Poste Italiane beat analysts' expectations in the first half of the year, with revenues, operating results and underlying profits rising thanks to financial services, policies and Postepay.
“Our antifragile and phygital business model, designed for sustainability, has proven itself once again with these such amazing results. Year-to-date, performance continues to be solid across all sectors, with a further acceleration of positive trends in the second quarter of 2024,” said CEO Matteo Del Fante, commenting on the results.
The accounts of Poste Italiane
Poste Italiane closed the first half of 2024 with revenues of approximately 6,2 billion, up 2,6% and 7,3% on an underlying basis (i.e. excluding the impact of the sennder and Active Portfolio Management capital gain and the estimated contribution to the life insurance guarantee fund).
Il operating profit stood at 1,5 billion, down 5% reported and up 14,2% on an underlying basis. L'profit amounted to 1,026 billion (-10% reported; +14,3% on an underlying basis).
Just in second quarter revenues stood at 3,119 billion euros, up 4,5% year on year, the adjusted ebit was 782 million (-2,1%) and the net profit was 525 million, down by 12,6%. All three results exceeded analysts' expectations.
Returning to the semester, i total costs they grew by 6,1% on an annual basis to 4,7 billion (2,4 billion in the second quarter, +8,6%). THE ordinary costs of personnel in the half-year amounted to 2,8 billion, up 3,6% (1,4 billion in the second quarter, +4,2%), with the ongoing transformation of the workforce which is fully aligned with the collective agreement of work recently signed.
Le invested financial assets (Afi) of the group's customers reached 589 billion, up 8 billion from December 2023.
as to asset position, the total capital ratio of Bancoposta is equal to 23,8% (of which Cet1 ratio equal to 20,3%), leverage ratio equal to 3,3% and Solvency II ratio of the Poste Vita insurance group equal to 297 percent.
Correspondence, financial and insurance services, Postepay
Looking at the individual sectors, in the first half of the year, revenues from third parties of mail, parcels and distribution they amounted to 1,9 billion, with an underlying increase of 5,7% on an annual basis, while in the second quarter the underlying growth was 6,8% to 1 billion. Poste underlines that parcel revenues recorded extraordinary double-digit growth, equal to 14,5% on an annual basis, reaching 375 million in the second quarter of 2024 (743 million in the first half of 2024, +12,2% on y-o-y), supported by solid growth in parcel volumes (+25,6% y-o-y in Q2024 72 to 23,5 million units; +143% y-o-y to 2024 million units in H2024 of 5,7). Parcel rates decreased in the second quarter of 6,1 by XNUMX% year-over-year, while in the first six months of the year they decreased by XNUMX%, reflecting higher volumes with lower prices and unit costs.
In the same period, i revenues from financial services are 2,7 billion, with an underlying growth of 7% on an annual basis (1,4 billion in the second quarter of 2024, +8,6% underlying), while those of Insurance services they stood at 827 million (+7,1% underlying). The revenues of Postepay services (adjusted by excluding the estimate of the contribution to the life insurance guarantee fund, equal to 37 million euros) in the half-year they reached 761 million, up by 12,7% (equal to 382 million in the second quarter, +8,5 % every year).
Poste Italiane raises its guidance on adjusted EBIT
“The solid first half results together with greater visibility on the evolution of the cost base support thean upward review of the adjusted operating profit (Ebit) guidance for the entire year 2024 at 2,8 billion euros,” announced Del Fante.
“Del Fante: “Contractual renewal is a milestone”
The CEO of Poste also placed emphasis on renewal of the national contract, underlining that it is a "mutually advantageous" agreement, covering the four-year period from 2024 to 2027, finalized in record time and signed last week. On behalf of our President Silvia Maria Rovere and General Director Giuseppe Lasco, I would like to thank all those who were involved in this process, in particular the trade unions, for their extremely constructive approach,” she said, adding that“the agreement represents a milestone, as it is crucial for the implementation of both the transformation of our logistics business and the new commercial service model for financial services in Post Offices, providing full visibility on the evolution of our cost base over the plan period”.
