Poste reports €10.2 billion revenue: nine-month results before TIM income consolidation
Poste Italiane published its first-nine-month 2026 results on November 12: revenue of €10.2 billion, adjusted operating profit of €2.7 billion and adjusted net profit of €1.8 billion.[1][2]
The rounded annual increases in the release are 5%, 7% and 4% respectively; the results approved by the board on November 11 are unaudited.[1]
## The reporting perimeter matters
TIM is the important accounting distinction: Poste reports balance-sheet consolidation at September 30 and income-statement consolidation from October 1.[1]
The nine-month figures should therefore not be read as nine months of earnings from a group already fully incorporating TIM.[1]
Confirmed full-year 2026 guidance explicitly remains stand-alone: €3.4 billion of adjusted EBIT and €2.3 billion of adjusted net profit.[1][2]
## Expected synergies are not booked earnings
Poste confirms at least €700 million in run-rate synergies: at least €500 million of cost synergies by 2028 and more than €200 million of EBIT from incremental revenue starting in 2029.[1]
These are corporate targets, distinct from results already recorded; the integrated industrial plan is expected in the first quarter of 2027, as Il Sole 24 Ore Radiocor also reports.[1][2]
## The dividend: per-share and total growth differ
The interim dividend scheduled for November 25 is €0.43 a share, up 7.5%, with an ex-dividend date of November 23.[1]
The aggregate payment rises 32% to €686 million: Poste attributes the difference to the increased number of shares following the TIM offer, not a 32% increase in the payment on each share.[1][2]
The useful distinctions are the accounting perimeter, future targets and the per-share dividend.[1]
## Sources
[1] https://www.posteitaliane.it/it/media/comunicati/cs-presentazione-q3-9m-26-12-11-2026 — browser-0
[2] https://www.ilsole24ore.com/radiocor/nRC_12.11.2026_08.08_9810098 — sole