Poste Italiane: Catalyst Alert: Poste business plan 24th July (positive); TIM business plan 30th July (positive)

研报英文原文证据摘录

Poste Italiane: Catalyst Alert: Poste business plan 24th July (positive); TIM business plan 30th July (positive)

Equity Research

European Diversified Financials

29 June 2026

Poste Italiane

Catalyst Alert: Poste business plan

24th July (positive); TIM business

PST.MI/PST IM OVERWEIGHTplan 30th July (positive)

European Diversified POSITIVE

Poste will present its stand-alone business plan on the 24th Financials Price Target EUR 35.20

July; we expect it to drive single-digit upside to consensus Price (26-Jun-26) EUR 28.46

and a potential multiple re-rating (as the strategy moves Potential Upside/Downside +23.7% Source: Bloomberg, Barclays Research

towards the integrated platform model), and indirectly

strengthen the story around the potential deal with TIM. European Diversified Financials

Paola Sabbione

+39 (0)2 6372 2579

Catalyst date: 24 July 2026 - Poste stand-alone business plan). Other key dates: 30 July 2026 - paola.sabbione@barclays.com

TIM business plan; week of 3 August 2026 - TIM Board recommendation on the Poste offer BBI, Milan

(Barclays Telco team will be hosting an in-person TIM roadshow in London on Monday 3

Dibin Meledath Koruthu, CFAAugust); Q4-26 - Poste combined business plan update expected (if TIM deal is successful).

+ 91 (22) 6175 2514

dibin.meledathkoruthu@barclays.comCatalyst - Poste business plan: Poste will present its new business plan, outlining the strategy

Barclays, UK

to build an integrated “everything platform” combining financial services, insurance, payments

and telecoms. This matters for three reasons, in our view: 1) we see scope for it to drive upside

to consensus, along with Poste organic growth in the financial space (EPS accretion); 2) it may

offer increased evidence on how the platform model will work (we see scope for multiple