trade policies that have increased the fragmentation of international markets. Global GDP growth is expected to slow to +2.8% in 202617, mainly due to disruptions to shipments through the Strait of Hormuz and damage to energy infrastructure.
In Italy, weaker growth is expected, with GDP increasing by +0.5% in 2026, +0.4% in 2027 and +0.9% in 202818, constrained by the weakening of domestic demand, rising energy prices and financing costs, and geopolitical uncertainty. The Group has analysed the effects of the increased volatility in financial markets and energy commodity prices and, at present, no sig nificant impacts on the current and prospective equity, financial and economic situation have emerged. The Group will continue to monitor the evolution of this context, evaluating possible prospective effects.
The Group recorded its best first half in terms of revenue, Adjusted EBIT19 and Net profit, confirming its ability to generate sustainable value over time. In particular, Adjusted EBIT amounted to €1,772 million (+7% y/y), while consolidated net profit amounted to €1,21120 million (+4% y/y).
All Strategic Business Units contributed to these results. In particular, it should be noted that assets under management and administration by the Group reached €613 billion at the end of June, driven by the growth of investment products and deposits and with net inflows from Postal Savings improving year -on-year. The Group’s lea ding position in Italy in the parcels segment was also consolidated, as was growth in the payments segment and in particular in the energy segment, which reached a customer base of 1.2 million users.
In addition to the competitive dividend policy, based on a payout ratio of over 70% and the distribution of dividends received from TIM on a cash -for-cash basis, as communicated to the market in February 2026 on the occasion of the presentation of the prel iminary results for the year 2025, it should be noted that Poste Italiane shareholders have benefited from a
17 Source: OECD Economic Outlook – June 2026; Volume 2026/1, No. 119.
18 Source: Bank of Italy - Macroeconomic projections for the Italian economy - 12 June 2026 .
19 Adjusted EBIT does not include charges for the contribution to the Life Insurance Guarantee Fund, amounting to €38 million in the first half of 2025. With reference to the 2026 financial year, the charge will be recognised on 31 December 2026, in accordan ce with the recently issued reference regulations.
20 Consolidated net profit excluding the effects of the equity measurement of the investment in TIM S.p.A., including the effect s of the Purchase Price Allocation (PPA).
14 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release progressive increase in the share price, resulting in growing overall remuneration, reflected in a Total Shareholder Return (TSR) approximately 2.5 times higher than that recorded by the main stock exchange index (FTSE MIB). On 17 June 2026, the share reac hed an all -
time high, with a price of over €29, corresponding to a market capitalisation of approximately €38 billion.
Over the course of the second half of the year, the Group will be engaged in implementing an internal reorganisation that involves the creation of a Financial Hub by integrating the payments business with financial services, with the aim of strengthening t he customer -
centric approach, optimising the allocation of capital within the Group and maximising synergies, including by simplifying the operational structure. In this regard, on 23 July 2026, PostePay and Poste Italiane approved a partial demerger project of the former in favour of the Parent Company, involving a set of assets and legal relationships, including PostePay EMI RFC. The effectiveness of the transaction is expected from 1 January 2027.
In addition, on 20 July 2026, the acceptance period began for the voluntary total takeover and exchange bid (OPAS) launched by Poste Italiane for TIM, which is expected to be finalised by the third quarter of the year. The OPAS aims to create a single nati onal Group that will represent the largest connected infrastructure platform, with leading positions in financial and insurance services, logistics and digital connectivity services.
The Poste Italiane 'platform company' business model, which is based on Italy's most extensive physical and digital network, finds a natural evolution in its integration with TIM, through the convergence of networks, the cloud, edge computing, data and dig ital identity.
The creation of such a Group would generate significant value for shareholders, with revenue and cost synergies estimated at €0.7 billion annually at full run rate.
Also for 2026, the Poste Italiane Group confirms the centrality of Postal Savings and its focus on providing products/services that are in step with customers' evolving needs.
Negotiations are underway with Cassa Depositi e Prestiti (CDP) for the renewal of th e CDP -
Poste Agreement on the Postal Savings collection service for the years 2027 -2030.
Over the next few months, the Group will be engaged in redefining the methods of assessing and presenting the businesses within the new operating segments (segment reporting). The current 4 Strategic Business Units will be replaced by 3 Strategic Business Units represented by a sector dedicated to mail, parcel and logistics services and the distribution
15 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release network, a financial and insurance services hub and, subject to the completion of the takeover and exchange bid for TIM, an SBU that will combine connectivity and technology, including telecommunications and energy services.
In February, the 2026 guidance for adjusted EBIT and consolidated net profit was communicated to the financial community, expected to exceed €3.3 billion and €2.3 billion, respectively. The positive financial performance recorded in the first three months of the year then led the management to revise upwards, already in May, the guidance for adjusted EBIT to €3.4 billion. This guidance is confirmed by the results achieved in the second quarter of the year, while, taking into account the Group's further strategic developments, a new Strategic Plan is expected to be presented in the first quarter of 2027.
During the year, Poste Italiane will continue its deep digital transformation journey, placing Artificial Intelligence (AI) at the centre of its omnichannel platform as the accelerator of the Strategic Plan, applying it to the commercial service model, log istics and in the strengthening and streamlining of operations, always in keeping with the Group's core values. Thanks also to artificial intelligence (AI), technology and the use of data, which will be enhanced with the presence of TIM, Poste Italiane wil l deepen its knowledge of its customers' needs and will be increasingly able to anticipate them. In this way, the Poste Italiane app will increasingly become a hyper -personalised commercial channel, in order to increase digital sales and develop qualified engagement for the Post Office. In addition, through agentic and physical AI21, Poste Italiane aims to rework its working models and improve business efficiency.
By 2026, the Group will complete "Polis", a strategic project to support the country's social cohesion, which involves approximately 7,000 municipalities with less than 15,000 inhabitants, in which the Post Office will be transformed into a hub of digital services for rapid and easy access to the Public Administration's services. Some 250 co -working spaces nationwide are also planned, as well as the implementation of numerous actions to support the country's energy transition. Since the start of the project , about 5,825 Post Offices and 175 Spaces for Italy (co -working) have been completed.
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21 Agentic Artificial Intelligence is a form of AI capable of autonomously planning and executing actions to achieve specific go als; physical Artificial Intelligence, on the other hand, integrates these capabilities into robots and systems that interact dire ctly with the real world through sensors and actuators.
16 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
MATERIAL EVENTS DURING THE PERIOD AND EVENTS AFTER 3 0 JUNE 2026
PRINCIPAL CORPORATE ACTIONS
• PagoPA
At its meeting of 12 November 2025, the Board of Directors of Poste Italiane S.p.A. resolved to exercise its option right to purchase a 49% investment in the share capital of PagoPA S.p.A. ("PagoPA"), offered by the Ministry of the Economy and Finance, pur suant to Legislative Decree no. 19/2024, converted with amendments by Law no. 56 of 29 April 2024.
The remaining 51% of the PagoPA share capital, in line with the same legislation, is acquired by the Istituto Poligrafico e Zecca dello Stato.
The transaction is expected to close by the third quarter of 2026 , following the authorisation from the Italian Antitrust Authority, to which it was communicated pursuant to the regulations on the control of concentrations between companies.
• Logistic 360 S.r.l.
On 16 April 2026, Poste Logistics S.p.A. (‘Poste Logistics’), a Poste Italiane Group company dedicated to integrated logistics activities, entered into a Strategic Partnership Agreement with Benetton Group Srl providing for Poste Logistics to acquire a maj ority stake (51%) in Benetton Logistics Srl, a spin -off company of the Benetton Group, renamed Logistic 360 S.r.l.
The transaction, which was subject to the condition precedent of notification to the Italian Antitrust Authority, was notified on 24 April 2026 and formally took effect on the same date.
• Financit SpA On 4 June 2026, the 40% investment held in Financit was sold to BNL, which was already the majority shareholder of the company with a 60% investment, for a total amount of €22 million, including the dividend that Financit paid on 22 May, amounting to €4 mi llion for the Poste Italiane S.p.A. share.
17 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release • Polo Strategico Nazionale On 16 June 2026, Poste Italiane S.p.A. signed a purchase and sale agreement aimed at acquiring a 20% investment in the share capital of Polo Strategico Nazionale S.p.A. (“PSN”), held by CDP Equity S.p.A. (“CDPE”). PSN is the company established as part of the "Cloud Italy Strategy" and the National Recovery and Resilience Plan, with the mission of designing, implementing and managing a cloud infrastructure with high reliability, security and localisation throughout the country, intended for the provision of digital services to the Public Administration. The transaction is aimed at strengthening the Poste Italiane Group's positioning in the digital infrastructure and cloud services sector in support of the Public Administration. The closing of the transaction, expected by the end of 2026, is subject to the fulfilment of the conditions precedent provided for in the contract.
• Financial Hub As part of the reorganisation of the Group’s businesses and the consequent establishment of a “Financial Hub” that will include the payments business, on 23 July, the Poste extraordinary shareholders’ meeting approved the project for the partial demerger of PostePay S.p.A., with the a ssignment of the demerged business to Poste Italiane S.p.A.
and the simultaneous allocation of part of the demerged business to BancoPosta RFC, subject to the amendment of the Regulation governing BancoPosta RFC. The effectiveness of the transaction is expected from 1 January 2027.
• Purchase of treasury shares Pursuant to the authorisation to purchase treasury shares approved by the Poste Italiane Shareholders' Meeting on 30 May 2025, aimed at acquiring a supply of shares to be allocated to the Group's directors and employees who are beneficiaries of the variable incentive plans, between 31 March 2026 and 02 April 2026, Poste Italiane S.p.A. purchased 1,773,263 treasury shares at an average unit price of €20.531573, for a total consideration of €36,407,878.70. Furthermore, between 8 and 13 May, 2026, an additional 570,234 treasury shares were purchased at an average unit price of €23.836025, for a total value of €13,592,111.71. In the period under review, 1,617,307 shares were also delivered to employees for incentive plans.
Taking into account the shares held in the portfolio resulting from previous share buy -backs and the delivery to the beneficiaries of the incentive plans, at 30 June 2026, Poste Italiane holds 12,720,300 treasury shares, equal to 0.974% of the share capita l.
18 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release • Telecom Italia S.p.A. (TIM) On 22 March 2026, the Board of Directors of Poste Italiane approved the launch of a voluntary total takeover and exchange bid for 2,135,725,819 TIM ordinary shares, representing the total number of ordinary shares, including the newly issued ordinary share s to facilitate the 1:1 conversion of savings shares and the treasury shares held by TIM, net of the shares held by Poste Italiane following the conversion of the savings shares equal to 429,363,990 (the "Transaction").
The consideration to be paid by Poste Italiane to TIM shareholders who accept the Bid will consist of (i) a cash component of €1.6710 for each TIM share accepted under the takeover bid, and (ii) a share component of 0.21810 newly issued Poste Italiane ordi nary shares for each TIM share accepted under the takeover bid.
The total consideration for the Transaction (the sum of equal the cash portion and the share portion), to €10.8 billion based on the official price of Poste Italiane shares on 20 March 2026, represents a value equal to 0.635 euros (before TIM share reverse split) and €6.35 (post TIM share reverse split) for each TIM share and, therefore, incorporates a premium equal to 9.01% compared to the official price of TIM shares recorded on 20 March 2026.
The objective of the takeover bid is to acquire the entire share capital of TIM and to delist TIM shares from Euronext Milan.
On 7 July 2026, the Board of Directors of Poste Italiane exercised the mandate conferred by the Shareholders' Meeting of 18 June 2026, resolving on a paid -up capital increase, including in several tranches, to be subscribed by 31 December 2026, for a maxim um total nominal amount of €371,986,879, plus share premium, through the issue of a maximum number of 371,986,879 ordinary shares, to be paid up by contribution in kind, to service the takeover bid for TIM shares.
Subsequently, on 15 July 2026, CONSOB approved the Offer Document pursuant to Article 102, paragraph 4, of the Consolidated Law on Finance (TUF); the acceptance period will start on 20 July 2026 and will end on 11 September 2026.
The Transaction is expected by the third quarter of 2026.
For further details on the transaction, please refer to the documentation published in the dedicated section of the Poste Italiane corporate website concerning the Total Voluntary Takeover and Exchange Bid for Telecom Italia S.p.A.
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19 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
ALTERNATIVE PERFORMANCE INDICATORS
In keeping with the guidelines published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415), in addition to the financial disclosures required by IFRS, Poste Italiane has included a number of indicators in this report that have been derived from them. These provide management with a further tool for measuring the Group’s performance.
The following alternative performance indicators are used: EBIT (Earnings before interest and taxes):
this is an indicator of operating profit before financial expenses and taxation.
EBIT margin: this is an indicator of the operating performance and is calculated as the ratio of operating profit (EBIT) to total revenue. This indicator is also presented separately for each Strategic Business Unit.
ADJUSTED EBIT: EBIT adjusted excluding systemic charges estimate related to the insurance guarantee fund and costs and proceeds of extraordinary nature.
The reconciliation of Reported EBIT and Adjusted EBIT is presented in the table below (million
euros):
NET PROFIT EXCLUDING TIM STAKE: is calculated by subtracting the value of the equity measurement of the investment held in TIM S.p.A. from the consolidated net profit, including PPA adjustments.
(*) Including PPA adjustments GROUP NET DEBT/(FUNDS): the sum of financial assets, tax credits under Law no. 77/2020, Cassa e Depositi BancoPosta, Cash and cash equivalents, liabilities under insurance contracts, assets for outward reinsurance and Financial liabilities. This indicator is also presented separately for each Strategic Business Unit.
TOTAL FINANCIAL ASSETS: they represent the amount of assets/liabilities managed or administered by the Group and are obtained from the sum of Postal Savings collected by the Parent Company in the name and on behalf of Cassa Depositi e Prestiti, deposits on postal current accounts, and assets managed by the subsidiary BancoPosta Fondi SpA SGR, as well as the investments made on behalf of customers in investment products other than the above (equities, bonds, Moneyfarm products, etc.) and the Insurance Technical Provisions of the Life insurance business, which represent the obligations taken on vis -à-vis policyholders and tariff premiums net of loadings. The presence within this indicator of Insurance Technical Provisions, calculated analytically contract by contract, in accordance with the application rules set out in Annex 14 of ISVAP Regulation no. 22 of
MAIL PARCEL &
DISTRIBUTION FINANCIAL
SERVICESINSURANCE
SERVICESCONSOLIDATED
ACCOUNTSMAIL PARCEL &
DISTRIBUTION FINANCIAL
SERVICESINSURANCE
SERVICESCONSOLIDATED
ACCOUNTSMAIL PARCEL &
DISTRIBUTION FINANCIAL
SERVICESINSURANCE
SERVICESCONSOLIDATED
ACCOUNTSMAIL PARCEL &
DISTRIBUTION FINANCIAL
SERVICESINSURANCE
SERVICESCONSOLIDATED
ACCOUNTS
EBIT reported 67 520 758 1,621 52 583 827 1,772 42 264 395 844 10 269 451 887 Systemic charges related to insurance guarantee fund0 8 30 38 0 0 0 0 0 4 15 19 0 (4) (16) (19)
EBIT adj 67 528 789 1,660 52 583 827 1,772 42 268 410 864 10 265 436 8682Q25 2Q26 1H25 1H26
MAIL PARCEL &
DISTRIBUTION CONSOLIDATED
ACCOUNTSMAIL PARCEL &
DISTRIBUTION CONSOLIDATED
ACCOUNTSMAIL PARCEL &
DISTRIBUTION CONSOLIDATED
ACCOUNTSMAIL PARCEL &
DISTRIBUTION CONSOLIDATED
ACCOUNTS
Net Profit for the period (8) 1,170 121 1,355 (37) 572 (90) 538 TIM stake contribution (*) 0 0 144 144 0 0 (56) (56) Net Profit for the period ex. Tim stake (8) 1,170 (23) 1,211 (37) 572 (34) 594€m2Q25 2Q26 1H25 1H26
20 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release 4 April 2008 (Mathematical Provisions22), i.e., in accordance with the standards for preparing the statutory financial statements of Poste Vita SpA, does not make it possible to perform a reconciliation with the insurance obligations presented in the financial information for the period.
GROSS FINANCIAL DEBT: calculated as the sum of the nominal amount of Senior Bonds, Medium and long term bank loans, Use of uncommitted and/or committed credit lines for short -term loans, excluding secured loans (i. e. repurchase agreements Repo).
NET CASH POSITION OF THE MAIL, PARCELS AND DISTRIBUTION STRATEGIC BUSINESS
UNIT: is the financial indebtedness shown according to the format recommended by ESMA, the European Securities and Markets Authority (ESMA32 -382-1138 of 4 March 2021) excluding noncurrent trade and other payables for which there is a significant financing component, either implicitly or explicitly, and including: non -current financial assets, tax credits Law no. 77/2020, current derivative assets used for hedging purposes and intersegment financial receivables and borrowings.
AVERAGE PORTFOLIO RETURN EXCLUDING PRO -ACTIVE PORTFOLIO MANAGEMENT (%):
Average portfolio yield calculated as the ratio between interest income and average current account balances (excluding the value of proactive portfolio management).
POSTEPAY SERVICES SBU REVENUE NET OF ENERGY COSTS: this is an indicator of the
operating performance of the Postepay Services Strategic Business Unit, within which the new business involving the sale of electricity and natural gas is represented. This indicator is calculated by subtracting the costs associated with the purchase of raw materials and the transport of electricity and gas from the revenue of the entire SBU.
The reconciliation of external revenue reported and external revenue for the management view is presented in the table below (million euros):
22 In addition to the Mathematical Provisions, the Insurance Provisions also include provisions for future expenses, supplementa ry insurance premium provisions, profit -sharing provisions and reversals.
Postepay Services Consolidated Postepay Services Consolidated Postepay Services Consolidated Postepay Services Consolidated Accounting revenue from third parties 1,025 6,681 1,155 7,136 487 3,343 545 3,496 Costs for raw materials, system charges and electricity and gas transport of the energy business for third-party customers(223) (223) (294) (294) (83) (83) (109) (109) Management revenue from third parties 802 6,458 860 6,841 404 3,260 435 3,387 Accounting revenue from other sectors 192 189 89 88 Costs for raw materials, system charges and electricity and gas transport of the energy business for Group consumption(49) (50) (18) (19) Management revenue from other sectors 143 139 71 68 Accounting cost of goods and services 604 1,904 684 2,140 268 934 296 1,024 Costs for raw materials, system charges and electricity and gas transport of the energy business (for third-party customers and Group consumption)(272) (223) (345) (294) (101) (83) (129) (109) Management cost of goods and services 332 1,681 340 1,846 167 851 167 9152Q 2025 2Q 2026
(€m)1H 2025 1H 2026
21 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release Composition of net financial position* (€m):
* Net financial position: (Surplus) / Net debt
MAIL, PARCEL AND
DISTRIBUTIONFINANCIAL
SERVICESINSURANCE
SERVICESPOSTEPAY
SERVICESADJUSTMENTS CONSOLIDATED
Financial liabilities 5,047 95,712 1,595 11,733 (13,820) 100,267 Insurance contracts liabilities - - 170,767 - (0) 170,767 Financial assets (377) (90,415) (171,374) (12,330) 12,692 (261,804) Tax credits Law no. 77/2020 (320) (3,595) - - - (3,915) Reinsurance contract assets - - (393) - - (393) Cash and deposits attributable to BancoPosta- (4,573) - - - (4,573) Cash and cash equivalents (1,789) (92) (3,715) (108) 1,112 (4,591) Net Financial Position* 2,561 (2,964) (3,119) (705) (15) (4,242) Financial liabilities 5,645 96,071 1,445 11,437 (14,169) 100,429 Insurance contracts liabilities - - 166,713 - 0 166,713 Financial assets (489) (89,658) (168,331) (12,187) 12,880 (257,784) Tax credits Law no. 77/2020 (324) (5,173) - - - (5,497) Reinsurance contract assets - - (366) - - (366) Cash and deposits attributable to BancoPosta- (4,692) - - - (4,692) Cash and cash equivalents (1,459) (191) (3,986) (83) 1,273 (4,447) Net Financial Position* 3,372 (3,642) (4,524) (834) (16) (5,643)Balance at 30 June 2026 Balance at 31 December 2025
22 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
POSTE ITALIANE GROUP’S FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
ASSETS
(€m)30 June 2026 31 December 2025
Non-current assets
Property, plant and equipment 3,434 3,189 Investment property 24 24 Intangible assets 2,124 2,198 Right-of-use assets 1,135 1,186 Investments accounted for using the equity method 1,785 1,583 Financial assets 227,838 223,840 Trade receivables 12 11 Deferred tax assets 1,841 1,758 Other receivables and assets 3,508 3,652 Tax credits Law no. 77/2020 2,927 3,699 Reinsurance contract assets 393 366 Total 245,020 241,506
Current assets
Inventories 177 176 Trade receivables 2,299 2,218 Current tax assets 473 166 Other receivables and assets 1,634 1,379 Tax credits Law no. 77/2020 989 1,798 Financial assets 33,966 33,944 Cash and deposits attributable to BancoPosta 4,573 4,692 Cash and cash equivalents 4,591 4,447 Total 48,702 48,820
TOTAL ASSETS 293,723 290,325
LIABILITIES AND EQUITY
(€m)30 June 2026 31 December 2025
Equity
Share capital 1,306 1,306 Reserves 2,888 3,322 Treasury shares (163) (128) Retained earnings 9,594 9,338 Total equity attributable to owners of the Parent 13,626 13,839 Equity attributable to non-controlling interests 179 158 Total 13,804 13,997
Non-current liabilities
Insurance contracts liabilities 170,767 166,713 Provisions for risks and charges 532 546 Employee termination benefits 492 518 Financial liabilities 8,807 7,610 Deferred tax liabilities 1,224 1,331 Other liabilities 1,762 1,934 Total 183,585 178,652
Current liabilities
Provisions for risks and charges 441 500 Trade payables 1,804 2,028 Current tax liabilities 576 48 Other liabilities 2,054 2,281 Financial liabilities 91,460 92,820 Total 96,334 97,676
TOTAL EQUITY AND LIABILITIES 293,723 290,325
23 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
CONSOLIDATED STATEMENT OF NET PROFIT (LOSS)
(€m) 1H 2026 1H 2025
Revenue from Mail, Parcels & Other 2,031 1,909 Net revenue from Financial Services 2,967 2,841 Revenue from Financial Services 3,180 3,075 Expenses from financial activities (213) (233) Net revenue from Insurance Services 983 906 Insurance service revenues from contract issued 1,639 1,534 Insurance service expenses from contract issued (693) (641) Income/(expenses) from reinsurance contracts held (14) (22) Finance income and (expenses) and other income 3,795 2,235 Insurance finance (costs)/income from contracts issued (3,749) (2,204) Finance income/(costs) from reinsurance contracts held 4 4 Revenue from Postepay Services 1,155 1,025 Net operating revenue 7,136 6,681 Cost of goods and services 2,140 1,904 Personnel expenses 2,628 2,565 Depreciation, amortisation and impairments 505 447 Capitalised costs and expenses (36) (35) Other operating costs 90 160 Impairment losses/(reversals of impairment losses) on debt instruments, receivables and other assets36 19 Operating profit/(loss) 1,772 1,621 Finance costs 90 71 Finance income 95 139 Impairment loss/(reversal of impairment losses) on financial asset 0 0 Profit/(Loss) on investments accounted for using the equity method 145 8 Profit/(Loss) before tax 1,922 1,697 Income tax expense 567 528
NET PROFIT FOR THE PERIOD 1,355 1,170
of which attributable to owners of the Parent 1,344 1,158 of which attributable to non-controlling interests 11 11 Earnings per share 1.039 0.895 Diluted earnings per share 1.039 0.895
24 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(€m) 1H 2026 1H 2025
Unrestricted net cash and cash equivalents at beginning of the period 1,645 1,987 Restricted net cash and cash equivalents at beginning of the period 2,802 2,693 Cash and cash equivalents at beginning of the period 4,447 4,680 Result for the period 1,355 1,170 Depreciation, amortisation and impairments 541 486 Losses and impairments losses/(reversal of impairment losses) on receivables 30 15 (Gains)/Losses on disposals (1) (4) Impairment losses/(reversals of impairment losses) on financial assets - -
(Increase)/decrease in inventories (1) (8) (Increase)/decrease in receivables and other assets (456) (368) Increase/(decrease) in payables and other liabilities (176) (332) Change in tax credits Law no. 77/2020 4 (9) Change in provisions for risks and charges (74) (53) Change in employee termination benefits and provision for retirement benefits (30) (27) Difference in accrued financial expenses and income (cash adjustment) 24 (16) Other changes (142) 255 Net cash flow from/(for) non-financial operating activities 1,075 1,109 Increase/(Decrease) in liabilities attributable to financial activities, payments, cards and acquiring and insurance 4,389 7,180 Net cash generated by/(used for)financial asset and tax credit Law no. 77/2020 attributable to financial activities, payment, cards and acquiring and insurance(5,471) (8,811) (Income)/Expenses and other non-cash components (1,887) 317 Increase/(decrease) in net insurance contracts liabilities 4,084 2,355 Cash generated by/(used for) financial assets and liabilities attributable to financial activities, payment, cards and acquiring and insurance 1,116 1,041 Net cash flow from/(for) operating activities 2,191 2,151
Investing activities
Property, plant and equipment, investment property and intangible assets (523) (377) Investments (32) (684) Other financial assets (19) (415)
Disposals
Property, plant and equipment, investment property and intangible assets and assets held for sale 4 8 Investments 14 267 Other financial assets 16 240 Investment in consolidated companies, net of cash acquired and change in scope of consolidation 2 10 Net cash flow from/(for) investing activities (538) (951) Proceeds from/(Repayments of) borrowings (331) (159) (Purchase)/Sale of treasury shares (50) (28) Dividends paid (1,106) (977) Equity instruments - perpetual hybrid bonds (21) (21) Net cash flow from/(for) financing activities and shareholder transactions (1,508) (1,185) Effect of exchange rate fluctuations on cash and cash equivalents 0 (0) Net increase/(decrease) in cash 144 15 Cash and cash equivalents at end of the period 4,591 4,695 Restricted net cash and cash equivalents at the end of the period (2,622) (3,288) Unrestricted net cash and cash equivalents at end of the period 1,969 1,407
25 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release *** The document containing the Interim Financial Report as of 30 June 20 26 will be published by the term established by the law, made available to the public at the Company’s head office, on the Company's website ( www.posteitaliane.it ), on the website of the authorised storage system " eMarket Storage" ( www.emarketstorage.com ), and filed with Borsa Italiana S.p.A. ( www.borsaitaliana.it ), the Italian Stock Exchange.
***
Declaration by the Executive responsible for preparing the corporate accounting
documents
The undersigned, Alessandro Del Gobbo, in his capacity as Executive responsible for preparing Poste Italiane’s corporate accounting documents ( Dirigente Preposto )
DECLARES
that, pursuant to art. 154 -BIS, par. 2, of the Consolidated Financial Bill of February 24, 1998, accounting information disclosed in this document corresponds to document results and accounting books and records.
This document includes summary financial information and should not be considered a substitute for Poste Italiane Group Interim Financial Report as of 30 June 20 26.
Rome, 24 July 2026
26 Poste Italiane Q 2 & H1 2026 Financial Results & Strategy Update Press Release Forward looking statements and other important information
This document may contain certain forward -looking statements that reflect Poste Italiane’s management’s current views with respect to future events and financial and operational performance of the Company and of the Company’s Group23.
These forward -looking statements are made as of the date of this document and are based on current expectations, reasonable assumptions and projections about future events and are therefore subject to risks and uncertainties. Actual future results and perf ormance may indeed differ materially from what is expressed or implied in this presentation, due to any number of different factors, many of which are beyond the ability of Poste Italiane to foresee, control or estimate precisely, including, but not limite d to, changes in the legislative and regulatory framework, market developments, price fluctuations and other risks and uncertainties, such as, for instance, risks deriving from risks deriving from the direct and indirect effects resulting from the international conflict in Eastern Europe.
Forward -looking statements contained herein are not a guarantee of future performance and you are therefore cautioned not to place undue reliance thereon.
This document does not constitute a recommendation regarding the securities of the Company; it does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane or any of its Group companies or other forms of f inancial assets, products or services.
Except as may be required by applicable law, Poste Italiane denies any intention or obligation to update or revise any forward -looking statements contained herein to reflect events or circumstances after the date of this presentation.
This presentation includes summary financial information and should not be considered a substitute for Poste Italiane’s full financial statements.
Numbers in the document may not add up only due to roundings.
Fine Comunicato n.1130-115-2026 Numero di Pagine: 28