Poste Italiane: parcel volumes’ recovery in Q3 combined with lower costs contributed to positive EBIT
Poste Italiane has published its Q3 results with full year guidance upgraded.
- Full-year 2022 guidance upgraded: ebit to €2.3bn, more than doubling the level reached in 2017
- Solid results support interim dividend of €0.210 on 2022
- Results to be paid on November 23
- Q3-22 sustainable revenue growth (+4.3% y/y) with positive underlying mix across all business units
- Strong Q3-22 EBIT, up 17.1% y/y to €663m reaching record high level of €2.1bn in 9m-22 (up 27.2% y/y), with all segments improving y/y, already ahead fy-22 original guidance
- Net profit strongly up 15.0% to €461m in q3-22 (up 21.4% to €1.4bn in 9m-22)
- Parcel revenues recovering – positive segment ebit for the third quarter in a row
- Financial services revenues supported by higher recurring net interest income
- Strong revenue growth in insurance services thanks to strong contribution from life up 23% to €460m in q3-22 and p&c up 19% to €116m in 9m-22
- Strong revenue growth across all business lines in payments & mobile
- Relentless focus on cost discipline to ensure long-term profitability and mitigate inflationary pressures
- Lis successful acquisition already strengthening payment leadership and accelerating group omnichannel strategy
Matteo Del Fante, Poste Italiane CEO and General Manager, commented: “Thanks to continued business momentum across all Group divisions and the successful implementation of 24SI Plus, Poste Italiane has delivered yet another solid financial performance in the third quarter, with revenues strongly rising year-on-year and a record EBIT for the nine months of the year, almost doubling that of 2017.
The key to our success relies on enabling growth engines within each business unit, combined with a continued cost discipline, providing additional flexibility to adapt to a changing macro context.
We are very proud of our achievements in the Mail, Parcel & Distribution division, where, in a challenging market environment, parcel volumes’ recovery in Q3 combined with lower costs contributed to positive EBIT for the third quarter in a row.
Financial Services revenues were stable in the quarter thanks to the recurring contribution from Net Interest Income, benefitting from the favourable interest rates environment.
Insurance Services revenues recorded a remarkable double-digit growth with solid contribution from both life and non-life products.
Payments & Mobile revenues strongly increased with double digit growth, supported by card payments with the Group already leveraging on LIS consolidating PostePay’s leadership
within the payment business and accelerating Group omnichannel strategy.
On the basis of these solid results and confident that our ‘24SI’ Plan implementation is progressing, we upgraded our 2022 EBIT guidance. We are now expecting operating profit for 2022 to reach €2.3 billion, compared to our original target of €2.0 billion, reflecting the strong performance year-to-date and enabling us to distribute an interim dividend of €0.21 per share. Our long-term vision is supported by the commitment of our employees and the successful execution of our 24SI Plan. Poste Italiane is well positioned to continue to deliver, even in a complex market