The performance of the Financial Services Strategic Business Unit in 2025 shows solid and improving results compared to 2024 on revenue, EBIT and net income. BancoPosta Total Capital Ratio at 31 December 2025 stood at 23.1%, up from 31 December 2024 (22.6%).
Title: Investment portfolio, client total financial assets and postal savings results
Description:
The graphic presents the main results and initiatives relating to the investment portfolio, client total financial assets and postal savings.
Main messages:
Record revenues from the investment portfolio
Growth in client total financial assets, supported by investment products, customer deposits and improvements in outflows from postal savings
Successful continuation of commercial initiatives to generate new liquidity from postal savings; excellent performance in gross BFP deposits thanks to the new product range
Implementation of the New Service Model underway, with increased customer coverage
Key figures:
600 €bn Client Total Financial Assets
72 €bn Record gross inflows in investment products**
46 €bn Record gross deposits on Interest-Bearing Postal Savings Bonds
69% Specialist coverage* on Affluent+ customers
about 2,900 Front-end operators
2.3 €bn Net inflows into postal passbooks
Notes:
- Ratio of clients managed by specialist advisors to the number of Private and Affluent clients.
** Including deposits on BFP products, insurance policies and managed and administered savings.
Results and KPIs
| FINANCIAL SERVICES (€m) | 2025 | 2024 | Changes | |
|---|---|---|---|---|
| External revenue | 5,682 | 5,521 | +161 | +2.9% |
| Revenue from other sectors | 992 | 919 | +72 | +7.9% |
| Total revenue | 6,674 | 6,440 | +234 | +3.6% |
| Costs | 191 | 153 | +39 | +25.3% |
| Costs vs other sectors | 5,455 | 5,403 | +52 | +1.0% |
| Total costs | 5,646 | 5,556 | +90 | +1.6% |
| EBIT | 1,028 | 884 | +144 | +16.2% |
| Adjusted EBIT* | 1,044 | 900 | +144 | +16.0% |
| NET PROFIT | 766 | 674 | +92 | +13.7% |
* For the reconciliation between EBIT and adjusted EBIT, please refer to the reconciliation table in paragraph 7.2 “Other Information”.
| Operating KPIs | 2025 | 2024 | Changes | |
|---|---|---|---|---|
| Client Total Financial Assets (€bn) | 600 | 590 | +10 | +1.6% |
| Net inflows* (€bn) | 2.1 | 1.1 | +1.0 | +92.7% |
| Performance Effect** (€bn) | 7.7 | 8.9 | (1.2) | -13.2% |
| Current accounts (average deposits for the period €bn) | 91.0 | 87.7 | +3.2 | +3.7% |
| Current accounts (stock in thousands) | 6,631 | 6,523 | +108 | +1.7% |
| Net return on deposits*** | 2.98% | 2.89% |
|
|
| Postal savings (average deposits €bn) | 308.0 | 310.8 | (2.8) | -0.9% |
| Loans (disbursed in €m) | 3,468 | 3,653 | (185) | -5.1% |
* The performance effect mainly includes the impact of macroeconomic variables (spreads, rates, etc.) on the stocks of the insurance, managed funds and assets under administration segments, as well as the capitalisation of interest for the period on the stocks of postal savings bonds/postal savings books.
** Included in the 2025 value is the balance of reserves from Cronos Vita Assicurazioni SpA following the demerger into Poste Vita effective 1 October 2025.
*** Excluding returns from pro-active portfolio management.
Title: External revenue and revenue from other sectors
External revenue and revenue from other sectors are expressed in millions of euros.
2024 external revenue:
Total external revenue: €5,521 million
€749 million Collection and payment services
€236 million Distribution of loans and other third-party products
€182 million Asset Management
€1,725 million Postal savings deposits
€2,539 million Net interest income
€90 million Pro-active management of the securities portfolio
2025 external revenue:
Total external revenue: €5,682 million
€702 million Collection and payment services
€265 million Distribution of loans and other third-party products
€185 million Asset Management
€1,805 million Postal savings deposits
€2,708 million Net interest income
€17 million Pro-active management of the securities portfolio
Change between 2024 and 2025:
Total external revenue increased by €161 million, equal to +2.9%.
Collection and payment services: -6.3%
Distribution of loans and other third-party products: +12.5%
Asset Management: +1.6%
Postal savings deposits: +4.6%
Net interest income: +6.7%
Pro-active management of the securities portfolio: -81.1%
4Q 2024 external revenue:
Total external revenue: €1,474 million
€204 million Collection and payment services
€60 million Distribution of loans and other third-party products
€40 million Asset Management
€450 million Postal savings deposits
€647 million Net interest income
€73 million Pro-active management of the securities portfolio
4Q 2025 external revenue:
Total external revenue: €1,448 million
€180 million Collection and payment services
€63 million Distribution of loans and other third-party products
€49 million Asset Management
€470 million Postal savings deposits
€702 million Net interest income
€(16) million Pro-active management of the securities portfolio
Change between 4Q 2024 and 4Q 2025:
Total external revenue decreased by €26 million, equal to -1.8%.
Collection and payment services: -11.7%
Distribution of loans and other third-party products: +4.7%
Asset Management: +23.0%
Postal savings deposits: +4.3%
Net interest income: +8.5%
Pro-active management of the securities portfolio: -121.2%
Net revenue from other sectors:
2024: €919 million
2025: €992 million
Change: +7.9%
4Q 2024: €248 million
4Q 2025: €236 million
Change: -4.7%
Total revenue:
2024: €6,440 million
2025: €6,674 million
Change: +3.6%
4Q 2024: €1,722 million
4Q 2025: €1,684 million
Change: -2.2%