Letter to Shareholders

Shareholders,

the year 2025 was a year of milestones, confirmations and achievements unprecedented in the history of Poste Italiane. We celebrated ten years since listing on the stock exchange, a milestone that is not just an anniversary, but the concrete sign of a path built with a clear vision: we have transformed a historic Italian company into a modern, dynamic and sustainable platform, deeply rooted in its service mission and projected towards the future.

We have shown that a company with solid roots can be a driver of innovation and growth, generating and distributing value for shareholders and strengthening its role as a strategic infrastructure for Italy. Since 2016, Poste Italiane has distributed almost €9 billion in dividends, guaranteeing attractive yet sustainable yields.

In recent years, Poste Italiane has built a true Platform Company, capable of combining the solidity of traditional services with the power of digital innovation. Poste Italiane represents the connective tissue of the country: a national, reliable and inclusive infrastructure capable of combining territorial proximity, advanced technologies and industrial capacity, and of contributing to Italy’s economic and social growth in the long term.

The 2025 financial statements confirm the validity of our path: we have recorded the best results in our history despite an international scenario marked by geopolitical and economic uncertainties and accentuated market volatility. All business areas contributed to the achievement of the targets, thanks to solid business dynamics, strict cost discipline and consistent returns on the investment portfolio. Revenue reached an all-time high of €13.1 billion, the adjusted operating profit (EBIT) reached a record level of €3.24 billion and net profit stood at €2.22 billion. 

The impact on the national economy was equally significant with a €14 billion contribution to GDP, 182 thousand jobs support­ed and €2.6 billion in tax revenue generated.

In 2025, postal savings turned 150 years old, the culmination of a history in which we, together with Cassa Depositi e Prestiti, have played a leading role. With around 27 million subscribers and a stock of €320 billion, postal savings continue to represent a pillar of trust and stability, supporting Italy’s economic and social development and accompanying millions of citizens in the realisation of their life plans.

A very important strategic transaction that characterised 2025 was the acquisition of a 27.32% stake in TIM’s ordinary share capital, an investment as first shareholder that strengthens the Poste Italiane Group’s presence in the digital infrastructure sector and confirms our role as a long-term industrial partner, capable of generating synergies and value for all stakeholders. In the same direction is the acquisition of 49% of the share capital of PagoPA, a key platform for Public Administration that consolidates our leadership in digital payments and our contribution to improving the citizens’ experience. 

We also look to the future through Artificial Intelligence, developing advanced solutions to improve services and people’s daily lives. We have defined a Manifesto for an Ethical and Responsible Approach to AI, which puts the person at the centre and promotes innovation capable of accompanying social, economic and cultural growth without losing sight of the irreplaceable value of the human experience.

This past year also saw the continuation of the digital transformation of organisational infrastructures and processes, which strengthened the Group’s competitive positioning and consolidated its omnichannel strategy. Today, Poste Italiane is the largest phygital platform in Italy, with almost 13 thousand post offices and 49 thousand contact points that generate around 27 million interactions every day between physical and digital channels, and guarantee a widespread presence throughout the country. 

At the heart of this strategy, the Poste Italiane App P offers a single point of digital access to the Group’s entire range of prod­ucts and services: with 16 million downloads and more than 4 million daily active users, P is now Italy’s leading App.

The integration of physical and digital presence allows Poste Italiane to strengthen its relationship with customers, increase their loyalty and generate new business opportunities as a reference platform serving citizens, businesses and public administration. 

In 2025, we continued with determination to implement the Polis Project, consolidating the role of Poste Italiane at the service of the country’s social cohesion and helping to bridge the digital divide between large urban areas and thousands of local communities spread across the country. At 31 December 2025, there were already 4,849 post offices transformed into service hubs for the public administration and 160 co-working spaces. Upon completion of Polis, we will make public administration services accessible in 7,000 Post Offices in municipalities with fewer than 15 thousand inhabitants, simplifying the daily lives of citizens and bringing institutions closer to the territories. More than 190 thousand Public Administration services have already been provided in the municipalities served, including more than 140 thousand passports. Polis, financed partly with funds complementary to the NRRP (National Recovery and Resilience Plan) and partly by Poste Italiane, is fully consistent with our strategy and contributes to the transition towards a sustainable, digital and inclusive economy.

Sustainability has been a strategic business development lever for Poste Italiane for several years now. From an environmental perspective, we accelerated the decarbonisation of logistics and real estate assets. Today we have the largest low-emission fleet in the country, consisting of around 30 thousand vehicles, of which 6,200 are electric. We are also committed to improving the energy efficiency of our real estate assets and the production of energy from renewable sources: around 870 photovoltaic systems are installed in our offices and more than 4,300 buildings are managed through the “Smart Building” project. In con­clusion, the Group’s energy supply comes entirely from certified renewable sources.

We would like to personally thank our employees, our most valuable asset. People development is a pillar of our sustainability strategy and their commitment is at the heart of our success story and the value we create for our shareholders, citizens and communities.

We have achieved significant milestones that consolidate our path towards a more equitable, inclusive and welfare-oriented working environment for all employees: the “Top Employer” award for the seventh year running, and the Dyslexia Friendly Company certificate confirm our constant focus on valuing people and diversity. During the year, we also achieved, for the first time, the UNI/PdR 159:2024 certification for the promotion of inclusive employment policies for people with disabilities. Our path has also been recognised by leading environmental, social and governance rating agencies, including S&P and CDP, which have confirmed the soundness of our sustainable business model and leadership on ESG issues. 

These results tell a story of substance, passion and responsibility. Success is measured not only in numbers, but also in the trust that millions of people place in Poste Italiane every day and in the tangible impact we generate for communities and the country. With this confidence we look to the future, guided by innovation, efficiency and social responsibility, aware of the role that Poste Italiane plays for Italy.