Poste, quarter still up ahead of Tim's Opas

The Poste Italiane group wants to impress again. also to convince the market that the growth prospects with the Opas on Tim are solid. The first three-month numbers approved by the board of directors show revenues up 8 per cent to EUR 3.5 billion, driven by all business divisions. Operating profit came in at EUR 905 million, up 14 per cent, partly as a result of continued cost containment efforts amid a recovery in inflation. Costs rose by 4.9 per cent to EUR 2.8 billion, also due to "higher variable remuneration and salary increases under the labour contract". Net profit is up 3 per cent, to EUR 617 million. Net inflows from investment products amounted to 1.7 billion, while progress in digital payments outpaced the market. As a result of the numbers achieved, Poste Italiani is able to announce an upward revision of the year-end operating result, which rises from EUR 3.3 billion to EUR 3.4 billion. The new stand-alone business plan will be presented on 24 July, presumably just before the Opas on Tim. "This is the fourth consecutive quarter ended with record results," stressed the group's CEO, Matteo Del Fante.

Looking at the various segments in detail, the first quarter figures show revenues from mail, parcels and distribution up 5.7 per cent to 1 billion. Revenues from letter mail remained down by 2.8 per cent at EUR 505 million, in line with the trend expected for 2026. The operating result for the entire segment was up 71.2 per cent to EUR 43 million. Net profit was down 63 per cent to EUR 11 million. Parcel and logistics revenue increased by 15.2 per cent to EUR 453 million. Total parcel volumes rose to 89 million (+14.6 per cent). The average parcel rate dropped by 2.9 per cent, reflecting higher volumes distributed among customer segments. The share of parcels delivered by postmen rose to 43 per cent.

In financial services, asset and securities portfolio management increased significantly. Overall, the segment's revenues rose by 10 per cent, to EUR 1.55 billion, while profit grew by 18 per cent, to EUR 228 million. All this despite the fact that net interest income fell by 1.2 per cent, to 658 million, reflecting the fall in interest rates but performing better than expected. Revenues in the insurance sector rose by 6.1 per cent, although profit in the segment fell slightly (-3.6 per cent to EUR 265 million).

Postepay's service revenues rose by 6.8%. to €425m; digital payment revenues increased by 4.5% to €297m. Revenues from tlc services remained stable at EUR 82 million (-0.2%), thanks in part to the migration of customers to the Tim mobile network infrastructure completed in April.

Poste Energia's electricity and gas offerings reached EUR 46 million in revenue, driven by a customer base that rose to 1.1 million. The segment's operating result amounted to 153 million (+15.1%). For the group, the 'solid progression of revenues and operating result is fully visible, ahead of the integration of the financial pole'.