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Poste Italiane
Earnings Release • May 8, 2025
4431_10-q_2025-05-08_f3683aa7-3752-4c1c-b998-a709a0d7ca17.pdf
Earnings Release
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| Informazione Regolamentata n. 1130-30-2025 |
Data/Ora Inizio Diffusione 8 Maggio 2025 10:25:03 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | POSTE ITALIANE | |
| Identificativo Informazione Regolamentata |
: | 205244 | |
| Utenza - referente | : | POSTEN03 - Fabio Ciammaglichella | |
| Tipologia | : | REGEM | |
| Data/Ora Ricezione | : | 8 Maggio 2025 10:25:03 | |
| Data/Ora Inizio Diffusione | : | 8 Maggio 2025 10:25:03 | |
| Oggetto | : | Poste Italiane: Q1 2025 Financial Results | |
| Testo del comunicato |
Vedi allegato
POSTE ITALIANE Q1-25 FINANCIAL RESULTS
STRONG START TO 2025 ACROSS ALL BUSINESSES RECORD FIRST-QUARTER GROUP REVENUES AND PROFITABILITY Q1-25 REVENUES1 UP 5% Y/Y TO €3.2 BILLION Q1-25 ADJUSTED EBIT2 AT €796M, UP 13% Y/Y,
NET PROFIT AT €597M3
STRONG NET INFLOWS IN INVESTMENT PRODUCTS CONFIRMING POSITIVE TREND IN LIFE INVESTMENTS & PENSION SOLVENCY II RATIO AT 305%, INCLUDING IMPACT OF €500M ADDITONAL REMITTANCE
SOLID GROUP BALANCE SHEET AND STRONG CAPITAL POSITION: DIVIDEND BALANCE OF €0.75 PER SHARE TO BE PAID ON 25 JUNE 2025 4
ACQUIRED 24.8% ORDINARY SHARES OF TIM5 AS A LONG-TERM INDUSTRIAL SHAREHOLDER, SUPPORTING VALUE CREATION AND
ITALIAN TELECOMMUNICATIONS MARKET CONSOLIDATION SIGNED MOU FOR NEW MVNO CONTRACT STARTING FROM JANUARY
2026
WORKSTREAMS IN PLACE TO GENERATE SYNERGIES BETWEEN POSTE ITALIANE AND TIM
WELL ON TRACK TO DELIVER 2025 FINANCIAL AND SHAREHOLDERS' REMUNERATION TARGETS
***
- Q1-25 REVENUES1 TO €3.2BN, INCREASING 5.0% Y/Y:
- o MAIL, PARCEL & DISTRIBUTION SEGMENT REVENUES AT €949M IN Q1-25, UP 1.6% Y/Y, WITH ROBUST PARCEL REVENUE GROWTH
1 Revenues and costs are net of commodity price and pass-through charges of the energy business.
2 EBIT is adjusted excluding systemic charges related to insurance guarantee fund (€19m for Q1-25) and costs and proceeds of an extraordinary nature equal to zero in all relevant periods.
3 Includes €27m of Mark-to-market gain on Nexi and TIM shares upon (de)recognition.
4 Ex dividend date 23 June 2025.
5 As of March 31, 2025, Poste holds 9.81% of TIM ordinary shares and the acquisition of the remaining 15% is subject to the notification to the Italian Antitrust Authority, pursuant to the merger control regulation.
ACROSS CUSTOMER SEGMENTS.
- o FINANCIAL SERVICES REVENUES AT €1.4BN IN Q1-25, UP 5.5% Y/Y, SUPPORTED BY HIGHEST EVER QUARTERLY NII AND SOLID COMMERCIAL PERFORMANCE.
- o INSURANCE SERVICES REVENUES AT €442M IN Q1-25, UP 11.3% Y/Y, REFLECTING POSITIVE NET INFLOWS AND STRONG PROFITABILITY IN LIFE INVESTMENT AND PENSION AND PROTECTION.
- o POSTEPAY SERVICES REVENUES1 AT €398M IN Q1-25, UP 5.0% Y/Y, DRIVEN BY TRANSACTION VALUE GROWTH AND ENERGY BUSINESS, SUPPORTED BY A HIGHER CUSTOMER BASE.
- Q1-25 TOTAL COSTS1,6 TO €2.6BN, UP 4.6% Y/Y:
- Q1-25 ADJUSTED2 EBIT REACHED €796M, UP 12.8% Y/Y DRIVEN BY HIGHER REVENUES AND CONTINUED COST DISCIPLINE.
- GROUP CLIENT TFAs AT €596BN, UP OVER €5BN FROM DECEMBER 2024 8 , SUPPORTED BY €1.6BN NET INFLOWS IN INVESTMENT PRODUCTS IN Q1-25, CONFIRMING POSITIVE TRENDS IN LIFE INVESTMENTS & PENSION.
- STRONG CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 23.2% (OF WHICH CET1 RATIO AT 19.9%), LEVERAGE RATIO AT 3.3% AND POSTE VITA GROUP SOLVENCY II RATIO AT 305%.
***
6 Before the application of IFRS 17.
8 EoP figures.
7 Excluding other non-HR costs. Numbers are restated net of commodity price and pass-through charges of the energy business.
POSTE ITALIANE CONTINUES TO CREATE VALUE FOR ALL STAKEHOLDERS, RECOGNISING HUMAN CAPITAL AS A KEY PILLAR OF SUSTAINABLE SUCCESS
KEY ACHIEVEMENTS IN Q1-25:
- The Polis Project, supporting social cohesion and bridging the digital divide in small municipalities and rural areas. As of the end of March, Poste Italiane has transformed 3,359 post offices into digital service hubs, simplifying the lives of citizens and created 82 co-working spaces. Over 65 thousand public administration services have been provided, including more than 33 thousand passports.
- The "Poste Delivery Business" offer has been enhanced with a new and innovative green feature – the Emissions Tracker – enabling clients to easily, accurately and transparently monitor the environmental impact of their shipments.
- PostePay and Scalapay signed an agreement to deliver a "Great Shopping Experience". The partnership combines PostePay's "everyday platform" and wide range of products and services with Scalapay's leadership in "Buy Now, Pay Later", creating a new, simple and innovative deferred payment service to meet the growing demand for flexibility among retail clients.
- The third edition of "INSIEME Connecting Ideas" concluded with the award for three projects. Since the launch of our employee engagement programme, nearly 100,000 contributions have been collected, demonstrating strong participation and collaboration in delivering the Group's ESG Strategy.
- Our corporate welfare programme has been expanded with new services. Poste Italiane continues to invest in employee wellbeing as our people are a key driver of the Group's growth, competitiveness and innovation.
- Poste Italiane has been included among the "LinkedIn Top Companies 2025", as one of the 25 best companies for career growth in Italy.
- Poste Italiane has won the "Sustainability Report Award" in the "Large Companies" category for the second year in a row, promoted by Corriere della Sera in collaboration with NeXt – Nuova Economia per Tutti. The award recognises the quality of Poste Italiane's non-financial reporting and the integration of ESG principles into its business activities and processes.
Rome, 8 May 2025. Today, the Board of Directors of Poste Italiane S.p.A. ("Poste Italiane" or the "Group"), chaired by Silvia Maria Rovere, approved First Quarter 2025 Financial Results (unaudited).
Matteo Del Fante, Poste Italiane Chief Executive Officer commented: "In our Strategy Update in February we outlined 2025 targets and confirmed our strong commitment to generate substantial profitability growth and deliver compelling shareholders' remuneration.
We are pleased to report a very strong start to the year across the board, with a record breaking first-quarter revenues and profitability, with double-digit year-on-year EBIT growth. These results are yet another demonstration of the solidity of our business model, disciplined execution and our continued ability to adapt and grow in a dynamic environment. We remain confident in our ability to achieve our 2025 targets and continue delivering strong results going forward.
All business units contributed to a solid 5% year-on-year revenue growth, totalling €3.2 billion. This performance was driven by strong Net Interest Income, continued momentum in parcels, strong net inflows in investment products and Postepay Services ecosystem growth.
We have posted record first-quarter results in terms of profitability with adjusted EBIT at €796 million, up 13% year-on-year and Net Profit of €597 million, up a remarkable 19% on last year.
Mail, Parcel & Distribution revenues were up, supported by parcel revenue growth across customer segments and mail trends in line with guidance.
Financial Services delivered strong results, driven by record-level Net Interest Income and solid commercial performance.
Insurance Services posted strong profitability in both the Life investment and Pension and Protection segments. Revenues rose 11% in the quarter, reflecting higher CSM release and Risk adjustment release.
Postepay Services unique and integrated ecosystem of everyday services continues to deliver growth in both revenues and profitability. Our energy business client base grew to around 800,000 clients, almost doubling from last year.
Our rock-solid group balance sheet supports our upgraded dividend policy and is a clear commitment to creating long-term value for our stakeholders and is confirmed with our dividend balance of €0.75 per share, equivalent to a total dividend balance of around €970 million, to be paid to our shareholders at the end of June, bringing the total dividend for the year to €1.4 billion, equivalent to €1.08 per share.
We signed an agreement to acquire from Vivendi 15% of TIM's ordinary shares - a transaction that is expected to close in Q2-25 – bringing our total stake in TIM to 24.8% of the voting capital. With this long-term strategic investment in place we plan to support the consolidation of the Italian telecommunications market. We are advancing on several workstreams to generate synergies between Poste Italiane and TIM. We have signed a Memorandum of Understanding with TIM for a new contract to grant Postepay access to TIM's mobile network infrastructure starting from January 1, 2026.
Finally, I want to extend my extreme gratitude to all our dedicated employees whose hard work, commitment and professionalism are key to the strong results we continue to achieve."
POSTE ITALIANE Q1-25 RESULTS
Thursday 8 May 2025 - 15:00 CEST
To attend click here: Poste Italiane Q1-25 Financial Results Webcast
or via QR code:
A listen only audio conference is also available: +39 02 8020927
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: [email protected] Mail:[email protected]
***
Financial calendar
Next events
- 30 May 2025 Annual General Meeting.
- 25 June 2025 Payment of the balance of the dividend for 2024, with ex-dividend date of 23 June 2025 and record date (i.e. date of dividend payment eligibility) of 24 June 2025.
- 24 July 2025 Q2 & H1-25 Group Results presentation.
- 13 November 2025 Q3 & 9M-25 Group Results presentation.
- 26 November 2025 Payment of the interim dividend for 2025, with ex-dividend date 24 November 2025 and record date of 25 November 2025.
CONSOLIDATED FINANCIAL RESULTS SUMMARY
| €m | Q1-24 | Q1-25 | Y/Y% |
|---|---|---|---|
| GROUP | |||
| Revenues * | 3,045 | 3,198 | +5.0% |
| Adjusted EBIT** | 706 | 796 | +12.8% |
| Net Profit | 501 | 597 | +19.1% |
| MAIL, PARCEL & DISTRIBUTION | |||
| External Revenues | 934 | 949 | +1.6% |
| Adjusted EBIT | 41 | 25 | -39.5% |
| Net Profit | 6 | 29 | n.m |
| FINANCIAL SERVICES | |||
| External Revenues | 1,335 | 1,409 | +5.5% |
| Adjusted EBIT** | 199 | 260 | +31.0% |
| Net Profit | 151 | 193 | +27.8% |
| INSURANCE SERVICES | |||
| External Revenues | 397 | 442 | +11.3% |
| Adjusted EBIT** | 349 | 378 | +8.6% |
| Net Profit | 252 | 275 | +9.2% |
| POSTEPAY SERVICES | |||
| External Revenues* | 379 | 398 | +5.0% |
| Adjusted EBIT | 117 | 133 | +12.9% |
| Net Profit | 93 | 101 | +8.7% |
* Revenues are restated net of commodity price and pass-through charges of the energy business. ** Adjusted excluding systemic charges related to insurance guarantee fund (€19m for Q1-25) and costs and proceeds of extraordinary nature equal to zero in all relevant periods.
***
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 Interim Report for the first three months ended 31 March 2025, 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 condensed consolidated statement of cash flows, are attached to this release.
MAIL, PARCEL & DISTRIBUTION – REVENUE GROWTH DRIVEN BY PARCEL & LOGISTICS - MAIL TREND IN LINE WITH FY-25 GUIDANCE
| €m | Q1-24 | Q1-25 | Y/Y% |
|---|---|---|---|
| EXTERNAL REVENUES | 934 | 949 | +1.6% |
| Mail Revenues | 535 | 520 | -2.9% |
| Parcel & Logistics Revenues | 368 | 393 | +6.9% |
| Other Revenues* | 31 | 36 | +15.1% |
| INTERSEGMENT REVENUES** | 1,372 | 1,421 | +3.6% |
| TOTAL REVENUES | 2,306 | 2,370 | +2.8% |
| ADJUSTED EBIT | 41 | 25 | -39.5% |
| NET PROFIT | 6 | 29 | n.m |
| KPI's | |||
| Mail Volumes (#m) | 560 | 511 | -8.6% |
| Parcels delivered by mailmen (#m) | 27 | 31 | +15.6% |
| Parcel Volumes (#m) | 71 | 77 | +8.7% |
| * Includes Digital Identities fees, EGI, Poste, 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. Mail, Parcel & Distribution Q1-25 segment revenues are up 1.6% y/y to €949m. Mail revenues in Q1-25 were down 2.9% y/y to €520m, reflecting expected lower volumes, partially offset by higher average tariffs, up 6.3% y/y. Parcel & Logistics revenues recorded a solid 6.9% y/y growth to €393m. In Q1-25, Parcel volumes grew to 77m items, up 8.7% y/y. Parcel average tariff9 was broadly stable (-0.5% y/y), thanks to a diversified customer base. The share of parcels delivered by "Postini" reached 40.3% in Q1-25. Distribution revenues10 in Q1-25 were up (3.6% y/y) to €1.4bn, reflecting positive commercial trends and higher network remuneration. Segment Adjusted EBIT at €25m in Q1-25, progressing in line with FY-25 guidance. --- |
|||
| 9 Parcel tariffs adjusted for COVID-19 related contract for PPE logistics. | |||
| 10 Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement. |
9 Parcel tariffs adjusted for COVID-19 related contract for PPE logistics.
10 Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement.
FINANCIAL SERVICES – STRONG RESULTS DRIVEN BY RECORD QUARTERLY NII AND SOLID COMMERCIAL PERFORMANCE
| €m | Q1-24 | Q1-25 | Y/Y% |
|---|---|---|---|
| EXTERNAL REVENUES | 1,335 | 1,409 | +5.5% |
| Active Portfolio Management | 22 | 12 | -48.1% |
| Net Interest Income | 590 | 666 | +12.7% |
| Postal Savings | 430 | 441 | +2.6% |
| Transaction banking* | 186 | 176 | -5.1% |
| Consumer Loans Distribution** | 62 | 71 | +13.6% |
| Asset Management | 45 | 44 | -2.2% |
| INTERSEGMENT REVENUES*** | 223 | 261 | +16.8% |
| TOTAL REVENUES | 1,559 | 1,670 | +7.1% |
| ADJUSTED EBIT**** | 199 | 260 | +31.0% |
| EBIT Margin (%) | +12.7% | +15.6% | |
| NET PROFIT | 151 | 193 | +27.8% |
| KPI's | |||
| TOTAL FINANCIAL ASSETS - TFAs (€bn) | 586 | 596 | +1.7% |
| Average Deposits (€bn) | 90 | 88 | -1.9% |
| Average Postal Savings Deposits (€bn) | 313 | 310 | -1.0% |
| Postal Savings Net Inflows (€m) | (2,691) | (4,107) | -52.6% |
* 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 third party products distribution.
*** Includes intersegment distribution revenues.
**** Adjusted excluding systemic charges related to insurance guarantee fund (€4m for Q1-25).
In Q1-25 gross revenues (including intersegment distribution revenues) were up 7.1% y/y to €1.7bn.
In Q1-25 Net Interest Income was up 12.7% y/y to €666m, benefiting from management yield enhancement actions.
Q1-25 postal savings' distribution fees were up 2.6% y/y to €441m, supported by improving gross inflows.
In the quarter, transaction banking11 fees were down 5.1% y/y to €176m resulting from lower payment slips volumes.
In Q1-25 Consumer loans' distribution12 fees were up 13.6% y/y to €71m, driven by higher margins.
11 Includes revenues from payment slips ('bollettino'), current accounts related revenues, fees from INPS and money transfer.
12 Includes reported revenues from custody accounts, credit cards and other revenues from third party products distribution.
Fees from asset management were broadly stable at €44m with higher Assets under Management compensating lower upfront fees.
Total Financial Assets reached €596bn in Q1-25 (up over €5bn since December 2024 13), driven by €1.6bn strong net inflows14 in investment products, confirming positive trends in Life Investments & Pension.
In Q1-25 Adjusted15 EBIT was up 31.0% y/y to €260m, reflecting strong revenue performance.
13 EoP figures.
14 Includes Mutual funds and Life Investments & Pension.
15 Adjusted excluding systemic charges related to insurance guarantee fund (€4m for Q1-25).
INSURANCE SERVICES – IMPROVING LIFE NET INFLOWS & STRONG PROFITABILITY ACROSS LIFE AND PROTECTION
| €m | Q1-24 | Q1-25 | Y/Y% |
|---|---|---|---|
| EXTERNAL REVENUES | 397 | 442 | +11.3% |
| Life Investments & Pension | 363 | 400 | +10.2% |
| Protection | 35 | 42 | +21.8% |
| INTERSEGMENT REVENUES | (39) | (53) | -35.8% |
| TOTAL REVENUES | 358 | 389 | +8.6% |
| ADJUSTED EBIT* | 349 | 378 | +8.6% |
| NET PROFIT | 252 | 275 | +9.2% |
| Release CSM Insurance Services | 337 | 367 | +8.9% |
| KPI's | |||
| Gross Written Premiums (€m) | 5,005 | 6,321 | +26.3% |
| GWP - Life Investments & Pension (€m) | 4,693 | 5,950 | +26.8% |
* Adjusted excluding systemic charges related to insurance guarantee fund (€15m for Q1-25).
** Includes Motor (distribution only).
Q1-25 Insurance segment revenues were up 11.3% to €442m16 .
Life Investments & Pension revenues at €400m in Q1-25, up 10.2%, driven by a higher CSM release (€367m in Q1-25 compared to €337m in Q1-24) and risk adjustment release.
GWP - Protection (€m)** 312 371 +19.0%
Q1-25 positive Life Investments & Pension net inflows supported by newly launched products with more attractive yields, with a lapse rate17 of 8.6% reflecting proactive client portfolio rebalancing activities made by BancoPosta, with around 40% of lapses reinvested into new Life insurance products.
Q1-25 Protection revenues grew 21.8% y/y to €42m, supported by higher volumes and profitability.
Total Gross Written Premiums were at €6.3bn in Q1-25, up 26.3% y/y.
At the end of March 2025, the Contractual Service Margin amounted to €13.6bn providing strong visibility on the division's sustainable profitability going forward.
16 Figures adjusted for compliance with IFRS 17.
17 Lapse rate is an annualized ratio calculated between surrenders and average technical provisions.
At the end of March 2025, Poste Vita Group's Solvency II Ratio stood at 305%18, above the managerial ambition of around 200% through the cycle.
Segment Adjusted19 EBIT at €378m in Q1-25, up 8.6% y/y supported by both Life Investments and Pension and Protection.
18 EoP figures.
19 Adjusted excluding systemic charges related to insurance guarantee fund (€15m for Q1-25).
POSTEPAY SERVICES –UNIQUE EVERYDAY ECOSYSTEM DELIVERING TOP-LINE AND PROFITABILITY GROWTH
| €m | Q1-24 | Q1-25 | Y/Y% |
|---|---|---|---|
| SEGMENT REVENUES* | 379 | 398 | +5.0% |
| Payments | 283 | 284 | +0.5% |
| Telco | 81 | 82 | +1.7% |
| Energy* | 15 | 32 | n.m |
| INTERSEGMENT REVENUES | 70 | 71 | +1.8% |
| TOTAL REVENUES | 449 | 469 | +4.5% |
| ADJUSTED EBIT | 117 | 133 | +12.9% |
| EBIT Margin (%) | +26.2% | +28.3% | |
| NET PROFIT | 93 | 101 | +8.7% |
| KPI's | |||
| Issuing Transaction Value (€bn) | 19.9 | 21.1 | +6.1% |
| of which e-commerce (€bn) | 6.5 | 7.2 | +10.7% |
| Total Transactions (#bn) | 0.7 | 0.7 | +9.3% |
| of which e-commerce (#m) | 0.2 | 0.2 | +11.1% |
| Digital e-wallets stock (#m) | 12.4 | 13.8 | +11.5% |
| Mobile & Land-Line stock (#m) | 4.8 | 4.9 | +2.6% |
| Energy Contracts, stock (#k) | 442 | 767 | +73.7% |
* Revenues are restated net of commodity price and pass-through charges of the energy business for a total of €127m in Q1-24 and €171m in Q1-25.
Q1-25 Postepay Services revenues20 are up 5.0% y/y to €398m.
Payments' revenues up 0.5% to €284m driven by transaction value growth (+6.1%) and supported by e-commerce and growth in total number of ecosystem transactions (+9%), testifying our clients' cards increased usage, offsetting the instant payment revenues shortfall arising from EU regulatory changes.
Telco revenues were up 1.7% y/y to €82m in Q1-25, supported by a stable customer base. The Poste Energia retail energy offer, launched in June 2022, contributed to the top line with €32m in Q1-25, driven by a higher customer base reaching around 800,000 clients, almost double the Q1-24 level.
Segment Adjusted EBIT for the period was up 12.9% y/y to €133m, underpinned by strong top-line performance and stable costs.
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20 Revenues are restated net of commodity price and pass-through charges of the energy business for a total of €127m in Q1-24 and €171m in Q1-25.
OUTLOOK
Italian economic activity was little better than stagnant throughout most of 2024, showing encouraging signs on the domestic demand and investment front only in the latter part of the year and in early 2025. In February and March 2025, uncertainty surrounding the international scenario and the risks of escalation in the trade tariff war led to worse expectations about the economy and inflation.
Recent projections21 estimate an increase in national GDP of 0.6% in the year 2025, 0.8% in 2026 and 0.7% in 2027. Growth suffers from the effects of the tightening of international trade policies, but is supported by the expansion of consumption, boosted by the recovery of real disposable income. However, estimates for the three-year period remain shrouded in uncertainty due to the evolution of the macroeconomic environment and the continuing tensions resulting from ongoing conflicts, which could dampen exports and investments.
In this context, the Poste Italiane Group recorded its best first quarter in terms of revenue, EBIT and net profit. Revenues, at EUR 3.2 billion, grew by 5% y/y; adjusted EBIT22 and consolidated net profit for the period amounted to EUR 796 million (+13% y/y) and EUR 597 million (+19%), respectively. The interest margin, which reached a record high in the quarter, as well as the revenues of the parcel and insurance segments, combined with careful cost control, contributed to these results.
In addition to the improvement of the dividend policy, through the increase in the payout ratio to 70% for 2024-2028 already communicated to the market in February 2025 in conjunction with the presentation of the preliminary results for the year 2024, it should be noted that, since the listing in 2015, Poste Italiane's shareholders have benefited from a gradual increase in the share price, with an increasing overall remuneration, reflected in a higher Total Shareholder Return (TSR) than that recorded on the main stock exchange index (FTSE MIB). In the coming months, the Group will continue to implement the Strategic Plan 2024 - 2028 The Connecting Platform, according to the two guidelines defined therein, namely, the implementation of the new service model for maximising the value of customer relations and the logistical transformation to ensure the sustainability of the Mail, Parcels and Distribution Stategic Business Unit.
The new service model aims to optimise customer coverage and management based on an omni-channel approach, directing advisors' efforts into "relational" rather than "transactional" activities, generating value for the Group. During the first quarter of the year, the role of the post office as a reference point for building and maintaining customer relationships was confirmed and the service model was refined by focusing on strategic and higher-value customer segments. The Punto Poste Casa e Famiglia network was also further enhanced with the aim of strengthening the channels for accessing and selling products/services, also
21 Source: Bank of Italy - Macroeconomic projections for the Italian economy - 4 April 2025
22 Adjusted EBIT does not include charges for the contribution to the Life Insurance Guarantee Fund (amounting to EUR 19 million in Q1 2025) and the share of income/expenses of an extraordinary nature (amounting to zero in Q1 2025 and Q1 2024)
by expanding the offer.
As part of the logistical transformation towards an end-to-end logistics operator, note should be taken of the evolution of the postal network, increasingly geared towards parcel management, the development of international business and integrated logistics. The strategic partnership signed with DHL in 2023 and the establishment in April 2024 of Locker Italia S.p.A. for the development in Italy of a network of lockers on which last mile parcel deliveries will be made are part this strategy. In order to accelerate and co-finance the Group's infrastructural and real estate transformation process, Patrimonio Italia Logistica – SICAF SpA in gestione esterna was established in February 2025, which aims to manage the Poste Italiane Group's logistics infrastructure in a state-of-the-art manner and according to the highest quality and ESG standards. The operation will also involve several operators specialised in logistics real estate development who will be able to contribute financial resources and specialist know-how and thus accelerate the site renewal process.
Also for 2025, the Poste Italiane Group confirms the centrality of postal savings and its focus on offering products/services that keep pace with customers' evolving needs. New commercial offerings will also be available that aim to support funding and facilitate the generational change of customers, as well as initiatives dedicated to the 150th anniversary of the postal passbook and the 100th anniversary of the postal savings bond.
In the insurance sector, the Group is committed to developing its commercial offer in the Life Investment and Pension segment, taking into account both market dynamics and the optimisation of service quality, in order to protect savings from market risks and inflation with the launch of financial instruments with features tailored to customers' needs (Multiramo products and new funds for both affluent and premium targets). In the Protection segment, the Group confirms its ambition to reduce the country's underinsurance by making insurance protection more accessible through the evolution of the offer and an integrated advisory model, and in 2025 it will continue to develop the integrated protection-investment offer by enriching the protection offer in the Insurance Based Investment Products (IBIPs) range. Finally, the Group will be committed in 2025 to increasing the channels for accessing the insurance offer, including by enhancing Net Insurance as the Poste Vita Group's product factory for physical and digital third-party networks.
Benefiting from the growth of e-commerce and cashless payments, the PostePay business will evolve towards digital and innovative payment solutions so as to increase the level of customer loyalty, stock and, in particular, the use of payment cards. In the area of fixed telephony, the main initiatives will concern the development of integrated offers and the strengthening of cross-selling initiatives both in the consumer area (fibre-energy) and in the area of Small Economic Operators (fibre-acquiring); in the area of mobile telephony, the focus will remain on the Postepay Connect developments. In addition, the recent entry of Poste Italiane into the shareholding structure of Telecom Italia S.p.A. enables the evolution of business relations between the two companies and aims to create synergies, bring added
value for all stakeholders and foster the consolidation of the national telecommunications market.
As regards the most important initiatives in the omnichannel area, the migration of the customer base of the BancoPosta and Postepay apps to the single Poste Italiane app will be completed in 2025, which will represent a single point of access and reference for operations on the app channel and will handle potential traffic of over 6 million visits per day. Thanks also to artificial intelligence, a high degree of customisation of the app will be ensured with diversified real-time content, views and dedicated functionalities, in order to adapt it to the behaviour and needs of the individual customer. During the year, the Group will also continue on the development trajectory it has already embarked upon, extending the use of artificial intelligence within its business model for the benefit of internal processes and customers, and in order to make access to the Group's ecosystem of services increasingly inclusive.
The commitment to the implementation of artificial intelligence will be developed with a view to enhancing the Group's core values, within the ethical framework of reference and putting people at the centre. An artificial intelligence governance model will be set up that, starting from the principles identified in the Ethical Manifesto finalised last December 2024, will establish the rules, processes and responsibilities for the safe and effective use of new technologies.
The Group will continue with the implementation of "Polis" in 2025, a strategic project to support the country's social cohesion, which involves approximately 7,000 municipalities with less than 15 thousand 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 initiatives to support the country's energy transition. Since the start of the project, until the end of Q1 2025, 3,359 Post Offices and 82 Spaces for Italy (coworking) have been completed. In the transition path undertaken towards carbon neutrality, investments and strategic initiatives will continue, such as the installation of photovoltaic panels for energy supply and efficiency of properties, the replacement of current Postepay cards with cards made with ecosustainable materials and digital cards, as will the development of specific offers aimed at enhancing customers' sustainable behaviour.
As regards the recent initiatives that enhance Poste Italiane's social vocation, the recent partnership signed in view of the 2026 Winter Games, during which the Company will be premium logistics partner of the Milan-Cortina 2026 Olympic and Paralympic Games, managing, through the subsidiary Poste Logistics, the transport and logistics of all the goods, equipment and materials required for the success of the event at the Olympic and Paralympic venues, is noteworthy.
***
MATERIAL EVENTS DURING THE PERIOD AND EVENTS AFTER 31 MARCH 2025
PRINCIPAL CORPORATE ACTIONS
• Anima Holding S.p.A.
On 10 February 2025, the Board of Directors of Poste Italiane S.p.A. resolved to transmit to Banco BPM Vita S.p.A. ("Banco BPM Vita") a commitment letter to adhere to the Tender Offer ("OPA") launched by the latter on the ordinary shares of Anima Holding S.p.A. ("Anima"). The commitment was subject to the occurrence of certain conditions, including (i) Banco BPM Vita's acceptance of the commitment letter; (ii) that the offer price be increased to bring it into line with the market price trend at the time; and (iii) the fulfilment of all legal conditions, including the necessary authorisation resolution by the shareholders' meeting of Banco BPM S.p.A. ("Banco BPM"). On 11 February 2025, Banco BPM Vita sent Poste Italiane S.p.A. its acceptance of the commitment letter, and Banco BPM's ordinary shareholders' meeting of 28 February 2025 approved the increase to EUR 7.00 of the consideration per share offered in the Tender Offer. All the conditions precedent provided for in the aforementioned commitment letter having been fulfilled, on 28 March 2025 Poste Italiane tendered all the shares it held in Anima Holding.
Finally, it should be noted that during the offer period, which extended from 17 March to 4 April 2025, Banco BPM reached 89.95% of Anima's share capital, therefore the Tender Offer became fully effective. On 11 April 2025, Poste Italiane therefore collected EUR 267.2 million for its entire stake in Anima.
• Patrimonio Italia Logistica – SICAF S.p.A.
On 14 February 2025, the company Patrimonio Italia Logistica - SICAF S.p.A. in external management ("SICAF") was established - an investee of Poste Italiane S.p.A. and Dea Capital Real Estate Sgr S.p.A. ('DeA Capital') - to which Poste Italiane will contribute all the largest sites of the primary logistics network and a large portion of the intermediate network covering a total area of approximately 640,000 sqm. On 1 April 2025, the first capital increase of the SICAF was completed, subscribed by Poste Italiane through the contribution in kind of 47 properties worth approximately EUR 333 million, and by DeA Capital through a cash payment of EUR 9.5 million. Following this transaction, the share capital of the SICAF is held 97.2% by Poste Italiane and 2.8% by DeA Capital.
• Telecom Italia S.p.A.
On 15 February 2025, the Board of Directors of Poste Italiane S.p.A. resolved to acquire approximately 9.81% of the ordinary shares of Telecom Italia S.p.A. ("Tim") held by Cassa Depositi e Prestiti S.p.A. ("Cassa Depositi e Prestiti"). At the same time, the Board of Directors resolved to sell the entire stake held by Poste Italiane in Nexi S.p.A. ('Nexi') - equal to approximately 3.78% of the share capital - in favour of Cassa Depositi e Prestiti.
The consideration for the purchase of the TIM shares was recognised (i) partly through the proceeds from the transfer from Poste Italiane to Cassa Depositi e Prestiti of the equity investment in Nexi and (ii) partly through available cash.
On 26 March 2025, the Board of Directors of Poste Italiane S.p.A. resolved to acquire an additional 15% of Tim's ordinary shares held by Vivendi SE. The consideration for the purchase of the shares, amounting to EUR 684 million (at a price of EUR 0.2975 per share), was financed through available cash.
The transaction is subject to the suspensive condition of notification to the Italian Competition Authority, pursuant to the rules on the control of concentrations between companies. Following the completion of the transaction, expected by the first half of 2025, Poste Italiane will hold a total of 24.81% of the ordinary shares and 17.81% of the share capital in TIM.
On 7 May 2025, a Memorandum of Understanding (MOU) was signed between TIM and PostePay for the start of the switch to TIM's infrastructure for PostePay's voice and data services on 1 January 2026.
• Net holding S.p.A.
As resolved by the extraordinary shareholders' meeting of Net Holding S.p.A. ('Net Holding'), Poste Vita S.p.A. and IBL Banca S.p.A., and following the authorisations received from the regulatory authorities, during the quarter, the company Net Holding was liquidated in advance and the 97.8% stake it held in Net Insurance S.p.A. was proportionally assigned to the shareholders. On 8 April 2025, the company was struck off the Companies' Register.
OTHER MATERIAL EVENTS
• Purchase of treasury shares
In execution of the authorisation to purchase treasury shares resolved by the Shareholders' Meeting of Poste Italiane S.p.A. on 31 May 2024, on 7 April 2025 Poste Italiane S.p.A. commenced and concluded the third tranche of the treasury share purchase programme, with the purchase of a total of 688,942 treasury shares (equal to 0.053% of the share capital), at an average price of EUR 15.121024 per share, for a value of EUR 10,417,508.52. Following the closing of the third tranche of the programme, Poste Italiane S.p.A. held 12,181,546 treasury shares (equal to 0.933% of the share capital).
In addition, at the Board of Directors' meeting of 26 March 2025, Poste Italiane S.p.A. resolved to submit to the Ordinary Shareholders' Meeting, called for 30 May 2025, a proposal to authorise the purchase and subsequent disposal of treasury shares for a maximum of 2.6 million ordinary shares, representing approximately 0.20% of the share capital, for a total outlay of up to EUR 50 million.
***
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):
| 1Q 2025 | ||||
|---|---|---|---|---|
| SERVICES | FINANCIAL | INSURANCE SERVICES |
CONSOLIDATED ACCOUNTS |
|
| EBIT reported | 256 | 363 | 777 | |
| Systemic charges related to insurance guarantee fund |
4 | 15 | 19 | |
| EBIT adj | 260 | 378 | 796 |
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 4 April 2008 (Mathematical Provisions), 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.
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.
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):
| 1Q 2024 | 1Q 2025 | |||
|---|---|---|---|---|
| (dati in milioni di euro) | Postepay Services | Consolidated | Postepay Services | Consolidated |
| Accounting revenue from third parties | 470 | 3.136 | 538 | 3.337 |
| Costs for raw materials, system charges and electricity and gas transport of the energy business for third-party customers |
(91) | (91) | (140) | (140) |
| Management revenue from third parties | 379 | 3.045 | 398 | 3.198 |
| Accounting revenue from other sectors | 106 | 102 | ||
| Costs for raw materials, system charges and electricity and gas transport of the energy business for Group consumption |
(36) | (31) | ||
| Management revenue from other sectors | 70 | 71 | ||
| Accounting cost of goods and services | 290 | 896 | 336 | 970 |
| Costs for raw materials, system charges and electricity and gas transport of the energy business (for third-party customers and Group consumption) |
(127) | (91) | (171) | (140) |
| Management cost of goods and services | 163 | 805 | 165 | 830 |
Composition of net financial position* (€m):
| MAIL, PARCEL AND DISTRIBUTION |
FINANCIAL SERVICES |
INSURANCE SERVICES |
POSTEPAY SERVICES |
ADJUSTMENTS | CONSOLIDATED | |
|---|---|---|---|---|---|---|
| Balance at 31 March 2025 | ||||||
| Financial liabilities | 5,756 | 92,475 | 632 | 10,779 | (14,148) | 95,494 |
| Insurance contracts liabilities | - | - | 161,617 | - | (1) | 161,616 |
| Financial assets | (1,364) | (83,055) | (161,649) | (11,737) | 13,084 | (244,721) |
| Tax credits Law no. 77/2020 | (282) | (6,244) | - | - | - | (6,525) |
| Reinsurance contract assets | - | - | (320) | - | - | (320) |
| Cash and deposits attributable to BancoPosta |
- | (4,486) | - | - | - | (4,486) |
| Cash and cash equivalents | (910) | (362) | (5,277) | (62) | 1,045 | (5,567) |
| Net Financial Position* | 3,199 | (1,672) | (4,997) | (1,021) | (19) | (4,510) |
| Balance at 31 December 2024 | ||||||
| Financial liabilities | 4,866 | 91,256 | 949 | 10,879 | (13,865) | 94,085 |
| Insurance contracts liabilities | - | - | 162,410 | - | (1) | 162,408 |
| Financial assets | (1,121) | (81,404) | (163,134) | (11,640) | 12,761 | (244,538) |
| Tax credits Law no. 77/2020 | (282) | (6,723) | - | - | - | (7,005) |
| Reinsurance contract assets | - | - | (324) | - | - | (324) |
| Cash and deposits attributable to BancoPosta |
- | (4,290) | - | - | - | (4,290) |
| Cash and cash equivalents | (617) | (394) | (4,631) | (126) | 1,087 | (4,680) |
| Net Financial Position* | 2,846 | (1,555) | (4,730) | (887) | (18) | (4,344) |
* Net financial position: (Surplus) / Net debt
TABLES POSTE ITALIANE GROUP'S FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET (€M)
| ASSETS | 31 March 2025 | 31 December 2024 |
|---|---|---|
| (€m) | ||
| Non-current assets | ||
| Property, plant and equipment | 2,777 | 2,783 |
| Investment property | 26 | 26 |
| Intangible assets | 2,144 | 2,139 |
| Right-of-use assets | 1,203 | 1,187 |
| Investments accounted for using the equity method | 94 | 332 |
| Financial assets Trade receivables |
211,961 | 210,129 |
| Deferred tax assets | 2 2,479 |
2 1,997 |
| Other receivables and assets | 3,730 | 3,955 |
| Tax credits Law no. 77/2020 | 5,152 | 5,170 |
| Reinsurance contract assets | 320 | 324 |
| Total | 229,887 | 228,045 |
| Current assets | ||
| Inventories Trade receivables |
178 | 177 |
| Current tax assets | 2,063 229 |
2,076 197 |
| Other receivables and assets | 1,821 | 1,339 |
| Tax credits Law no. 77/2020 | 1,374 | 1,835 |
| Financial assets | 32,760 | 34,409 |
| Cash and deposits attributable to BancoPosta | 4,486 | 4,290 |
| Cash and cash equivalents | 5,567 | 4,680 |
| Total | 48,478 | 49,003 |
| Non-current assets and disposal groups held for sale | 306 | 50 |
| TOTAL ASSETS | 278,672 | 277,098 |
| LIABILITIES AND EQUITY | 31 March 2025 | 31 December 2024 |
| (€m) | ||
| Equity | ||
| Share capital | 1,306 | 1,306 |
| Reserves | 1,803 | 1,532 |
| Treasury shares | (109) | (109) |
| Retained earnings | 9,021 | 8,855 |
| Total equity attributable to owners of the Parent | 12,021 | 11,583 |
| Equity attributable to non-controlling interests | 131 | 127 |
| Total | ||
| 12,151 | 11,709 | |
| Non-current liabilities | ||
| Insurance contracts liabilities | 161,616 | 162,408 |
| Provisions for risks and charges | 499 | 526 |
| Employee termination benefits | 558 | 577 |
| Financial liabilities | 7,961 | 8,711 |
| Deferred tax liabilities | 1,363 | 897 |
| Other liabilities | 1,863 | 2,024 |
| Total | 173,861 | 175,144 |
| Current liabilities | ||
| Provisions for risks and charges | 697 | 557 |
| Trade payables | 1,831 | 2,097 |
| Current tax liabilities | 231 | 65 |
| Other liabilities | 2,368 | 2,151 |
| Financial liabilities Total |
87,533 92,660 |
85,374 90,244 |
CONSOLIDATED STATEMENT OF NET PROFIT (LOSS) (€M)
| (€m) | First quarter 2025 | First quarter 2024 |
|---|---|---|
| Revenue from Mail, Parcels & other | 949 | 934 |
| Net revenue from Financial Services | 1,409 | 1,335 |
| Revenue from Financial Services | 1,522 | 1,498 |
| Expenses from financial activities | (113) | (163) |
| Net revenue from Insurance Services | 442 | 397 |
| Insurance service revenues from contract issued | 749 | 673 |
| Insurance service expenses from contract issued | (315) | (287) |
| Income/(expenses) from reinsurance contracts held | (6) | (6) |
| Finance income and (expenses) and other income | 543 | 1,680 |
| Insurance finance (costs)/income from contracts issued | (530) | (1,666) |
| Finance income/(costs) from reinsurance contracts held | 2 | 2 |
| Revenue from Postepay Services | 538 | 470 |
| Net operating revenue | 3,337 | 3,136 |
| Cost of goods and services | 970 | 896 |
| Personnel expenses | 1,291 | 1,275 |
| Depreciation, amortisation and impairments | 228 | 201 |
| Capitalised costs and expenses | (16) | (14) |
| Other operating costs | 76 | 61 |
| Impairment losses/(reversals of impairment losses) on debt instruments, receivables and other assets |
13 | 12 |
| Operating profit/(loss) | 777 | 706 |
| Finance costs | 33 | 34 |
| Finance income | 72 | 44 |
| Impairment loss/(reversal of impairment losses) on financial asset | (0) | 0 |
| Profit/(Loss) on investments accounted for using the equity method | 8 | 7 |
| Profit/(Loss) before tax | 824 | 723 |
| Income tax expense | 227 | 222 |
| NET PROFIT FOR THE PERIOD | 597 | 501 |
| of which attributable to owners of the Parent | 593 | 498 |
| of which attributable to non-controlling interests | 5 | 3 |
| Earnings per share | 0.458 | 0.384 |
| Diluted earnings per share | 0.458 | 0.384 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (€M)
| (€m) | First quarter 2025 | First quarter 2024 |
|---|---|---|
| Unrestricted net cash and cash equivalents at beginning of the period | 1,987 | 1,635 |
| Restricted net cash and cash equivalents at beginning of the period | 2,693 - |
2,576 - |
| Cash and cash equivalents at beginning of the period | 4,680 | 4,211 |
| Result for the period | 597 | 501 |
| Depreciation, amortisation and impairments | 248 | 219 |
| Losses and impairments losses/(reversal of impairment losses) on receivables | 12 | 12 |
| (Gains)/Losses on disposals | (1) | (1) |
| (Increase)/decrease in inventories | (1) | (1) |
| (Increase)/decrease in receivables and other assets | (447) | 402 |
| Increase/(decrease) in payables and other liabilities | 101 | (401) |
| Change in tax credits Law no. 77/2020 | 0 | - |
| Change in provisions for risks and charges | 113 | 38 |
| Change in employee termination benefits and provision for retirement benefits | (19) | (23) |
| Difference in accrued financial expenses and income (cash adjustment) | (9) | 21 |
| Other changes | 64 | 88 |
| Net cash flow from/(for) non-financial operating activities | 659 | 855 |
| Increase/(Decrease) in liabilities attributable to financial activities, payments, cards and acquiring and insurance |
3,689 | (1,979) |
| 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 |
(5,154) | 2,497 |
| (Income)/Expenses and other non-cash components | 879 | (1,731) |
| Increase/(decrease) in net insurance contracts liabilities | 1,051 | 1,644 |
| Cash generated by/(used for) financial assets and liabilities attributable to financial activities, payment, cards and acquiring and insurance |
465 | 432 |
| Net cash flow from/(for) operating activities | 1,124 | 1,287 |
| Investing activities | ||
| Property, plant and equipment, investment property and intangible assets | (177) | (81) |
| Other financial assets | (417) | (1) |
| Disposals | ||
| Property, plant and equipment, investment property and intangible assets and assets held for sale | 2 | 2 |
| Other financial assets | 237 | 5 |
| Investment in consolidated companies, net of cash acquired | - | 0 |
| Net cash flow from/(for) investing activities | (354) | (75) |
| Proceeds from/(Repayments of) borrowings | 117 | 40 |
| Net cash flow from/(for) financing activities and shareholder transactions | 117 | 40 |
| Effect of exchange rate fluctuations on cash and cash equivalents | (0) | 0 |
| Net increase/(decrease) in cash | 887 | 1,251 |
| Cash and cash equivalents at end of the period | 5,567 | 5,462 |
| Restricted net cash and cash equivalents at the end of the period | (3,772) | (3,194) |
| Unrestricted net cash and cash equivalents at end of the period | - 1,796 |
- 2,267 |
Poste Italiane presents its quarterly financial reports on a voluntary basis, with a focus on business highlights in compliance with art. 82-ter of the CONSOB Issuers Regulations (as amended by CONSOB Resolution no. 19770 of 26 October 2016), which gives listed companies whose Member State of origin is Italy, the faculty to voluntarily publish additional periodic financial information besides their annual and half-yearly reports.
The document containing the Interim Financial Report as of 31 March 2025 will be published by 15 May 2025, 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" (), 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 31 March 2025.
Rome, 8 May 2025
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 Group.
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 performance 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 limited 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 financial 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.1130-30-2025 | Numero di Pagine: 28 |
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