Poste Italiane (PST.MI): Strong 1H26 Print, With FY26 Guidance Confirmed

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Poste Italiane (PST.MI): Strong 1H26 Print, With FY26 Guidance Confirmed

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24 Jul 2026 02:13:32 ET │ 11 pages

Poste Italiane (PST.MI)

Strong 1H26 Print, With FY26 Guidance Confirmed

CITI'S TAKE

Buy Poste Italiane reported 2Q26 adj. EBIT of €868m, a solid +3% above

consensus. Group revenues came in at €3.4bn, +1% above consensus Price (23 Jul 26 17:30) €27.14

with costs slightly heavier by +1%. Net profit (ex-TIM stake) of €594m is Target price €24.40

+4% above consensus expectations and continues to highlight the Expected share price return -10.1%

strength of Poste’s standalone business. On the balance sheet, total Expected dividend yield 5.5%

financial assets grew to €613bn (up by +1% from 1Q26) and the solvency Expected total return -4.6%

ratio remains strong at 303%. Management reiterated FY26 guidance for

Market Cap €35,448M the standalone entity with further updates to be provided on the

US$40,329M combined entity in 2027. Overall a solid beat and we expect good

performance upon market open.

FY26 Standalone Guidance Confirmed – — Poste Italiane has confirmed its Canberk BenningAC

standalone guidance for FY26 (ex-TIM), with the following targets: (1) Group revenue +44-20-7986-1046

of €13.5bn (cons. €13.7bn); (2) Adj. EBIT > €3.4bn(cons. €3.4bn); (3) Net Profit ex- canberk.benning@citi.com

TIM of €2.3bn (cons €2.4bn); and (3) Dividend Payout >70% (cons. 71%).

Strong Divisional Performance — MP&D adj. EBIT of €10m is weaker than

consensus estimates of €24m. Revenue growth in parcels remains solid (+11% YoY)

from strong volume growth. Mail revenues were impacted by a continued decline in

volumes (as expected), but offset by repricing effect on tariffs. The adj. EBIT miss is

primarily due to higher costs in the division. Financial Services adj. EBIT of €265m