Poste Italiane sees revenues grow to €6.2bn in first half of 2024

Italy’s largest postal service provider, Poste Italiane, has announced its financial results for the first half of this year, posting 7.3% year-on-year growth in revenues to €6.2bn (US$6.7bn) with net profit exceeding €1bn (US$1.08bn).

The post also announced that a new national labor contract, covering four years from 2024 to 2027, has been signed that will be “crucial in implementing both our logistics business transformation and the new commercial service model for financial services in the post offices, providing full visibility on our cost base evolution over the plan,” according to Matteo Del Fante, Poste Italiane chief executive officer.

Sustainability achievements

The post also announced several sustainability achievements as part of its financial results, including the completion of the development phase of Poste Italiane’s Green Index, the calculation model for tracking greenhouse gas emissions data at each stage of the entire logistics chain, and the growth of its delivery fleet to include 27,400 low-emission vehicles – of which around 5,900 are fully electric and 8,500 hybrid – as well as the installation of approximately 5,600 electric charging stations. The number of sites featuring smart building solutions has increased to over 2,100, while the total number of installed photovoltaic plants amounts to 366 (covering a total area of around 88,000m²).

Growth plan

Mail and parcel revenues saw the highest year-on-year growth since listing, driven by strong parcel volumes and a favorable mail mix, while financial services revenues were driven by record net interest income, and Postepay services saw increased revenues from digital payments, e-commerce and the energy business. Considering these results, Poste Italiane has adjusted its EBIT guidance for 2024 to €2.8bn, supported by strong performance in core areas.

Commenting on the results, Del Fante said, “Our anti-fragile, phygital business model designed for sustainability has proven itself again with these excellent results. Year-to-date performance continues to be strong in all segments with a further acceleration of positive trends in Q2-24. As always, we remain focused on continuing to deliver, with discipline, as we progress on the execution of the Connecting Platform business plan.”

EIB funding

Poste Italiane recently announced a €450m (US$4488m) funding agreement with the European Investment Bank (EIB) that will be used to automate and digitalize logistics processes by opening two new parcel hubs, including the first one in southern Italy; the migration of software platforms to the cloud; the strengthening of physical and digital channels to ensure an excellent experience for customers when interacting with Poste Italiane; the introduction of artificial intelligence tools to support the automation of business and operational processes; and the strengthening of physical and IT security. The financing also includes a ‘green’ component for direct investments to improve energy efficiency and electrification of the vehicle fleet.

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