Poste Italiane SpA (PST.MI): Updating estimates post Q2‘26

研报英文原文证据摘录

Poste Italiane SpA (PST.MI): Updating estimates post Q2‘26

Equity Research

27 July 2026 | 8:25PM BST

Poste Italiane SpA (PST.MI): Updating estimates post Q2’26

We adjust our estimates for Poste Italiane post Q2’26 results at which the company Sofie Peterzens

+44(20)7051-5283 |

reported Q2 results at which company revenues were 2%/€76mn ahead of Visible sofie.peterzens@gs.com

Goldman Sachs International

Alpha Consensus Data, with particularly good performance across MP&D and

Chris Hallam

Insurance, while Financial Services fell slightly light of expectations. Costs came in +44(20)7552-2958 |

1%/€14mn lower-than-expected, mostly due to lower Systemic Charges and Other chris.hallam@gs.comGoldman Sachs International

Charges. Overall, net profit including the contribution from the TIM stake was Benjamin Caven-Roberts

7%/€34mn higher than consensus. +44(20)7552-7066roberts@gs.com | benjamin.d.caven-

We forecast FY26 revenues of c.€13.8bn, ahead of guidance of €13.5bn, and Andin Kour Sason

operating profits of €3.48bn, ahead of guidance of €3.4bn; management has stated +1(332)245-7825Goldman Sachs India| andin.kour@gs.comSPL

that the outlook for 2026 has so far been better than anticipated at the end of 2025, Sachin Nayar

and we note that management has historically been conservative in setting guidance. +44(20)7051-2598 | sachin.x.nayar@gs.com

We base our distribution forecasts (i.e., DPS) on a 70% payout ratio. On a divisional Goldman Sachs International

basis, we note the following: Khushboo Mandani

+1(332)245-7978 |

khushboo.mandani@gs.com

n Mail, Parcels, & Distribution: Poste guides to €4.1bn in segment revenues for Goldman Sachs India SPL

Bausano 2026; we estimate €4.14bn. We expect mail volumes to keep decreasing, with Eraldo | +44(20)7774-9801