The 2025 performance of the Strategic Business Unit shows a decline in the adjusted operating profit due to increased adjusted costs (i.e. net of the portion of extraordinary expenses recognised in 2024), which more than offset revenue growth, the latter supported by the steady acceleration in Business to Consumer/Business (B2X ) and the growth in intercompany remuneration for the distribution of financial and insurance products.
Title: Strategic initiatives and key operating figures
Strategic initiatives:
Leadership in the parcel market in Italy, with revenue growth in all segments.
Note: based on 2025 B2C and B2B volumes.
Acquired a strategic stake in TIM to foster synergies and support the consolidation of the telecommunications market.
Note: 27.32% of ordinary shares.
Implementation of the new courier network for parcel delivery has begun.
Premium Logistics Partner for the MI.CO. 2026 Olympic and Paralympic Games: design, development and implementation of logistics services provided by Postelogistics.
Key operating figures:
12,659 Post offices.
About 19,600 Punto Poste, mainly tobacconists.
349 million parcels dispatched in the year.
More than 190,000 paperwork processed on PA services in Post Offices.
About 29,700 low-emission vehicles in the company fleet, of which around 6,200 are electric.
43% of parcels delivered by letter carriers.
Results and KPIs
| MAIL, PARCELS & DISTRIBUTION (€m) | 2025 | 2024 | Changes | |
|---|---|---|---|---|
| External revenue | 3,948 | 3,843 | +105 | +2.7% |
| Revenue from other sectors | 5,689 | 5,597 | +92 | +1.6% |
| Total revenue | 9,637 | 9,441 | +197 | +2.1% |
| Costs | 9,560 | 9,637 | (77) | -0.8% |
| Costs vs other sectors | 47 | 41 | +7 | +17.0% |
| Total costs | 9,607 | 9,678 | (70) | -0.7% |
| EBIT | 30 | (237) | +267 | +112.6% |
| Adjusted EBIT* | 30 | 104 | (74) | -71.2% |
| NET RESULT | (46) | (88) | +42 | +47.3% |
* 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 | |
|---|---|---|---|---|
| Mail, Parcels and Distribution |
|
| ||
| Revenue/FTE (€k) | 81.8 | 80.5 | +1.3 | +1.6% |
| Deliverable parcels (incidence on total volume) | 43% | 39% |
|
|
| No. Pick-Up Drop-Off Points (PUDO)* | 31,276 | 30,056 | +1,220 | +4.1% |
| of which: New Rete Punto Poste** | 19,564 | 18,270 | +1,294 | +7.1% |
| of which: Locker (no.)*** | 1,266 | 40 | +1,226 | n.s. |
| Parcels collected and delivered on the PUDO network (k) | 66,684 | 43,334 | +23,350 | +54% |
| of which parcels collected and delivered on the Rete Punto Poste (k) | 42,969 | 24,273 | +18,696 | +77% |
| Distribution |
|
|
|
|
| Number of customers (m) | 35.9 | 35.6 | +0.2 | +0.6% |
| Number of Post Offices | 12,659 | 12,755 | (96) | -0.8% |
| Rooms dedicated to consultancy | 8,126 | 8,130 | (4) | +0.0% |
| Postamat ATM network | 9,237 | 8,493 | +744 | +8.8% |
| ESG |
|
|
|
|
| Green fleet (electric vehicles) | 6,232 | 6,141 | +91 | +1.5% |
| No. buildings involved in Smart Building**** | 4,317 | 2,155 | +2,162 | +100.3% |
| Photovoltaic panels (no. of buildings) | 868 | 577 | +291 | +50.4% |
n.s.: not significant
* (PUDO): includes the Rete Punto Poste, Post Offices with poste restante and Lockers.
** Rete Punto Poste includes Lockers, Tobacconists and other Collect Points.
*** Number of visible lockers on the PUDO network at the end of the period, does not include lockers under maintenance and those installed and not yet visible. **** Automated and remote management of buildings to achieve energy efficiencies.
Title: External revenue and revenue from other sectors
Annual external revenue:
2024:
Total external revenue: €3,843 million
Mail: €2,120 million
Parcels and Logistics: €1,586 million
Other revenue: €137 million
2025:
Total external revenue: €3,948 million
Mail: €2,059 million
Parcels and Logistics: €1,735 million
Other revenue: €154 million
Change from 2024 to 2025:
Total external revenue increased by €105 million, equal to +2.7%.
Mail decreased by 2.9%.
Parcels and Logistics increased by 9.4%.
Other revenue increased by 12.4%.
Fourth quarter external revenue:
4Q 2024:
Total external revenue: €1,046 million
Mail: €541 million
Parcels and Logistics: €459 million
Other revenue: €46 million
4Q 2025:
Total external revenue: €1,105 million
Mail: €543 million
Parcels and Logistics: €514 million
Other revenue: €48 million
Change from 4Q 2024 to 4Q 2025:
Total external revenue increased by €59 million, equal to +5.6%.
Mail increased by 0.3%.
Parcels and Logistics increased by 11.8%.
Other revenue increased by 5.3%.
Net revenue from other sectors:
2024: €5,597 million
2025: €5,689 million
Change: +1.6%
4Q 2024: €1,478 million
4Q 2025: €1,441 million
Change: -2.5%
Total revenue:
2024: €9,441 million
2025: €9,637 million
Change: +2.1%
4Q 2024: €2,524 million
4Q 2025: €2,546 million
Change: +0.9%
Title: Mail revenue and volumes
Legend:
Recorded Mail is shown in yellow.
Unrecorded Mail is shown in blue.
Direct Marketing is shown in dark grey.
Integrated Services is shown in medium grey.
Other is shown in light grey.
Revenue, expressed in millions of euros:
2024:
Total revenue: €2,120 million
Recorded Mail: €761 million
Unrecorded Mail: €530 million
Direct Marketing: €56 million
Integrated Services: €255 million
Other: €518 million
2025:
Total revenue: €2,059 million
Recorded Mail: €689 million
Unrecorded Mail: €497 million
Direct Marketing: €44 million
Integrated Services: €305 million
Other: €523 million
Change from 2024 to 2025:
Total revenue decreased by €62 million, equal to -2.9%.
Recorded Mail decreased by 9.5%.
Unrecorded Mail decreased by 6.3%.
Direct Marketing decreased by 20.1%.
Integrated Services increased by 19.6%.
Other increased by 1.0%.
Volumes, expressed in millions:
2024:
Total volumes: 2,107 million
Recorded Mail: 163 million
Unrecorded Mail: 983 million
Direct Marketing: 164 million
Integrated Services: 49 million
Other: 747 million
2025:
Total volumes: 1,914 million
Recorded Mail: 145 million
Unrecorded Mail: 879 million
Direct Marketing: 115 million
Integrated Services: 55 million
Other: 720 million
Change from 2024 to 2025:
Total volumes decreased by 193 million, equal to -9.2%.
Recorded Mail decreased by 11.1%.
Unrecorded Mail decreased by 10.6%.
Direct Marketing decreased by 30.0%.
Integrated Services increased by 11.4%.
Other decreased by 3.5%.
Title: Parcels and Logistics revenue and volumes
Revenue, expressed in millions of euros:
2024:
Total revenue: €1,586 million
9M revenue: €1,127 million
4Q revenue: €459 million
2025:
Total revenue: €1,735 million
9M revenue: €1,222 million
4Q revenue: €514 million
Change from 2024 to 2025:
Total revenue increased by €149 million, equal to +9.4%.
9M revenue increased by 8.4%.
4Q revenue increased by 11.8%.
Volumes, expressed in millions:
2024:
Total volumes: 308 million
9M volumes: 219 million
4Q volumes: 90 million
2025:
Total volumes: 349 million
9M volumes: 245 million
4Q volumes: 104 million
Change from 2024 to 2025:
Total volumes increased by 41 million, equal to +13.3%.
9M volumes increased by 12.3%.
4Q volumes increased by 15.6%.