Poste Italiane SpA (PST.MI): Q2‘26 First Look

Research evidence excerpt

Poste Italiane SpA (PST.MI): Q2‘26 First Look

Equity Research

24 July 2026 | 6:47AM BST

Poste Italiane SpA (PST.MI): Q2’26 First Look

In short: Poste reported Q2 results at which company revenues were 2%/€76mn Sofie Peterzens

+44(20)7051-5283 |

ahead of Visible Alpha Consensus Data, with particularly good performance across sofie.peterzens@gs.com

Goldman Sachs International

MP&D and Insurance, while Financial Services fell short of expectations. Costs came

Chris Hallam

in 1%/€14mn lower-than-expected, mostly due to lower Systemic Charges and +44(20)7552-2958 |

Other Charges. Overall, net profit including the contribution from the TIM stake was chris.hallam@gs.comGoldman Sachs International

7%/€34mn higher than consensus. Benjamin Caven-Roberts

+44(20)7552-7066 | benjamin.d.caven-

The new business plan features: roberts@gs.comGoldman Sachs International

Andin Kour Sason

n Simplified group structure, with the number of divisions falling from 4 to 2. The +1(332)245-7825 | andin.kour@gs.com

Goldman Sachs India SPL

two divisions will be Mail, Parcels, & Distribution, set to include Energy & Telco

Sachin Nayar

(to be completed by YE-26), and Financial Services, which will incorporate +44(20)7051-2598 |

sachin.x.nayar@gs.com

Insurance and Payments. The post office network will be reconfigured as well. Goldman Sachs International

Khushboo Mandanin Artificial intelligence will be one of the main drivers of PST’s strategy, +1(332)245-7978 |

connecting PST’s ecosystem through the SuperApp, and delivering on CapEx and khushboo.mandani@gs.comGoldman Sachs India SPL

Opex synergies over the next 4-5 years. Eraldo Bausano

+44(20)7774-9801 |

n PST will present a combined entity (PST + TIM) business plan in Q1’27, with eraldo.bausano@gs.comGoldman Sachs International