Group revenue in 2025 had a record value, amounting to €13,121 million, an increase of €532 million compared to 2024 (+4.2%) with the positive contribution of all Strategic Business Units.
Title:
Poste Italiane’s financial performance in 2025 and 2024
Description:
The chart compares Poste Italiane’s main financial results in 2025 and 2024. Values are expressed in € million.
Revenues*
- 2025: €13,121 million
- 2024: €12,589 million
- Increase: €532 million, equal to 4.2%
Total costs*
- 2025: €9,954 million
- 2024: €10,042 million
- Decrease: €88 million, equal to 0.9%
Adjusted EBIT**
- 2025: €3,245 million
- 2024: €2,961 million
- Increase: €284 million, equal to 9.6%
Net profit
- 2025: €2,235 million
- 2024: €2,013 million
- Increase: €222 million, equal to 11.1%
Notes:
* The items include the management reclassification of the costs of the energy business; revenues are reported net of costs associated with the purchase of raw materials, system charges and the transmission of electricity and gas.
** For the reconciliation between EBIT and adjusted EBIT, please refer to the reconciliation table in paragraph 7.2 “Other Information”.
* The figures include the operational reclassification of costs relating to the energy business (revenue is reported net of costs associated with the purchase of raw materials, system charges and the transmission of electricity and gas).
** For the reconciliation between EBIT and adjusted EBIT, please refer to the reconciliation table in paragraph 7.2 “Other Information”.
The adjusted operating profit (EBIT)1 in 2025 stood at €3,245 million and recorded an increase of €283 million (+9.6%) compared to the value of 2024 (€2,961 million).
Consolidated net profit for the year 2025 net of the contribution from the equity measurement of the investment in TIM SpA stood at a record €2,220 million, an increase of €207 million (+10.3%) compared to the 2024 figure (€2,013 million).
Title: Group net debt/(funds)
Waterfall chart showing the change in Group net debt/(funds), expressed in millions of euros, from December 2024 to December 2025.
Group net debt/(funds) increased from €4,344 million in December 2024 to €5,643 million in December 2025, with a total increase of €1,299 million, equal to +29.9%.
The change is composed as follows:
Starting value:
NFP December 2024: €4,344 million
Positive changes:
Operating Cash Flow: €3,181 million
Change in Net Working Capital and Taxes: €141 million
Valuation Effects: €2,072 million
Negative changes:
Investments: €1,178 million
Dividends: €1,502 million
Equity Investments: €1,198 million
IFRS 16 and Other Changes: €217 million
Final value:
NFP December 2025: €5,643 million
The Group’s net debt/(funds) at 31 December 2025, showed funds of €5,643 million, an improvement of €1,299 million compared to the values at 31 December 2024 (when it showed funds of €4,344 million).
Consolidated Financial Statements
| Assets (millions of euro) | 31 December 2025 | of which related parties | 31 December 2024 | of which related parties | |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment | 3.189 | - | 2.783 | - | |
| Investment property | 24 | - | 26 | - | |
| Intangible assets | 2.198 | - | 2.139 | - | |
| Right-of-use assets | 1.186 | - | 1.187 | - | |
| Investments accounted for using the equity method | 1.583 | 1.583 | 332 | 332 | |
| Financial assets | 223.840 | 3.068 | 210.129 | 2.994 | |
| Trade receivables | 11 | - | 2 | - | |
| Deferred tax assets | 1.758 | - | 1.997 | - | |
| Other receivables and assets | 3.652 | 0 | 3.955 | 0 | |
| Tax credits pursuant to Law no. 77/2020 | 3.699 | - | 5.170 | - | |
| Assets arising from outward reinsurance | 366 | - | 324 | - | |
| Total | 241.506 | 228.045 | |||
| Current assets | |||||
| Inventories | 176 | - | 177 | - | |
| Trade receivables | 2.218 | 779 | 2.076 | 597 | |
| Current tax receivables | 166 | - | 197 | - | |
| Other receivables and assets | 1.379 | 32 | 1.339 | 16 | |
| Tax credits pursuant to Law no. 77/2020 | 1.798 | - | 1.835 | - | |
| Financial assets | 33.944 | 11.187 | 34.409 | 10.027 | |
| Cash and deposits BancoPosta | 4.692 | - | 4.290 | - | |
| Cash and cash equivalents | 4.447 | 182 | 4.680 | 387 | |
| Total | 48.820 | 49.003 | |||
| Non-current assets and disposal groups classified as held for sale | - | - | 50 | 50 | |
| Total assets | 290.325 | 277.098 | |||
Liabilities and equity |
31 December 2025 | of which |
31 December 2024 | of which |
|---|---|---|---|---|
| Equity | ||||
| Share capital | 1,306 | - | 1,306 | - |
| Reserves | 3,322 | - | 1,532 | - |
| Treasury shares | (128) | - | (109) | - |
| Retained earnings | 9,338 | - | 8,855 | - |
| Total equity attributable to owners of the Parent | 13,839 |
| 11,583 |
|
| Equity attributable to non-controlling interests | 158 | - | 127 | - |
| Total | 13,997 |
| 11,709 |
|
| Non-current liabilities | ||||
| Liabilities under insurance contracts | 166,713 | - | 162,408 | - |
| Provisions for risks and charges | 546 | - | 526 | 40 |
| Employee termination benefits | 518 | - | 577 | - |
| Financial liabilities | 7,610 | 6 | 8,711 | 225 |
| Deferred tax liabilities | 1,331 | - | 897 | - |
| Other liabilities | 1,934 | - | 2,024 | - |
| Total | 178,652 |
| 175,144 |
|
| Current liabilities | ||||
| Provisions for risks and charges | 500 | - | 557 | 8 |
| Trade payables | 2,028 | 127 | 2,097 | 135 |
| Current tax liabilities | 48 | - | 65 | - |
| Other liabilities | 2,281 | 78 | 2,151 | 80 |
| Financial liabilities | 92,820 | 7,025 | 85,374 | 5,502 |
| Total | 97,676 |
| 90,244 |
|
| Total liabilities and equity | 290,325 |
| 277,098 |
|
| (€m) |
FY 2025 | of which related parties |
FY 2024 | of which related parties |
|---|---|---|---|---|
| Revenue from Mail, Parcels and other | 3,948 | 715 | 3,843 | 595 |
| Net revenue from Financial Services | 5,682 | 2,389 | 5,521 | 2,271 |
| Revenue from Financial Services | 6,167 | 2,394 | 6,127 | 2,279 |
| Expenses from financial activities | (485) | (5) | (607) | (8) |
| Net revenue from insurance services | 1,825 | 1 | 1,640 | 1 |
| Revenue from insurance contracts issued | 3,208 | - | 2,824 | - |
| Costs arising from insurance contracts issued | (1,430) | - | (1,234) | - |
| Revenue/(costs) from outward reinsurance | (38) | - | (32) | - |
| Income and (expenses) from financial operations and other income/expenses | 5,590 | 1 | 6,430 | 1 |
| Net financial (costs)/revenue relating to insurance contracts issued | (5,514) | - | (6,358) | - |
| Net financial revenue/(costs) related to outward reinsurance | 9 | - | 10 | - |
| Revenue from Postepay services | 2,133 | 71 | 1,923 | 65 |
| Net operating revenue | 13,588 |
| 12,927 |
|
| Cost of goods and services | 4,003 | 610 | 3,717 | 720 |
| Personnel expenses | 5,166 | 85 | 5,135 | 75 |
| Depreciation, amortisation and impairments | 913 | - | 855 | - |
| Capitalised costs and expenses | (74) | - | (67) | - |
| Other operating costs | 358 | 5 | 318 | 5 |
| of which non-recurring costs | - | - | 57 | - |
| Impairment losses/(reversals of impairment losses) on debt instruments, receivables and other assets | 54 | 1 | 424 | (2) |
| of which non-recurring costs | - | - | 284 | - |
| Operating profit/(loss) | 3,167 |
| 2,546 |
|
| Finance costs | 206 | 1 | 120 | 1 |
| Finance income | 252 | 9 | 209 | 14 |
| Impairment losses/(reversals of impairment losses) on financial assets | 0 | - | (14) | - |
| Profit/(Loss) on investments accounted for using the equity method | 24 | - | 22 | - |
| Profit/(Loss) before tax | 3,236 |
| 2,671 |
|
| Income tax expense | 1,001 | - | 658 | - |
| PROFIT FOR THE YEAR | 2,235 |
| 2,013 |
|
| of which attributable to owners of the Parent | 2,214 |
| 1,994 |
|
| of which attributable to non-controlling interests | 22 |
| 19 |
|
| Earnings per share | 1.710 |
| 1.540 |
|
| Diluted earnings per share | 1.710 |
| 1.540 |
|
| (€m) | FY 2025 | FY 2024 |
|---|---|---|
| Profit/(Loss) for the year | 2,235 | 2,013 |
| Items to be reclassified in the Statement of profit or (loss) for the year | ||
| FVOCI debt instruments | ||
| Increase/(decrease) in fair value during the year | 835 | 1,899 |
| Transfers to profit or loss from realisation | 15 | 127 |
| Increase/(decrease) for expected losses | 1 | (21) |
| Cash flow hedges | ||
| Increase/(decrease) in fair value during the year | 63 | 111 |
| Transfers to profit or loss | (93) | (48) |
| Financial revenue or costs relating to insurance contracts issued | 1,088 | (1,318) |
| Financial revenue or costs related to outward reinsurance | (3) | (0) |
| Taxation of items recognised directly in, or transferred from, equity to be reclassified in the Statement of profit or loss for the year | (543) | (222) |
| Share of after-tax comprehensive income/(loss) of investees accounted for using the equity method | 20 | 4 |
| Change in translation reserve | (0) | 0 |
| Items not to be reclassified in the Statement of profit or loss for the year | ||
| Equity instruments measured at FVOCI - increase/(decrease) in fair value during the year | 168 | (92) |
| Actuarial gains/(losses) on employee termination benefits | 9 | 7 |
| Taxation of items recognised directly in, or transferred from, equity not to be reclassified in the Statement of profit or loss for the year | (4) | (0) |
| Share of after-tax comprehensive income/(loss) of investees accounted for using the equity method | (0) | (0) |
| Total other comprehensive income | 1,555 | 448 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,791 | 2,461 |
| of which attributable to owners of the Parent | 3,769 | 2,442 |
| of which attributable to non-controlling interests | 22 | 18 |
| (€m) | Share capital | Treasury shares | Reserves | Retained earnings | Total equity attributable to owners of the Parent | Equity attributable to non-controlling interests | Total equity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal reserve | BancoPosta RFC reserve | Equity instruments - perpetual hybrid bonds | Fair value reserve | Cash flow hedge reserve | Reserve for insurance contracts issued and outward reinsurance | Translation reserve | Reserve for investees accounted for using the equity method | Incentive plans reserve | |||||||
| Balance at 1 January 2024 | 1,306 | (94) | 299 | 1,210 | 800 | (5,063) | (297) | 4,102 | (0) | 4 | 27 | 8,027 | 10,322 | 117 | 10,439 |
| Total comprehensive income for the year | - | - | - | - | - | 1,306 | 45 | (912) | 0 | 4 | - | 2,000 | 2,442 | 18 | 2,461 |
| Dividends paid | - | - | - | - | - | - | - | - | - | - | - | (729) | (729) | (9) | (738) |
| Interim dividend | - | - | - | - | - | - | - | - | - | - | - | (427) | (427) | - | (427) |
| Purchase of treasury shares | - | (23) | - | - | - | - | - | - | - | - | - | (0) | (23) | - | (23) |
| Incentive plans | - | 8 | - | - | - | - | - | - | - | - | 5 | 0 | 14 | - | 14 |
| Coupons paid to holders of perpetual hybrid bonds | - | - | - | - | - | - | - | - | - | - | - | (16) | (16) | - | (16) |
| Other changes | - | - | - | - | - | - | - | - | - | 0 | - | - | 0 | - | 0 |
| Change in scope of consolidation | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 |
| Balance at 31 December 2024 | 1,306 | (109) | 299 | 1,210 | 800 | (3,757) | (252) | 3,190 | 0 | 9 | 32 | 8,855 | 11,583 | 127 | 11,709 |
| Total comprehensive income for the year | - | - | - | - | - | 800 | (22) | 749 | (0) | 20 | - | 2,220 | 3,769 | 22 | 3,791 |
| Dividends paid | - | - | - | - | - | - | - | - | - | - | - | (971) | (971) | (14) | (984) |
| Interim dividend | - | - | - | - | - | - | - | - | - | - | - | (518) | (518) | - | (518) |
| Purchase of treasury shares | - | (28) | - | - | - | - | - | - | - | - | - | (0) | (28) | - | (28) |
| Incentive plans | - | 10 | - | - | - | - | - | - | - | - | 12 | (3) | 19 | - | 19 |
| Coupons paid to holders of perpetual hybrid bonds | - | - | - | - | - | - | - | - | - | - | - | (16) | (16) | - | (16) |
| Other changes | - | - | - | - | - | 248 | - | - | - | (17) | - | (230) | 0 | - | 0 |
| Change in scope of consolidation | - | - | - | - | - | - | - | - | - | - | - | - | - | 23 | 23 |
| Balance at 31 December 2025 | 1,306 | (128) | 299 | 1,210 | 800 | (2,709) | (273) | 3,940 | 0 | 12 | 44 | 9,338 | 13,839 | 158 | 13,997 |
* This item includes profit for the year (Group portion) of €2,214 million and actuarial gains on provisions for employee termination benefits of €6 million, after the related current and deferred taxation.
| (€m) | Notes | FY 2025 | FY 2024 |
|---|---|---|---|
| Cash and cash equivalents at beginning of year | 4,680 | 4,211 | |
| Profit/(Loss) before tax | 3,236 | 2,671 | |
| Depreciation, amortisation and impairments | 994 | 929 | |
| Net provisions for risks and charges | 300 | 76 | |
| Use of provisions for risks and charges | (358) | (332) | |
| Provisions for employee termination benefits | 3 | 2 | |
| Employee termination benefits | (72) | (76) | |
| (Gains)/Losses on disposals | (1) | (0) | |
| Impairment losses/(reversals of impairment losses) on financial assets | (0) | (14) | |
| (Dividends) | (0) | (0) | |
| Dividends received | 0 | 0 | |
| (Finance income realised) | (49) | - | |
| (Finance income in form of interest) | (193) | (204) | |
| Interest received | 173 | 201 | |
| Interest expense and other finance costs | 196 | 116 | |
| Interest paid | (73) | (49) | |
| Losses and impairment losses/(reversals of impairment losses) on receivables | 52 | 603 | |
| Income tax paid | (763) | (866) | |
| Other changes | (3) | 6 | |
| Cash flow generated by operating activities before movements in working capital | [a] | 3,441 | 3,063 |
| Movements in working capital: | |||
| (Increase)/decrease in Inventories | 0 | (5) | |
| (Increase)/decrease in Trade receivables | (258) | 242 | |
| (Increase)/decrease in Other receivables and assets | 191 | (186) | |
| Change in tax credits Law no. 77/2020 | (15) | (13) | |
| Increase/(decrease) in Trade payables | (74) | (154) | |
| Increase/(decrease) in Other liabilities | 11 | (167) | |
| Cash flow generated by/(used in) movements in working capital | [b] | (144) | (283) |
| Increase/(decrease) in liabilities attributable to financial activities, payments, cards and acquiring and insurance | 4,656 | (3,210) | |
| Net cash generated by/(used for) financial assets and tax credits Law no. 77/2020 attributable to financial activities, payments, cards and acquiring and insurance | (8,258) | (615) | |
| (Increase)/decrease in cash and deposits attributable to BancoPosta |
| (401) | 380 |
| Increase/(decrease) in net liabilities under insurance contracts | 4,301 | 5,661 | |
| (Income)/Expense and other non-cash components | (891) | (2,095) | |
| Cash generated by/(used for) financial assets/liabilities attributable to financial activities, payments, cards and acquiring and insurance | [c] | (594) | 121 |
| Net cash flow from/(for) operating activities | [d]=[a+b+c] | 2,703 | 2,901 |
| - of which related party transactions | (171) | (841) | |
| Investing activities: | |||
| Property, plant and equipment | (665) | (498) | |
| Investment property | (0) | (1) | |
| Intangible assets | (513) | (467) | |
| Investments | (871) | (27) | |
| Other financial assets | (468) | (6) | |
| Disposals: | |||
| Property, plant and equipment, investment property, intangible assets and assets held for sale | 14 | 9 | |
| Investments | 267 | - | |
| Other financial assets | 236 | 1 | |
| Investments in consolidated companies net of cash acquired and changes in scope | 185 | 3 | |
| Net cash flow from/(for) investing activities | [e] | (1,815) | (986) |
| - of which related party transactions | (191) | (20) | |
| Proceeds from/(Repayments of) long-term borrowings | 754 | 566 | |
| (Increase)/decrease in loans and receivables | - | - | |
| Increase/(decrease) in short-term borrowings | (324) | (803) | |
| (Purchase)/sale of treasury shares | (28) | (23) | |
| Dividends paid | (1,502) | (1,165) | |
| Equity instruments - perpetual hybrid bonds | (21) | (21) | |
| Net cash flow from/(for) financing activities and shareholder transactions | [f] | (1,121) | (1,446) |
| - of which related party transactions | (975) | (733) | |
| Effect of exchange rate differences on cash and cash equivalents | [g] | (0) | 0 |
| Net increase/(decrease) in cash | [h]=[d+e+f+g] | (233) | 469 |
| Cash and cash equivalents at end of year |
| 4,447 | 4,680 |
| Restricted cash and cash equivalents at end of year | (2,802) | (2,693) | |
| Unrestricted cash and cash equivalents at end of year | 1,645 | 1,987 |
1. Does not include the costs for the contribution to the Life Insurance Guarantee Fund (equal to €78 million in 2025 and €74 million in 2024) and the portion of extraordinary costs arising from the results of the voluntary risk analysis on tax credits (equal to €341 million in 2024). Please refer to the reconciliation table in paragraph 7.2 “Other information”.