Poste Italiane (PST) Q3 2024 earnings summary

Executive summary

• Nine-month 2024 revenues reached €9.2bn, up 5% year-on-year (8% underlying), with all business units contributing to record results and strong commercial trends.

• Adjusted EBIT hit €2.3bn (+18% underlying), net profit €1.6bn (+19% underlying), both at record highs, supported by cost discipline.

• Interim dividend of €0.33 per share (€427m), up 39% year-on-year, to be paid in November, in line with upgraded full-year guidance.

• Total financial assets reached €593bn (+€12bn vs December 2023), with positive net inflows in investment and insurance products.

• Major strategic initiatives included new logistics hubs, digital transformation, sustainability investments, and record share price performance.

Financial highlights

• 9M revenues: €9.2bn (+5% y/y, +8% underlying); Q3: €3.1bn (+10% y/y); adjusted EBIT: €2.3bn (+8% y/y, +18% underlying); net profit: €1.6bn (+5% y/y, +19% underlying).

• Total costs for 9M: €7.0bn (+4.6% y/y), with HR costs at €4.1bn (+3.1%) and non-HR costs at €3.2bn (+7.0%).

• Earnings per share: €1.22 (+4.5% y/y).

• Cash generation of €817m since the start of the year; net financial position at €5.6bn surplus as of September 2024.

• CAPEX: €468m (+19.5% y/y), with 70% classified as ESG investments.

Outlook and guidance

• Upgraded full-year 2024 guidance: adjusted EBIT €2.8bn, net profit €2bn.

• 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.

• Positive commercial trends and cost discipline expected to support 2025 performance.