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 integration, and the creation of a new financial hub by merging payments and financial services.

• Expanded digital platform, completed Super App migration, now Italy's #1 app with over 4 million daily active users, and acquired stakes in TIM (27.3%) and PagoPA (49%) to drive synergies and growth.

• Maintained strong ESG credentials, continued investment in workforce transformation and sustainability, and recognized as a top employer for the 7th year.

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).

• Dividend payout ratio for FY25 at 73%, with EUR 1.6 billion total dividends.

• Poste Vita Solvency II ratio at 304% for FY25 and 290% pro forma for 2026, including EUR 500 million additional remittance.

• Group cash generation remains strong, with distributable reserves projected at EUR 4.4 billion by end-2026 and ample liquidity of EUR 5.4 billion.

• BancoPosta total capital ratio at 23.1% and CET1 ratio at 22.6%.

Outlook and guidance

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

• Dividend policy reinforced with payout ratio above 70% of net profit (ex-TIM), plus TIM dividends on a cash-for-cash basis.

• Continued growth expected across all business segments, with focus on cross-selling, digital expansion, and operational efficiency.

• CapEx for 2026 expected at EUR 1.1 billion, mainly for hybrid cloud and logistics transformation.

• Multi-year plan to be presented by end of 2026.