POSTE ITALIANE
2024 - 2028 STRATEGIC PLAN
THE CONNECTING PLATFORM
ROME, 20 MARCH 2024
C H I E F E X E C U T I V E O F F I C E R
AGENDA
10:00 - 10:50
Matteo Del Fante - CEO
10:50 - 11:10
Massimo Rosini - Mail & Parcel
11:10 - 11:30
Guido Nola - Financial Services
11:30 - 11:50
Andrea Novelli - Insurance Services
11:50 - 12:10
Laura Furlan - Postepay Services
12:10 - 12:25
Camillo Greco - CFO
12:25 - 12:30
Matteo Del Fante - Closing Remarks
12:30 - 13:00
Q&A Session
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C H I E F E X E C U T I V E O F F I C E R
2024 - 2028 STRATEGIC PLAN: THE CONNECTING PLATFORM
SPEAKERS
Massimo Rosini | Guido Nola | Andrea Novelli |
Mail & Parcel | Financial Services | Insurance Services |
Matteo Del Fante
Chief Executive Officer
Laura Furlan | Camillo Greco | Giuseppe Esposito |
Postepay Services | Chief Financial Officer | Investor Relations |
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C H I E F E X E C U T I V E O F F I C E R
DISCLAIMER
This document contains certain forward-looking statements that reflect Poste Italiane's management's current views with respect to future events and financial and operational performance of the Company and of the Company's Group.
These forward-looking statements are made as of the date of this document and are based on current expectations, reasonable assumptions and projections about future events and are therefore subject to risks and uncertainties. Actual future results and performance may indeed differ materially from what is expressed or implied in this presentation, due to any number of different factors, many of which are beyond the ability of Poste Italiane to foresee, control or estimate precisely, including, but not limited to, changes in the legislative and regulatory framework, market developments, price fluctuations and other risks and uncertainties, such as, for instance, risks deriving from the direct and indirect effects resulting from the international conflict in Eastern Europe.
Forward-looking statements contained herein are not a guarantee of future performance and you are therefore cautioned not to place undue reliance thereon.
This document does not constitute a recommendation regarding the securities of the Company; it does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane or any of its Group companies or other forms of financial assets, products or services.
Except as may be required by applicable law, Poste Italiane denies any intention or obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances after the date of this presentation.
Pursuant to art. 154- BIS, par.2,of the Consolidated Financial Bill of February 24, 1998, the executive (Dirigente Preposto) in charge of preparing the corporate accounting documents at Poste Italiane, Alessandro Del Gobbo, declares that the accounting information contained herein corresponds to document results and accounting books and records.
This presentation includes summary financial information and should not be considered a substitute for Poste Italiane's full financial statements.
Numbers in the document may not add up only due to roundings.
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POSTE ITALIANE
2024 - 2028 STRATEGIC PLAN
THE CONNECTING PLATFORM
ROME, 20 MARCH 2024
Matteo Del Fante
CEO
C H I E F E X E C U T I V E O F F I C E R
POSTE ITALIANE: THE CONNECTING PLATFORM
Italy's largest phygital platform
Committed to serve the country's largest client base catering for everyday and long-term needs
Supporting Italy's socio-economic development
and creating value for all stakeholders
Highly predictable financial returns
13k
51k
c.23m
35m
45m
€76bn
+3%2+4%32023-28 | 2023-28 |
REVENUES CAGR | EBIT CAGR |
POST OFFICES
THIRD-PARTY
NETWORKS
DAILY PHYGITAL INTERACTIONS
FINANCIAL
CLIENTS
TOTAL
CLIENTS1
IMPACT ON GDP
(2018-23)
≥€6.5bn
2024-28 CUMULATED
DIVIDEND
1. Including clients with non-financial products (utilities) and digital IDs; 2. 2023 numbers exclude sennder and Covid logistics mandate for the computation of the CAGR; 3. Excluding systemic charges related to insurance guarantee | 6 |
fund, on average c.80m per annum over the plan period |
C H I E F E X E C U T I V E O F F I C E R
CONTENTS
ACHIEVEMENTS
STRATEGIC FOUNDATIONS
FINANCIAL TARGETS AND SHAREHOLDERS' REMUNERATION
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C H I E F E X E C U T I V E O F F I C E R | Achievements |
OVERDELIVERING UNDER DIFFERENT MARKET ENVIRONMENTS
CONSISTENTLY BEATING TARGETS WHILE DRIVING SUSTAINABLE RETURNS
Strategic foundations
Financial targets
€bn unless otherwise stated | Impacted by Covid-19 |
2017 | 2018 | 2019 | 2020 | 2021 | 20221 | 2023 | |
REVENUES2 | 10.57 | 10.82 | 10.96 | 10.53 | 11.22 | 11.37 | 11.99 |
EBIT | 1.12 | 1.50 | 1.77 | 1.52 | 1.85 | 2.40 | 2.62 |
NET | 0.69 | 1.40 | 1.34 | 1.21 | 1.58 | 1.58 | 1.93 |
PROFIT3 | |||||||
Proposed | |||||||
DPS (€) | 0.42 | 0.44 | 0.46 | 0.49 | 0.59 | 0.65 | 0.80 |
Achieved | Overachieved |
1. 2022 numbers are restated for IFRS17 2. Revenues exclude commodity price and pass-through charges related to the energy business. 2017-'19 revenues are restated net of interest expenses and capital losses on investment portfolio;
3. 0.76bn excluding write-off of 0.07bn for 2017; 1.01bn excluding positive tax one-offs of 0.39bn for 2018; 1.23bn excluding SIA stake revaluation and positive tax one-offs of 0.11bn for 2019; 1.11bn excluding positive tax one-offs of 0.1bn | 8 |
for 2020; 1.33bn excluding Nexi stake revaluation and positive tax one-offs of 0.25bn for 2021 |
C H I E F E X E C U T I V E O F F I C E R
€6BN1 CUMULATED DIVIDENDS PAID SINCE 2016
TRACK RECORD OF IMPROVED DIVIDEND POLICY - 2X 2016 DPS
€ unless otherwise stated
Achievements
Strategic foundations | Financial targets |
Increase vs initial targets | Initial targets | |||||||
Proposed | ||||||||
+11% | +23% | |||||||
+10% | 0.80 | |||||||
+5% | +20% | 0.18 | ||||||
+8% | +5% | +5% | 0.59 | 0.65 | ||||
0.06 | ||||||||
0.49 | 0.04 | |||||||
0.44 | 0.46 | |||||||
0.42 | ||||||||
0.39 | ||||||||
0.55 | 0.59 | 0.62 | ||||||
2016 | 2017 | 2018 | 2019 | 2020 | 20212 | 20223 | 20234 |
DPS revised upwards since
2021 driven by:
- Strong financial performance
- Increased visibility and sustainability of cash & capital generation
Total Shareholder Return since Poste Italiane IPO5
Poste Italiane: +178%
FTSE MIB: +103%
1. Includes final installment of 2023 dividend to be paid, following AGM approval, in June 2024; 2. Initial target of 0.55 published for 24SI (Mar-21);3. Initial target of 0.59 published for 24SI (Mar-21), first upgrade at 0.63 published for 24SI PLUS
(Mar-22);4. Initial target of 0.62 published for 24SI (Mar-21), first upgrade at 0.68 published for 24SI PLUS (Mar-22), second upgrade at 0.71 published for CMD 2023 (Mar-23);5. Data from 27 October 2015 to 15 March 2024 | 9 |
C H I E F E X E C U T I V E O F F I C E R | Achievements | Strategic foundations Financial targets |
KEY OPERATIONAL ACHIEVEMENTS SINCE 2017
SUCCESSFULLY REPOSITIONED OUR BUSINESS FOR SUSTAINABLE GROWTH AND PROFITABILITY
KPI
- Digitalisation and omnichannel approach to enhance customer experience
- Workforce transformation
Mail, Parcel & Distribution - Building an E2E logistics operator for a sustainable business
- From Mail to leading Parcel operator, supported by largest PUDO network (28k)1
- Entered the contract logistics market
- Breakeven achieved in 2023, ahead of guidance
Financial Services - Italy's most trusted financial institution with an omnichannel approach
- Proactive investment portfolio management delivering results in different rate environments
- Controlled open omnichannel platform for insurance, savings, investments and lending
● Continuous strengthening of client coverage
Insurance Services - A fully-fledged and resilient insurance company
- Positive net flows in Life business in different market environments
- Growth in Protection and third-party distribution, boosted by Net Insurance
● Strong capital position - successfully reduced Solvency II sensitivity
Postepay Services - The largest ecosystem for everyday needs with payments at its core
- Largest payments player in Italy with 30m cards, 10m IBAN-backed Evolution cards
- Unmatched payment ecosystem completed with Telco and Energy offer
● LIS integration and successful launch of Energy business
2017 2023
113m 256m
# yearly parcels
(0.5) (0.0)
MP&D EBIT €bn
5022 581
TFA (€bn)
36 57
Retail deposits (€bn)3
1152160
Life provisions (€bn)
210 809
Protection GWP (€m)
24 80
transaction value (€bn)4
0 c.500k
- energy contracts
1. Pick-up & Drop-off points, including Post Offices, lockers, Punto Poste and other Collection Points; 2. Restated for IFRS17; 3. Including Postepay; 4. Issuing
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Poste Italiane S.p.A. published this content on 19 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2024 06:09:04 UTC.