Poste Italiane (PST) investor relations material

Executive summary

• Achieved record Q1 2026 revenues of €3.5 billion (+8% y/y), adjusted EBIT of €905 million (+14% y/y), and net profit of €617 million (+3% y/y, excluding TIM stake), with growth across all business units and strong commercial momentum in investment inflows and postal savings.

• Robust balance sheet with Solvency II ratio at 294%, €341 million cash generated in Q1, and improved net financial position.

• Client Total Financial Assets reached €606 billion, up €5.3 billion from end-2025, supported by positive net inflows from investment products.

• Announced and launched a €10.8 billion voluntary takeover and exchange bid for TIM, aiming to create Italy’s leading integrated platform company, with the transaction expected to close by Q3 2026.

• Upgraded full-year 2026 adjusted EBIT guidance to €3.4 billion, reflecting strong business trends and a favorable interest rate environment.

Financial highlights

• Q1 2026 revenues: €3.5 billion (+8% y/y); adjusted EBIT: €905 million (+14% y/y); net profit: €617 million (+3% y/y, ex. TIM); all business units contributed positively.

• Financial Services revenue up 11% y/y to €1.6 billion; Insurance Services revenue up 6% y/y to €469 million; Postepay services revenue up 7% y/y to €425 million.

• Parcel revenues up 15% y/y to €453 million; mail revenues down 3% y/y to €505 million; Mail, Parcel & Distribution adjusted EBIT up 71% y/y to €43 million.

• Group client TFAs reached €606 billion, up €5.3 billion from December 2025, driven by €1.7 billion net inflows in investment products.

• Adjusted EBIT margin improved to 26% (from 25% in Q1-25); EPS: €0.63 (+37.1% y/y).

Outlook and guidance

• Upgraded 2026 adjusted EBIT guidance to €3.4 billion, citing strong Q1 performance and improved interest rate environment.

• 2026 dividend per share (DPS) guidance reaffirmed at €1.25–€1.3, with confidence to reach the top end of the range.

• Dividend policy expected to be accretive post-TIM transaction, with EPS and DPS growth in 2027 and 2028.

• Standalone 2026–2030 plan to be presented with Q2 results on July 24, 2026.

• Management expects continued growth, supported by digital transformation and AI integration.