Our 2024-2028 strategic plan reshapes our business to best seize growth opportunities. There are two points at the centre of our strategy: a new commercial service model that maximises the value of our platform, and a transformation of our logistics to create a technological network increasingly oriented towards parcel management. In this way, we intend to ensure the financial sustainability of the mail and parcel business.
"Poste Italiane’s transformation journey started back in 2017 with a simple ambition: to maximise value for our clients and be the most effective and trusted distribution network in Italy. We have gone beyond that and established ourselves as the largest phygital platform in Italy, thriving on the integration of multiple touchpoints and creating an omnichannel ecosystem where each portion of the platform complements the other."
- Matteo Del Fante, CEO -
Carbon Neutrality
Continuing the Group's path towards carbon neutrality by 2030, we have set new targets to enhance long-term visibility. We will decarbonize the investment portfolio, with the target of Net Zero by 2050.
New Commercial Service Modal
The new model will optimize retail customer coverage and transform the post office from a transactional to a relational space. Additionally, we will renew our focus on SME clients
Logistic Transformation
We will transform the postal network into an increasingly parcel focused one, develop a joint venture with a specialized logistic real-estate partner for the parcel business and new warehouses for contract logistics, leveraging technology to improve customer experience and operational efficiency.
A brand new superapp
ncorporating the new payment wallet, the SuperApp will be fully customized to client's individual profiles. Thanks to cutting-edge technology and Artificial Intelligence it will be a unique access point to Poste Italiane's ecosystem..
Polis Project
In order to further support Italy's social and economic cohesion and reduce the digital divide, by 2026, about 7.000 post offices in small municipalities will be transformed into digital service hubs and access points for Public Administration services. Additionally, 250 co-working sites will be made available to citizens.
The Connecting Platform Strategic Plan 2024-2028 foresees the transformation of the commercial service model and logistics.
Main strategic highlights:
- New commercial service model
The new model will optimize retail customer coverage and transform the post office from a transactional to a relational space. Additionally, we will renew our focus on SME clients. - Logistics transformation
We will transform the postal network into an increasingly parcel focused one, develop a joint venture with a specialized logistic real-estate partner for the parcel business and new warehouses for contract logistics, leveraging technology to improve customer experience and operational efficiency. - A brand new SuperApp
Incorporating the new payment wallet, the SuperApp will be fully customized to client’s individual profiles. Thanks to cutting-edge technology and Artificial Intelligence it will be a unique access point to Poste Italiane's ecosystem. - Polis Project
In order to further support Italy’s social and economic cohesion and reduce the digital divide, by 2026, about 7.000 post offices in small municipalities will be transformed into digital service hubs and access points for Public Administration services. Additionally, 250 co-working sites will be made available to citizens. - Carbon Neutrality
Continuing the Group’s path towards carbon neutrality by 2030, we have set new targets to enhance long-term visibility. We will decarbonize the investment portfolio, with the target of Net Zero by 2050.
2028 Group Financial Target
|
€ bn
(€bn unless otherwise stated)
|
2023 | 2024 | 2026 | 2028 |
CAGR
23 - 28
|
| REVENUE | 11.99 | 12.0 | 12.7 | 13.5 | +c.3%1 |
| EBIT2 | 2.62 | 2.7 | 2.9 | 3.2 | +c.4% |
| NET PROFIT | 1.93 | 1.9 | 2.0 | 2.3 | +c.4%3 |
1 2023 numbers exclude sennder and Covid related mandate for a total of 0.2bn for the computation of the CAGR;
2 Excluding systemic charges related to insurance guarantee fund, on average c.80m per annum over the plan period;
3 2023 numbers exclude sennder and one-off bonus for the computation of the CAGR
€5 bn group funded capex over the business plan
1. Information & Communication Technology related projects
2. c.65% funded by the Italian government’s Complementary Fund of the National Recovery and Resilience Plan;
3. c.0.1bn in 2023 and c.1.1bn across 2024-’26 (c.0.4bn of the total 1.1bn is self-funded)
Dividend policy
| €bn (unless otherwise stated) | 2023 | 2024 | 2026 | 2028 | CAGR 2023-2028 |
|
DIVIDEND PER SHARE (€) |
0.80 |
|
≥1.0 |
|
+c.7% |
| DIVIDEND PAYOUT | 54% | ≥65% over the plan | |||
Our ESG new targets
We are renewing our fleet, which by the end of 2024 will include about 27,800 low-emission vehicles. To support the decarbonization of our logistics, we have also instituted a “Green Index” environmental footprint calculator that by the end of the year will track every stage of the logistics chain.
Among other initiatives working towards our ESG targets, we are striving to decarbonize our investment portfolio, promote sustainability throughout our supply chain, introduce co-friendly payment cards and SIM cards, and implement a rewards system to encourage virtuous behaviours among our customers.
Our strategy by business area
FROM MAIL TO A SUSTAINABLE END TO END LOGISTICS OPERATOR
2028 Financial Objectives
| € bn (€bn unless otherwise stated) |
2022 | 2023 | 2024 | 2026 | 2028 | CAGR 23-28 |
|
| SEGMENT REVENUES | 3.65 | 3.75 | 3.7 | 3.8 | 3.9 | +1% | |
| MAIL REVENUES | 2.07 | 2.07 | 2.0 | 1.8 | 1.6 | (5%) | |
| PARCEL & LOGISTICS REVENUES | 1.40 | 1.40 | 1.5 | 1.7 | 2.0 | +7% | |
| EBITDA |
|
||||||
| EBIT | (0.33) | (0.04) | 0.0 | 0.0 | 0.11 | n.s. | |
1 of which (0.3) transformation d&a and early retirements.
2028 Operational Objectives
- Warehouse Capacity Expansion in the Contract Logistics sector: we will almost double our capacity, expanding from 230,000 square meters in 2023 to 400,000 square meters by 2028, by developing warehouses that adhere to ESG standards.
- Enhanced Delivery Services: implement micro-fulfilment services for merchants to offer 4-hour delivery options.
- Pick-Up & Drop-Off (PUDO) Network Expansion: expand the PUDO network to approximately 40,000 units, up from 28,000 in 2023, including an increase in lockers (2,000 by 2028), through a joint venture with DHL.
- Increased PUDO Network Accessibility: The population coverage index for the PUDO network (i.e., accessibility within a 2.5 km radius) will exceed 98% (up from 95% in 2023), reducing travel by 8 million kilometres.
- Sustainability in Operations: achieve a 40% reduction in waste materials at logistics centres by 2028.
- New business development: the strategic plan aims to deliver a revenue growth of €700 million, across two areas (parcels and logistics), supported by technology enablers, sustainability initiatives, and real estate development.
- Real Estate Development Joint Venture: establish a joint venture with a specialized real estate operator to meet the increasing demand for logistics spaces.
We will leverage favourable macroeconomic and market trends, including the closure of bank branches in small municipalities, directing the financial needs of retail customers and small and medium-sized businesses in those municipalities towards post offices.
The main strategic actions include:
- Strengthen Savings and Investments: attract new liquidity through digital channels and rebalance client investments to optimise their risk/reward profile.
- Expand Consumer Loans: improve approval rates and broaden partnerships.
- Enhance Micro and Small Business Services: benefit from a comprehensive product offering and increase points of contact through the retail network and digital platforms.
2028 Financial Objectives
| € bn (€bn unless otherwise stated) |
2022 | 2023 | 2024 | 2026 | 2028 | CAGR 23-28 |
| GROSS REVENUES | 5.76 | 6.09 | 6.1 | 6.5 | 7.0 | +3% |
| EBIT1 | 0.89 | 0.86 | 0.8 | 0.8 | 0.9 | 0% |
| TFA | 576 | 581 | → | 624 | >1% | |
1. Excluding systemic charges related to insurance guarantee fund, currently estimated at c.20m on average per year over the plan period.
2028 Operational Objectives
- Invested Financial Assets: Increase total financial assets to €624 billion, up from €581 billion in 2023.
- Loan Volumes: the target for 2028 is €4.3 billion, up from €3.3 billion in 2023. Personal loan volumes are expected to rise to €3.4 billion, driven by greater customer engagement, an improved digital experience, and higher approval rates from our network of banking partners. The volumes of salary or pension-backed loans will reach €0.9 billion , compared to €0.7 billion in 2023.
- SMEs: expand the number of current accounts to 400,000, up from 278,000 in 2023, with an average balance of €11,000 per account, an increase from €8,400 in 2023. This growth will be driven by a renewed commercial focus, an advanced service platform, and a new service model. Specifically, 400 new "Sportelli Business Punto Poste" will be established in major post offices with dedicated advisors.
- Investment Portfolio Revenues: grow investment portfolio revenues to €2.5 billion (€2.4 billion in 2023), thanks to effective management that will generate higher revenue. Proactive portfolio management will aim to stabilise medium/long-term returns, guaranteeing flexibility to adapt to different market conditions.
We will leverage the growing demand for personal insurance products, which is being fuelled by the progressive aging of the population, changes in lifestyle and the limited market penetration in Italy compared to other developed markets.
2028 Financial Objectives
| € bn | 2023 | 2024 | 2026 | 2028 | CAGR 23-28 |
| SEGMENT REVENUES | 1.6 | 1.6 | 1.8 | 1.9 | +4% |
|
LIFE INVESTMENTS & PENSION
|
1.4 | 1.4 | 1.5 | 1.6 | +3% |
|
PROTECTION
|
0.1 | 0.2 | 0.2 | 0.3 | +15% |
| EBIT1 | 1.4 | 1.4 | 1.5 | 1.6 | +3% |
| NET INCOME | 1.0 | 0.9 | 1.0 | 1.1 | +2% |
1 Excluding systemic charges related to the new insurance guarantee fund currently estimated at c.60m on average per year over the plan period.
- Technical Investment Reserves: we expect to reach more than €180 billion at the end of the plan (157 billion in 2023).
- Share of insurance investment products compliant with art. 8 of the Sustainable Finance Disclosure Regulation (SFDR): 100% by the end of 2024.
- Protection Premiums: our goal is to reach no less than €1.5 billion (€0.8 billion in 2023), thanks to the increase in demand and the low penetration of protection products in the Italian market.
- Solvency II Ratio: during the period of the plan, the ratio will decline from 307% in 2023 to just above 200%, providing a substantial buffer to cushion any market volatility.
Postepay services today are an open payments ecosystem centred on digital payments to which home and family services have been added, such as fibre and energy, to take advantage of Poste Italiane's omnichannel platform.
The Postepay ecosystem has considerable growth potential because of the low penetration of digital payments in Italy compared with European standards and thanks to its unique market positioning in the sector.
The value of the transaction will grow faster than the market thanks to the strong e-commerce presence.
To grow, we will leverage our large and loyal customer base and, in particular, 10 million cards with a Postepay Evolution IBAN.
In telecommunications services, Postepay is ready to exploit emerging opportunities created by the expansion of demand for fibre connections across the country. Postepay will also strengthen its position in the mobile sector through the extension of the Postepay Connect model. Finally, in the energy sector that was successfully launched in 2023, Postepay will use a non-aggressive sales method to exploit an innovative and transparent offering.
2028 Financial Objectives
|
€ bn
(€bn unless otherwise stated)
|
2022 | 2023 | 2024 | 2026 | 2028 | CAGR 23-28 |
| SEGMENT REVENUES1 | 1.13 | 1.45 | 1.6 | 1.9 | 2.2 | +9% |
| EBIT | 0.38 | 0.44 | 0.5 | 0.6 | 0.7 | +9% |
| NET PROFIT | 0.27 | 0.34 | 0.4 | 0.4 | 0.5 | +8% |
1 Revenues are restated net of commodity price and pass-through charges of the energy business.
2028 Operational Objectives
- New contracts: our goal is to have 15 million new contracts by the end of the plan – including for cards, mobile phones, fixed and fibre connections, energy and gas – thanks to the unique sales proposal that integrates payments, telephony and energy.
- Wallets: there will be 16 million digital payment wallets by the end of the plan, compared with 12 million in 2023.
- Transactions: total value will exceed €130 billion at the end of the plan (€80.3 billion in 2023), with a boost coming from e-commerce, which will reach €42 billion (€24.3 billion in 2023).
- Number of transactions: will rise to 4.6 billion (2.7 billion in 2023), with the number of e-commerce transactions at 1.1 billion (0.6 billion in 2023).
- Telephone lines (mobile, fixed and fibre): the target at the end of the plan is to have 5.5 million (4.7 million in 2023).
- Energy offer: the number of contracts will reach 2.5 million (350,000 in 2023).
Postepay intends to contribute to the green transition of the Group and the country, with mechanisms that reward the most eco-conscious customers.
Targets achievements
We have a consolidated track record of exceeding our financial targets.
| € BN UNLESS OTHERWISE STATED | 2017 | 2018 | 2019 | 20204 | 2021 | 20221 | 2023 |
|---|---|---|---|---|---|---|---|
| Revenues 2 |
|
|
10.96
|
10.53
|
11.22
|
|
|
| Ebit |
1.12
|
|
|
|
1.85
|
|
|
| Net profit 3 |
0.69
|
|
|
|
1.58
|
|
|
| DPS (€) |
0.42
|
0.44
|
0.46
|
|
|
|
|
| Achieved |
|
1 2022 numbers are restated for IFRS17
2 Revenues exclude commodity price and pass-through charges related to the energy business. 2017-’19 revenues are restated net of interest expenses and capital losses on investment portfolio;
3 0.76bn excluding write-off of 0.07bn for 2017; 1.01bn excluding positive tax one-offs of 0.39bn for 2018; 1.23bn excluding SIA stake revaluation and positive tax one-offs of
0.11bn for 2019; 1.11bn excluding positive tax one-offs of 0.1bn for 2020; 1.33bn excluding Nexi stake revaluation and positive tax one-offs of 0.25bn for 2021.
4 Impacted by Covid-19
5 Proposed
Documentation
- Capital Markets Day 2018 - Presentation
- Capital Markets Day 2019 Full Presentation
- Press release - Poste Italiane: Q4 & FY-23 Preliminary Results
- Presentation - Poste Italiane: Q4 & FY-23 Preliminary Results
- Capital Markets Day 2024
- Capital Markets Day 2023
- 2024 Sustain & Innovate Presentation (Capital Markets Day 2021)
- Capital Markets Update - 2019 Results & 2020 Guidance
- Poste Italiane - Deliver 2022