Poste Italiane Q3: solid performance across all segments

Today, Poste Italiane has approved the results for the third quarter of 2024, revealing another set of strong results.

Q3 highlights include:

• Record Nine-Month Group Revenues: Poste Italiane reported revenues of €9.2 billion for the first nine months of 2024, marking an 8.0% year-over-year growth, with €3.1 billion in Q3 alone (+9.6% year-over-year). This growth underscores its position as a leading platform company in Italy.
•  Robust Adjusted EBIT: Adjusted EBIT reached €2.3 billion in the nine-month period, reflecting a 17.8% year-over-year increase, with €789 million in Q3 (+46.4% year-over-year). This performance highlights effective cost discipline and inflation mitigation efforts, supporting ongoing growth.
• Strong Net Profit Growth: Net profit for the first nine months was €1.6 billion, with €569 million generated in Q3.
•  All Business Units Contributing: Every segment contributed to overall revenue growth. Mail, Parcel, and Distribution services performed above expectations, driven by double-digit growth in parcel volumes and resilience in mail revenues.
•  Solid Financial Services Performance: Supported by strong Net Interest Income (NII) and positive trends across commercial products, the Financial Services unit continues to deliver stable revenue.
• Investment and Retail Growth: Total Financial Assets (TFAs) rose by €12 billion year-to-date, boosted by robust demand for investment products and stable retail deposits.
• Insurance and Payment Services Expansion: Poste Italiane saw growth in life net inflows and protection insurance volumes, while its PostePay services demonstrated leadership in e-commerce, reinforcing the PostePay ecosystem’s effectiveness.

Additionally, Poste Italiane has declared an interim dividend of €0.33 per share (equivalent to €427 million) to be paid on November 20, aligning with its full-year net profit guidance of €2 billion and a new payout-based dividend policy.

Commenting on the results, Matteo Del Fante, Poste Italiane Chief Executive Officer, stated: “Today we have yet again reported another strong set of results, further demonstrating the ability of our unmatched platform company to deliver strong and sustainable profitability and cash generation, with solid performance across all segments and positive trends confirmed in Q3-24. We’ve continued generating profitable growth year-to-date, with an Underlying revenue growth of 8% in the first nine months. Focusing on revenues, at €9.2 billion, they are the best nine-month revenue figure we have ever reported. Cost discipline remains a core focus as we continue to successfully mitigate inflationary impacts, while investing in business growth.”