Poste raises 2026 guidance as Terna confirms its outlook after nine-month results

Poste Italiane reports its best nine months

Poste Italiane reported an adjusted net profit of 1.8 billion euros for the first nine months of 2026, up 4% on the same period of 2025, and described the result as its best ever. Revenues rose 5% to 10.2 billion euros, while adjusted operating profit grew 7% to almost 2.7 billion euros. Costs rose 4.5% to 8.2 billion euros over the same period. Chief executive Matteo Del Fante presented the figures as a follow-up to a strong first half.

“After an exceptional first half, I am pleased to announce another record performance in the third quarter and the first nine months, with the best results ever.”

Every business line contributed to revenue growth. Financial services rose 3.7% to 4.4 billion euros, mail, parcels and distribution gained 5.2% to 3 billion, insurance climbed 10% to 1.5 billion and Postepay rose 7% to 1.3 billion euros. Client financial assets reached 614 billion euros, 14 billion more than in December 2025. Barclays analyst Paola Sabbione said operating profit grew above expectations, helped by a 3% cut in costs.

Poste lifted its stand-alone guidance for 2026, which excludes TIM, to 13.5 billion euros in revenue, 3.4 billion euros in adjusted operating profit and 2.3 billion euros in adjusted net profit.

Revenue10.2

Adjusted operating profit2.7

Adjusted net profit1.8

Revenue

10.2 billion euros

Adjusted operating profit

2.7 billion euros

Adjusted net profit

1.8 billion euros

Data from the article text

TIM integration and interim dividend

Poste has acquired 87% of the capital of Telecom Italia (TIM), which will be consolidated into its accounts from 1 October. Despite the purchase, net debt stayed below 1.5 times the gross operating margin (mol) at the end of September. The board confirmed and raised the interim dividend to 0.43 euros per share, 7.5% more than a year earlier, payable on 25 November. The total payout of 686 million euros is 32% higher because of the larger number of shares after the TIM offer.

“Dividend growth continues to be a central element of our strategy.”

Poste confirmed synergies from the TIM integration of at least 700 million euros, including at least 500 million euros of cost synergies by 2028 and 200 million euros of revenue synergies by the end of 2029. An integrated industrial plan is due in the first quarter of 2027, and from 1 January 2027 the group will launch a financial-insurance pole after a reorganisation.

Terna's revenue, profit and investment

Terna, which operates Italy's electricity transmission grid, reported revenue of 3,114.6 million euros for the first nine months, up 8.1%. Ebitda reached 2,172.0 million euros, up 7.2%, and group net profit was 857.2 million euros, up 0.5%. Investments over the nine months totalled 2,353.1 million euros, up 12.7%, which Il Sole 24 Ore described as a new high for the period. Third-quarter investment alone came to 772.1 million euros.

Revenue3,114.6

Ebitda2,172

Group net profit857.2

Investments2,353.1

Revenue

3114.6 million euros

Ebitda

2172 million euros

Group net profit

857.2 million euros

Investments

2353.1 million euros

Data from the article text

Debt, dividend and 2026 outlook

Net financial debt fell to 12,071.0 million euros from 13,000.2 million at 31 December 2025, mainly because of an 850 million euro perpetual hybrid green bond and temporary working-capital movements. Terna's board approved an interim dividend of 11.92 cents per share, in line with its dividend policy. Chief executive Pasqualino Monti said the results confirmed the company's financial position.

“The positive performance of results at 30 September once again confirms Terna's solidity in achieving its economic and financial objectives.”

Terna kept its 2026 forecast of 4.41 billion euros in revenue and a net profit of 1.12 billion euros. The company said the geopolitical situation had pushed up commodity and energy prices and inflation, and that it had stepped up investment in the country's energy transformation. Work continues on both the east and west branches of the Tyrrhenian Link, the undersea connection between Campania, Sicily and Sardinia.