Poste Italiane FY-24 Preliminary Results & 2025 Strategy UpdateThe Board of Directors of Poste Italiane S.p.A. chaired by Silvia Maria Rovere, met today and approved the preliminary 2024 Results, prepared in compliance with IAS/IFRS, and the 2025 Strategy update.

 

¹ Adjusted excluding systemic charges related to insurance guarantee fund (€74m p.a. for 2024 and 2025) and costs and proceeds of extraordinary nature (€341m charge related to tax credit Voluntary Risk Assessment “VRA”).

² 2024-2028 Strategic Plan “The Connecting Platform” presented in March 2024.
 

2024 GROUP FINANCIAL HIGHLIGHTS
 

• FY-24 RECORD GROUP REVENUES³ AT €12.6BN, UP 5.0% Y/Y (€3.4M IN Q4-24, +5.5% Y/Y), DRIVEN BY ALL BUSINESS UNITS AND REFLECTING A 3.0% CAGR FROM 2017 TO 2024:
  • MAIL, PARCEL & DISTRIBUTION EXTERNAL REVENUES AT €3.8N IN FY-24, + 2.6% Y/Y (€1.0BN IN Q4-24, + 5.5% Y/Y).
  • FINANCIAL SERVICES GROSS REVENUES AT €6.4BN IN FY-24, +5.7% Y/Y (€1.7BN IN Q4-24, +9.2% Y/Y).
  • INSURANCE SERVICES EXTERNAL REVENUES AT €1.6BN IN FY-24, +4.7% Y/Y (€0.4BN IN Q4-24, -2.5% Y/Y).
  • POSTEPAY SERVICES EXTERNAL REVENUES³ AT €1.6BN IN FY-24, +9.5% Y/Y (€0.4BN IN Q4-24, +7.3% Y/Y).

 

• FY-24 TOTAL COSTS³ AT €10.0BN, UP +7.2% Y/Y (€3.0BN IN Q4-24, UP 13.7% Y/Y):
  • FY-24 ORDINARY HR COSTS⁴ AT €5.5BN, UP +3.0% Y/Y (€1.4BN IN Q4-24, +2.6% Y/Y), REFLECTING THE SALARY INCREASES OF THE PREVIOUS AND NEW LABOUR AGREEMENTS, AS WELL AS HIGHER VARIABLE COMPENSATION REWARDING STRONG COMMERCIAL RESULTS AND IN LINE WITH PLAN.
  • FY-24 NON-HR COSTS^4,5 TO €4.5BN, UP +8.4% Y/Y (€1.3BN IN Q4-24, +12.1% Y/Y) AS A RESULT OF HIGHER BUSINESS VOLUMES WHILE EMBEDDING INFLATION IMPACT AND IN LINE WITH PLAN.

• FY-24 ADJUSTED¹ EBIT AT €2.96BN, UP 13.0% Y/Y, c.3X THE 2017 LEVEL, MATERIALLY EXCEEDING LATEST GUIDANCE OF €2.8BN AND REFLECTING A 15% CAGR FROM 2017 TO 2024.
• FY-24 NET PROFIT AT €2.0BN, UP 4.1% Y/Y, POSTING A +17% CAGR SINCE 2017.
• GROUP CLIENT TFAs REACHED €590BN, UP €10BN FROM DECEMBER 2023: €5.2BN POSITIVE NET FLOWS IN INVESTMENT PRODUCTS (INCLUDING MUTUAL FUNDS AND LIFE INVESTMENTS & PENSION). IMPROVING POSTAL SAVINGS FLOWS Y/Y, SUPPORTED BY SUCCESSFUL NEW COMMERCIAL INITIATIVES, WITH €9BN INFLOWS OF PREMIUM PRODUCTS.
• STRONG CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 22.7% (OF WHICH CET1 RATIO AT 19.4%), LEVERAGE RATIO AT 3.3% AND POSTE VITA GROUP SOLVENCY II RATIO AT 334%, MATERIALLY ABOVE MANAGERIAL AMBITION OF AROUND 200% THROUGH THE CYCLE.

 

³ Numbers are restated net of commodity price and pass-through charges of the energy business.
⁴ Before the application of IFRS 17.
⁵ Excluding other non-HR costs. Numbers are restated net of commodity price and pass-through charges of the energy business.
 

POSTE ITALIANE 2025 STRATEGY UPDATE
2025 GROUP FINANCIAL TARGETS
 

€m	FY-2017	FY-2024	FY-2025 (€bn)
Revenues*	10,572	12,589	12.8
Adjusted (EBIT)**	1,123	2,961	3.1
Net Profit	689	2,013	2.1
DPS (€)***	0.42	1.08	-
DIVIDEND PAYOUT	80%	70%	70%

* Revenues and costs are restated net of commodity price and pass-through charges of the energy business.
** Adjusted excluding systemic charges related to insurance guarantee fund (€74m p.a. for 2024 and 2025) and costs and proceeds of extraordinary nature (€341m charge related to tax credit Voluntary Risk Assessment “VRA”).
*** Proposed Dividend for FY-24.

KEY NUMBERS:
 

• REVENUES: 2025 GUIDANCE OF €12.8BN VS. €12.6BN IN 2024 DEMONSTRATING A SUSTAINABLE, RESILIENT GROWTH TRAJECTORY.
• ADJUSTED EBIT: 2025 GUIDANCE OF €3.1BN VS €2.96BN IN 2024.
• NET PROFIT: 2025 GUIDANCE OF €2.1BN VS €2.0BN IN 2024.
• PAYOUT RATIO TARGET INCREASED TO 70% FROM PREVIOUS ≥65% SET IN MARCH 2024, DRIVEN BY STRONG STRATEGIC EXECUTION ACROSS ALL BUSINESS AREAS, REAFFIRMING CONFIDENCE IN LONG-TERM FINANCIAL SOLIDITY.
• DIVIDEND PER SHARE (DPS): POSTE ITALIANE CONTINUES TO REWARD ITS SHAREHOLDERS WITH A PROPOSED DPS OF €1.08 IN 2024, NEARLY THREE TIMES 2017 LEVEL (€0.42), THANKS TO STRONG VISIBILITY ON FUTURE CASH FLOWS AND CAPITAL GENERATION AND FURTHER REINFORCING ITS COMMITMENT TO ATTRACTIVE AND SUSTAINABLE SHAREHOLDER RETURNS.

POSTE ITALIANE CONTINUES ITS SUSTAINABILE GROWTH JOURNEY, CREATING VALUE FOR ALL STAKEHOLDERS
2024 KEY ESG MILESTONES
 

• Through the Polis Project, part of the NRRP Complementary Plan, Poste Italiane supports the country’s economic, social and territorial cohesion while bridging the digital divide in smaller municipalities. As of today, 3,026 Post Office renovations have been completed (a further c.600 underway) and 81 co-working sites have been created. Over 50 thousand Public Administration services have been provided to citizens, including more than 20 thousand passports.
• Poste Italiane has been recognised as ‘Top Employer’ for the sixth consecutive year, reaffirming the robustness and breadth of its people-focused programmes, including training, skills development, talent enhancement, D&I, as well as a comprehensive corporate welfare system.
• Employee engagement remains a key enabler of Poste Italiane’s sustainable growth strategy. The ‘INSIEME Connecting Ideas’ initiative, open to all employees, has gathered approximately 2,400 proposals across three editions, reinforcing our corporate purpose and driving innovation by valuing our people’s contributions.
• Service quality and security remain at the heart of Poste Italiane’s commitment to approximately 46 million customers reached through our phygital platform. Customer Experience went up to c.35% (vs c.24% in 2017), while the Fraud prevention Centre has prevented fraud attempts worth €25 million. This dedicated unit, including 100 specialists and operational 24/7, ensures the security of online transactions and those carried out across the 12,755 Post Offices.
• Poste Italiane continues to make progress in reducing Group’s Co2 emissions, with the goal of achieving carbon neutrality by 2030. The Fleet Renewal Project has been completed, introducing approximately 28,400 low-emission vehicles of which 6,141 electric and c.8,800 hybrid models. Additionally, the Group is advancing its real estate transformation to improve energy efficiency and renewable energy generation. Also, thanks to the Polis Project, the number of sites equipped with smart building solutions has reached 2,318 while 580 photovoltaic systems have been installed, with a total capacity of c.22.3MWp.

Rome, 21 February 2025. The Board of Directors of Poste Italiane S.p.A. chaired by Silvia Maria Rovere, met today and approved the preliminary 2024 Results, prepared in compliance with IAS/IFRS, and the 2025 Strategy update.

Final approval of the 2023 financial statements by the Board of Directors is foreseen on 26 March 2025, the authorisation date of reporting pursuant to IAS 10 of any events after the closure of the financial year. The data and information contained in this document is therefore based on provisional estimates, currently under verification, and have not been audited.
The data and information contained in this document is therefore based on provisional estimates, currently under verification, and have not been audited.

Matteo Del Fante, Poste Italiane Chief Executive Officer commented: “We were excited to share our vision in March last year at our Investor Day, and one year into the plan, we have exceeded our financial targets with a strong performance across our platform and seamlessly delivering on our strategic priorities. In a digital age Poste Italiane remains one of the most trusted institutions in Italy, with physical presence in every community, as well as the largest digital platform in the country.

2024 has been a record year. We achieved record-breaking revenues of €12.6 billion, record adjusted EBIT at €2.96 billion, almost three times the 2017 level and net profit at €2 billion, two years ahead of plan and fully aligned with our updated guidance. All our four business units delivered solid revenue growth, further validating the strength of our highly diversified platform business model.

Besided financial targets, which are ahead of plan, all the key strategic initiatives of The Connecting Platform plan are fully on track.

Poste Italiane remains a strategic pillar for Italy, playing a key role in the country’s economic and social development. We are extremely proud of the Polis project, reinforcing our position as a trusted partner for communities, bridging the digital divide and enhancing social cohesion.

Our transformation is delivering tangible results. Over the past seven years, we have more than mitigated lower revenues from businesses in structural decline, such as physical mail and payment slips, with €2 billion additional revenues from our fast-growing parcels and payments businesses, significantly higher investment portfolio revenues and resilient insurance business.
We remain focused on delivering sustainable revenue and profitability growth, with a €3.1 billion adjusted EBIT and €2.1 billion net profit guidance for 2025.

Furthermore, thanks to clear visibility on cash flows and effective group capital optimization we are committing to an upgraded dividend policy with a payout ratio structurally increased to 70% throughout the plan, translating into more than €7.5 billion cumulated dividends over the 2024-2028 period compared to the original target of €6.5 billion.

We will be proposing a full-year 2024 Dividend Per Share of €1.08, up 35% year-on-year for a total dividend of €1.4 billion on 2024 net profit. The balance will be paid in June of this year. Let me remind you that last year in March we gave a target DPS of €1 in 2026, we are overachieving that target 2 years in advance. This year marks the eighth consecutive year of annual dividend growth with a cumulative €7 billion in dividends distributed since 2016.

Looking ahead, our confidence in Poste Italiane’s future remains unwavering. Our ability to deliver sustainable and resilient growth, in any environment, confirms the strength of our business model and our long-term vision. As we move forward, we remain committed to creating value for all stakeholders - our shareholders, our customers, our employees and the communities we serve."


POSTE ITALIANE
FY-24 PRELIMINARY RESULTS & 2025 STRATEGY UPDATE
Friday 21 February 2025 - 14:30 CET
 
WEBCAST
To attend click here:
Poste Italiane FY-24 Preliminary Results & 2025 Strategy Update Webcast
 
A listen only audio conference is also available: +39 02 8020927
 
For further information:
 
Poste Italiane SpA Investor Relations                                                                            Poste Italiane - Media Relations                                                 
Tel. +39 06 5958 4716                                                                                                    Mail: ufficiostampa@posteitaliane.it
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Financial calendar
Next events
 

• 26 March 2025 - Approval of consolidated financial statements of the Poste Italiane Group, Poste Italiane S.p.A. draft financial statements as at 31 December 2024, the proposed appropriation of profits.
• 8 May 2025 - Q1-25 Group Results presentation.
• 30 May 2025 - Annual General Meeting.
• 25 June 2025 - Payment of the balance of the dividend for 2024, with ex-dividend date of 23 June 2025 and record date (i.e. date of dividend payment eligibility) of 24 June 2025.
• 24 July 2025 - Q2 & H1-25 Group Results presentation.
• 13 November 2025 - Q3 & 9M-25 Group Results presentation.
• 26 November 2025 - Payment of the interim dividend for 2025, with ex-dividend date 24 November 2025 and record date of 25 November 2025.

To see the press release in full version download pdf