Poste Italiane: Business plan is postponed, TIM deal accelerates

研报英文原文证据摘录

Poste Italiane: Business plan is postponed, TIM deal accelerates

Equity Research

European Diversified Financials

14 July 2026

Poste Italiane

Business plan is postponed, TIM

deal accelerates

We think it is positive to see the TIM deal accelerating, even if PST.MI/PST IM OVERWEIGHT

POSITIVEit implies a postponement of Poste's stand-alone business EuropeanFinancials Diversified

plan presentation. Next catalyst for Poste is TIM deal launch Price Target EUR 35.20

and the TIM Board recommendation. Price (14-Jul-26) EUR 28.59 Potential Upside/Downside +23.1%

Source: Bloomberg, Barclays Research

What happened? Poste sent out a press release to inform that the Bank of Italy sent the

authorization needed for the TIM deal to start. Poste has notified Consob of the granting of this European Diversified Financials

authorization and Consob can approve the Offer Document within up to ten days from today Paola Sabbione

(hence by 24 July). Consequently, Poste decided that, in view of the evolution of the expected +39 (0)2 6372 2579

timetable of the Offer, contrary to what was previously communicated to the market on 7 May paola.sabbione@barclays.com

2026, the Strategy Update scheduled for 24 July 2026 will be postponed. On that date, Poste will BBI, Milan

hold a conference call solely to present its consolidated financial H1/Q2 results (link to webcast Dibin Meledath Koruthu, CFA

at 11AM CET). + 91 (22) 6175 2514

dibin.meledathkoruthu@barclays.com

What is the TIM deal timetable? Figure 1 summarizes the likely timetable based on today's Barclays, UK

announcement. Now, TIM is expected to disclose its Board recommendation (either slightly

before or after the offer launch); should it be a positive recommendation, this would represent a