Poste Italiane presented the results for the first quarter of 2026, which closed with revenues of 3.5 billion euros, up 8% on an annual basis, with an adjusted operating result (EBIT) of 905 million (+13.6%) and a net profit of 617 million (+3.3%).
Total costs rose by 4.9% to 2.8 billion: ordinary personnel costs stood at 1.5 billion (+1.4%), reflecting contractual increases and greater variable remuneration, while non-HR costs grew by 10.3% to 1.2 billion.
Solid capital position with a Total Capital ratio of Bancoposta at 24.4% (of which CET 1 ratio equal to 20.9%), Leverage ratio equal to 3.3% and Solvency ratio of the Poste Vita insurance group equal to 294%.
Performance of the divisions
Revenues from third parties in the Mail, Parcels and Distribution segment stood at 1 billion (+5.7%): correspondence fell by 2.8% to 505 million, while parcels and logistics grew by 15.2% to 453 million, with volumes equal to 89 million pieces (+14.6%). Financial Services generated revenues from third parties of 1.6 billion (+10.5%), with an interest margin of 658 million (-1.2%) and active management of the securities portfolio which contributed 166 million. Insurance Services reached 469 million in revenues (+6.1%), with the Life and Pension Investments sector at 423 million and Protection at 46 million. Postepay Services closed the quarter at 425 million (+6.8%), driven by payments (297 million, +4.5%) and the Poste Energia retail offering (46 million, with around 1.1 million customers).
Collection and heritage.
Customers’ Invested Financial Assets reached 606 billion, up by 5.3 billion compared to December 2025, with net collections in investment products amounting to 1.7 billion. The Solvency II ratio of the Poste Vita Insurance Group stood at 294%, while the Total Capital Ratio of BancoPosta was 24.4% (CET1 at 20.9%). The Contractual Service Margin stood at 13.8 billion.
Guidance and industrial plan
In light of the quarter’s performance and a more favorable interest rate environment, the Group has revised its 2026 adjusted EBIT guidance upwards, bringing it to 3.4 billion euros. The new standalone 2026-2030 industrial plan will be presented on 24 July 2026, at the same time as the second quarter results.
TIM operation
The timing of the voluntary public purchase and exchange offer on TIM has been confirmed, launched on 22 March 2026, with closing expected by the end of 2026. The consideration includes a cash component of 0.167 euros and 0.0218 newly issued Poste Italiane shares for each TIM share, for a total value of 10.8 billion and a premium of 9.01% on the price of 20 March 2026. According to the company, the operation will have an accretive effect on EPS from 2027, double-digit from 2028, with fully operational synergies estimated at 0.7 billion per year and pro-forma financial leverage expected at 1.4 times EBITDA after lease by the end of 2026.
