Poste is growing. Now it’s Tim’s turn

On Thursday 12 November, Poste’s results were presented. They show growth underpinned by already established businesses, whilst the integration of TIM has yet to deliver its operational benefits. In the first nine months of 2026, revenue reached 10.2 billion, up 5.4 per cent; adjusted operating profit stood at 2.7 billion, up 6.6 per cent; and adjusted net profit was 1.84 billion, up 3.8 per cent. TIM’s income statement has been included in the consolidated accounts since 1 October: these results therefore represent the baseline from which the new operation begins.

Diversification is paying off. Insurance revenues are up by 10 per cent, Postepay by 7 per cent, and client-invested financial assets have reached 614 billion. The network of branches is becoming the point of access to savings, insurance policies, payments and energy. However, one area of weakness remains: in the mail, parcels and distribution division, adjusted operating profit fell by 26.6 per cent to 101 million. Revenues from parcels and logistics are growing, whilst letter volumes are declining and parcel volumes are slowing in the third quarter.

It is on this basis that Matteo Del Fante is preparing the next step. The financial and insurance division, including payments, is scheduled to launch in January. In the first quarter of 2027, the integrated group’s business plan will be unveiled, organised into three areas: logistics and distribution network, finance and insurance, and connectivity and technology. Savings and insurance policies will remain central. The reorganisation will serve to coordinate the provision of services and the deployment of capital. The strategy is to use Poste’s extensive reach to drive customers to TIM’s services and TIM’s technology to expand what Poste can offer.

Over the coming months, the strategy should become clear: TIM spaces in post offices, fibre-optic offers, TIMVision in the Poste app, and integrated services for households, businesses and the public sector. Cloud computing, cybersecurity and artificial intelligence will form part of the offering to businesses, whilst shared procurement, property and IT platforms are set to reduce costs.

The group confirms annual synergies of at least 700 million once fully operational: at least 500 million in savings by 2028 and over 200 million in operating profit from additional revenue from 2029 onwards. To achieve this, it anticipates approximately 700 million in one-off integration costs, concentrated mainly in 2026 and 2027. The gap between immediate costs and future benefits will be the key point to monitor. Meanwhile, for Poste Italiane—excluding the contribution from TIM—the already revised 2026 targets remain unchanged: an adjusted operating profit of €3.4 billion and an adjusted net profit of €2.3 billion. On 25 November, an interim dividend of 43 cents per share will be paid, representing a 7.5 per cent increase. These results provide the group with the resources to scale up. The 2027 plan will need to explain how to translate this scale into greater profitability.