Poste remains largely unchanged following the results, but analysts are optimistic about the future
First-half results exceed expectations; focus on strategy
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(Il Sole 24 Ore Radiocor) - The market has reacted cautiously to the first-half results of Poste Italiane for the first half of the year: the share price, which experienced sharp fluctuations early on, initially falling (to a low of 26.81 euros), then rose (to a high of €27.33), is currently trading just above par (+0.15%) at €27.18 per share, whilst the FTSE MIB is trading higher.
Despite the cautious reaction from investors, the company led by Matteo Del Fante ended the half-year with record revenue of 6.8 billion, up 6 per cent year-on-year, driven by sustained growth across all business areas. Adjusted operating profit (EBIT) stood at 1.8 billion, up 7 per cent; net profit was 1.2 billion, up 4 per cent. The company also confirmed its standalone guidance and dividend policy for the full financial year. Furthermore, Poste has agreed with CDP the term sheet for the new agreement on the distribution of postal savings for the period 2027–2030, which ‘further strengthens visibility on future economics’, the company announced.
As for the second quarter, Poste reported adjusted EBIT of €868 million, a solid 3 per cent above consensus estimates; the group’s revenue stood at €3.4 billion, 1 per cent above consensus estimates, with costs slightly higher (up 1 per cent); net profit (excluding the stake in TIM) of €594 million was 4 per cent higher than consensus expectations and ‘continues to highlight the strength of Poste Italiane’s standalone business’, as Citi analysts point out. In terms of the balance sheet, total financial assets rose to €613 billion (up 1% compared with the first quarter of 2026) and the solvency ratio remains solid at 303 per cent.
Overall, this is a result that is ‘well above expectations’, both in terms of revenue and adjusted EBIT, according to experts, who point out that, whilst the confirmation of the forecasts for the 2026 financial year was expected, ‘it is likely that these forecasts will be easily exceeded, given the excellent results already achieved in the first half of the year’.
The focus is now primarily on strategy: Poste Italiane has, in fact, taken the opportunity presented by its second-quarter 2026 results to provide further details on the next phase of its platform strategy, centred on streamlining the group into a new “Financial Hub”, the reorganisation of the branch network according to a hub-and-spoke model, the expansion of artificial intelligence in customer interactions and internal processes, and the signing of the new 2027–30 agreement for Postal Savings with CDP.
