POSTE ITALIANE
Q3 & 9M-24 FINANCIAL RESULTS
6 NOVEMBER 2024
THE CONNECTING PLATFORM
CONTENTS
EXECUTIVE SUMMARY
Insurance
Services
Financial
Services
BUSINESS REVIEW
APPENDIX
Postepay
Services
Mail, Parcel &
Distribution
2
EXECUTIVE SUMMARY
THE LARGEST ITALIAN PLATFORM COMPANY
RECORD FIRST 9 MONTHS REVENUES AND PROFITABILITY
CONFIRMING GROWTH TRAJECTORY OF ALL BUSINESS UNITS
- 9M-24UNDERLYING1 REVENUES GROWTH OF 8% DRIVEN BY ALL BUSINESS UNITS
- COST DISCIPLINE MITIGATING INFLATION IMPACT - EVOLUTION REFLECTING HIGHER BUSINESS VOLUMES
- 9M-24ADJUSTED EBIT2 AT €2,277M (+18% UNDERLYING1) AND NET PROFIT AT €1,595M (+19% UNDERLYING1)
- CONTINUED POSITIVE NET FLOWS IN INVESTMENT PRODUCTS - IMPROVING INSURANCE NET FLOWS
INTERIM DIVIDEND OF €0.33 P/S (€427MLN) TO BE PAID ON NOVEMBER3 20TH, UP 39% VS 2023
IN LINE WITH FY-24 UPGRADED GUIDANCE: ADJUSTED EBIT2 OF €2.8BN AND NET PROFIT OF €2.0BN
1. Underlying growth calculated excluding the impact of sennder Capital Gain ("CG"), Active Portfolio Management ("APM"), systemic charges estimate related to insurance guarantee fund and 2023 one-off bonus, please refer to slide 38 for a full reconciliation; 2. Adjusted excluding systemic charges estimate related to insurance guarantee fund and costs and proceeds of extraordinary nature, please refer to slide 38 for a full reconciliation; 3. Ex dividend date 18 November 2024
3
Q3 & 9M-24 RESULTS OVERVIEW
STRONG ADJUSTED EBIT1 PROGRESSION DRIVEN BY TOP-LINE GROWTH AND COST DISCIPLINE
- m unless otherwise stated
Q3-23 Q3-24 Δ% 9M-23 9M-24 Δ%
Underlying growth %2
excl sennder CG, APM, systemic charges, and 2023 one-off bonus
REVENUES | 2,795 | 3,062 | +10% | 8,803 | 9,226 | +5% | +8% | |
ADJUSTED | 539 | 789 | +46% | 2,105 | 2,277 | +8% | +18% | |
EBIT1 | ||||||||
NET PROFIT | 382 | 569 | +49% | 1,522 | 1,595 | +5% | +19% |
Revenues and costs are restated net of commodity price and pass-through charges of the energy business, please refer to slide 39 for a full reconciliation; 1. Adjusted excluding systemic charges estimate related to insurance guarantee
fund and costs and proceeds of extraordinary nature. Please refer to slide 38 for a full reconciliation; 2. Underlying growth calculated excluding the impact of sennder Capital Gain ("CG"), Active Portfolio Management ("APM"), systemic 4 charges estimate related to insurance guarantee fund and 2023 one-off bonus. Please refer to slide 38 for a full reconciliation
EXTERNAL REVENUES
POSITIVE COMMERCIAL TRENDS RESULTING IN STRONG REVENUE GROWTH ACROSS THE PLATFORM
- m unless otherwise stated
MAIL, PARCEL & DISTRIBUTION
FINANCIAL SERVICES
+189 |
+50 | |
+6% | |
860 | 909 |
Q3-23 | Q3-24 |
+42 | |
+2% | |
2,755 | 2,797 |
9M-23 | 9M-24 |
+166 | +5% | |||||||||||||
+14% | 4,047 | |||||||||||||
3,858 | ||||||||||||||
1,358 | ||||||||||||||
1,192 | ||||||||||||||
Q3-23 | Q3-24 | 9M-23 | 9M-24 | |||||||||||
Active Portfolio | 168 | 16 | ||||||||||||
Management |
INSURANCE SERVICES
POSTEPAY SERVICES
+29 | |
+8% | |
371 | 399 |
Q3-23 | Q3-24 |
+84 | |
+7% | |
1,142 | 1,226 |
9M-23 | 9M-24 |
+23 | |
+6% | |
373 | 396 |
Q3-23 | Q3-24 |
+109
+10%
1,048 | 1,156 |
9M-23 | 9M-24 |
5
ADJUSTED EBIT1 BY SEGMENT
PROFITABILITY BENEFITING FROM STRONG REVENUE GROWTH AND EFFECTIVE COST DISCIPLINE
MAIL, PARCEL & DISTRIBUTION | ||
€ m unless | ||
otherwise | ||
stated |
FINANCIAL SERVICES
+29 | |||
+180 | +19% | ||
n.m. | 154 | 183 | |
87 | |||
(93) | 9M-23 | 9M-24 | |
Q3-23 | Q3-24 | ||
+34 | |
+18% | |
192 | 2261 |
Q3-23 | Q3-24 |
(6) | |
648 | (1%) |
6421 | |
9M-23 | 9M-24 |
INSURANCE SERVICES
POSTEPAY SERVICES
+64 |
+22 | |
+7% | |
322 | 3441 |
Q3-23 | Q3-24 |
+85
+9%
986 | 1,0711 |
9M-23 | 9M-24 |
+14 | |
+12% | |
118 | 132 |
Q3-23 | Q3-24 |
+20% | ||||||
381 | ||||||
317 | ||||||
9M-23 | 9M-24 |
1. Adjusted excluding systemic charges estimate related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 38 for a full reconciliation | 6 |
CONTENTS
EXECUTIVE SUMMARY
Insurance
Services
Financial
Services
BUSINESS REVIEW
APPENDIX
Postepay
Services
Mail, Parcel &
Distribution
7
MAIL, PARCEL & DISTRIBUTION
MAIL AND PARCEL REVENUES AHEAD OF PLAN
€ m unless | EXTERNAL REVENUES | ||||||||||||||||
otherwise stated | |||||||||||||||||
+42 | |||||||||||||||||
Parcel & logistics | +2% | ||||||||||||||||
2,797 | |||||||||||||||||
+50 | |||||||||||||||||
2,755 | |||||||||||||||||
Other1 | 91 | ||||||||||||||||
+6% | 909 | 239 | (62%) | ||||||||||||||
860 | |||||||||||||||||
(24%) | 30 | ||||||||||||||||
39 | 1,519 | +4% 1,580 | |||||||||||||||
496 | |||||||||||||||||
486 | +2% |
335 +15% 384 | 997 | +13% 1,127 | |||||
Q3-23 | Q3-24 | 9M-23 | 9M-24 | ||||
Distribution | 1,215 | 1,377 | 3,870 | 4,120 | |||
Revenues2 | |||||||
Includes 135 | |||||||
of APM | |||||||
ADJUSTED EBIT
+180 | +29 | |
n.m. | ||
87 | +19% | |
183 | ||
154
(93) | |||
Q3-23 | Q3-24 | 9M-23 | 9M-24 |
Includes 13
of APM
Q3 HIGHLIGHTS
- Double digits parcel revenue growth supported by strong performance across all customer segments
- Mail revenues up 2%, driven by business mix (higher volumes of registered mail) and repricing
- Distribution revenues up 13% reflecting positive commercial trends and higher network remuneration
- Solid EBIT trend reflecting top-line growth and continued cost discipline
1. Includes Tax Credit contribution, Digital Identities fees, vaccination plan related expense recovery, EGI, Poste, Patenti Via Poste, Philately, Poste Motori, Poste Welfare Service, Agile Lab and Sourcesense; 2. Includes income received by | 8 |
other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement |
MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING
PARCEL VOLUME GROWTH REMAINS STRONG; MAIL MIX & REPRICING OUTPACING VOLUME DECLINE
€ m unless | PARCEL VOLUMES (M, PC) | PARCEL AVERAGE TARIFF (€/PC) | Q3 HIGHLIGHTS | ||||||||||||||||||
otherwise stated | 1 | ||||||||||||||||||||
% delivered by | 38% | 40% | 34% | 39% | ● | Parcel volumes growth | |||||||||||||||
postal network | (0.34) | (0.33) | continues above | ||||||||||||||||||
+42 | (6%) | (6%) | expectations driven by | ||||||||||||||||||
e-commerce and market | |||||||||||||||||||||
+15 | +24% | 5.18 | 4.84 | 5.26 | 4.93 | ||||||||||||||||
219 | share gains in B2C | ||||||||||||||||||||
+24% | |||||||||||||||||||||
76 | 177 | ● | Parcels delivered by | ||||||||||||||||||
61 | |||||||||||||||||||||
Postini reached 40%, in |
line with business plan FY-24 target
Q3-23 | Q3-24 | 9M-23 9M-24 | Q3-23 Q3-24 | 9M-23 9M-24 | |||||||||||||
MAIL VOLUMES (M, PC) | MAIL AVERAGE TARIFF (€/PC) | ||||||||||||||||
(133) | +0.09 | +0.11 | |||||||||||||||
(8%) | +9% | +12% | |||||||||||||||
(35) | 1,711 | 1,578 | 1.04 | 1.00 | |||||||||||||
0.95 | 0.89 | ||||||||||||||||
(7%) | |||||||||||||||||
510 | 475 |
- Parcel average tariff driven by higher growth of lower pricing items with lower unit cost
- Higher mail tariff supported by favourable product mix and repricing
Q3-23 | Q3-24 | 9M-23 | 9M-24 | Q3-23 | Q3-24 | 9M-23 | 9M-24 | 9 |
1. Parcel tariffs adjusted for COVID-19 related contract for PPE logistics and sennder Italia deconsolidation
FINANCIAL SERVICES
STRONG REVENUE GROWTH DRIVEN BY NII AND POSITIVE COMMERCIAL TRENDS
€ m unless | GROSS REVENUES | ADJUSTED EBIT1 & NET PROFIT |
otherwise stated |
Q3 HIGHLIGHTS
Active Portfolio | Net interest | Postal Savings | Transaction | Consumer Loans | Adjusted EBIT1 |
Management | income | Banking2 | distribution3 | ||
Net profit | |||||
(6)
● NII growth continues to be |
driven by higher interest |
AssetIntersegment
Management revenues4 [o.w. insurance]
+189 | ||||||||
+13% | 1,589 | |||||||
231 | ||||||||
1,400 | ||||||||
+11% | [176] | |||||||
208 | ||||||||
55 | ||||||||
39 | [155] | +15% | ||||||
180 | ||||||||
28 | +96% | |||||||
185 | (3%) | |||||||
430 |
374 | +15% |
+200 | ||||||||
+4% | 4,718 | |||||||
4,519 | ||||||||
672 | ||||||||
661 | +2% | |||||||
[514] | ||||||||
[509] | ||||||||
107 | +33% | |||||||
176 | ||||||||
+33% | ||||||||
133 | (5%) | 546 | ||||||
45 | 573 | |||||||
1,202 | +6% | 1,275 | ||||||
+34
+18%
142 | +23 |
+16% | |
226 | |
192 | |
169 | |
146 |
(1%)
(5)
(1%)
648 642
483 477
rates and proactive portfolio | |
management | |
● Postal Savings fees +15% | |
supported by improving net | |
flows | |
● | Transaction Banking fees |
stable Y/Y | |
● | Improving trend in |
Consumer Loans supported | |
by higher volumes and | |
higher fee margin | |
● | Asset Management fees |
supported by higher AUM |
566 | +15% | 648 | 1,675 | +13% | 1,892 | ||||||||||||
+49% | (90%) | ||||||||||||||||
168 | |||||||||||||||||
0 | 0 | 16 | |||||||||||||||
Q3-23 | Q3-24 | ||||||||||||||||
Q3-23 | Q3-24 | 9M-23 | 9M-24 | ||||||||||||||
9M-23 9M-24
● Adjusted EBIT1 trend |
reflecting positive revenue |
momentum |
1. Adjusted excluding systemic charges estimate related to insurance guarantee fund and costs and proceeds of extraordinary nature. Please refer to slide 38 for a full reconciliation; 2. Includes | |
revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer; 3. Includes reported revenues from custody accounts, credit cards and other revenues | 10 |
from third party products distribution; 4. Includes intersegment distribution revenues |
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Poste Italiane S.p.A. published this content on November 06, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 06, 2024 at 10:47:10.069.