Poste Italiane S.p.A.

Reported hard numbers: Q2 revenue was EUR 3.4 billion, up 4% year-on-year; H1 revenue was EUR 6.8 billion, up 6%. Adjusted EBIT in H1 was EUR 1.8 billion, up 7%; net profit in H1 was EUR 1.2 billion, up 4% (excluding the TIM stake contribution). Commercial financial assets reached EUR 613 billion, with EUR 2.7 billion of net inflows. The Solvency II ratio was 303% / 3.03%, and almost EUR 900 million cash was generated in the first six months. Guidance/comments: management confirmed 2023 stand-alone guidance and dividend policy; for 2026, Camillo said the company now expects a total portfolio return of around EUR 2.8 billion versus EUR 2.7 billion initially, and cited an upgraded EUR 3.4 billion full-year profit target. For the postal savings agreement, management said it targets EUR 1.9 billion of average annual revenues over the 2027-2030 period versus EUR 1.8 billion over the prior three years.

Matteo del Fante framed the quarter as evidence that Poste is becoming a more integrated, client-centric platform company rather than a collection of businesses. He emphasized three strategic pillars: a new postal savings agreement with CDP, a financial hub that combines banking/insurance/payments, and a hub-and-spoke redesign of the physical network supported by a union agreement. He also positioned AI and the TIM transaction as central to the next phase, saying Poste wants to deepen customer relationships, increase cross-selling, and create a broader ecosystem across connectivity, finance, logistics, and distribution.

Camillo Greco focused on the financial engine behind the story: H1 adjusted EBIT of EUR 1.8 billion, H1 net profit of EUR 1.2 billion, and cash generation of almost EUR 900 million. He broke down segment trends, including Mail/Parcel revenue growth, Financial Services gross revenues of EUR 3.5 billion in H1, Insurance revenues of EUR 983 million in H1, and PostePay revenue growth to EUR 860 million in H1. On capital and allocation, he highlighted a 303% PosteVita Solvency II ratio, said the last EUR 500 million dividend payment is not yet reflected in that figure, and reiterated that Poste has secured financing for the TIM cash portion with no plan for a hybrid bond.

Analysts pressed on the funding and capital implications of data centers and the TIM deal, the outlook for NII/portfolio return, and the rationale for accelerating the tender timeline. Management said the first data-center project is a 20-megawatt initiative with limited CapEx for Poste, while a larger 70-megawatt project is being developed with potential support from Italian financial institutions and private capital. On NII, management said 2026 total portfolio return is now around EUR 2.8 billion and that Phase 1 of the financial hub should add a couple of tens of millions of NII, with more to come later. On the tender, they said the offer terms are fixed, the market has endorsed the deal, and Poste has time to build toward a high take-up after the 50% threshold if needed.