Poste Italiane SpA (OTCPK:PITAF)
$ 20.82 +0.27 (+1.31%) Market Cap: 28.54 Bil Enterprise Value: -11.36 Bil PE Ratio: 11.22 PB Ratio: 1.88 GF Score: 58/100
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Q2 2024 Poste Italiane SpA Earnings Call Transcript

Jul 30, 2024 / 10:00AM GMT
Release Date Price: $13.47

Key Points

Positve
  • Revenue reached EUR6.2 billion in the first half of 2024, up 3% year on year or 7% on an underlying basis.
  • Adjusted EBIT in the first half of 2024 is EUR1.5 billion, up 14% on an underlying basis.
  • Net profit adjusted over EUR1 billion, also up 14% on an underlying basis.
  • Strong performance in mail and parcel services, with double-digit parcel volume growth.
  • Postepay services continued to grow double digits, driven by increased card and digital payments.
Negative
  • Non-HR costs increased by 7% to EUR2.1 billion in the first half of 2024.
  • Mail volume decline related to lower margin and recorded items.
  • Higher distribution network costs impacting financial services' operating profitability.
  • The insurance guarantee fund contribution of EUR74 million will impact net income.
  • Potential margin compression in new life insurance products due to promotional features.
Giuseppe Esposito
Poste Italiane SpA - Head, Investor Relations & Business Insight

Good afternoon, and welcome to Poste Italiane's second-quarter and first-half 2024 results conference call. Matteo Del Fante, our CEO, will take you through some opening remarks; and then Camillo Greco, our CFO, will cover the financials. (Event Instructions)

Over to you, Matteo.

Matteo Del Fante
Poste Italiane SpA - Chief Executive Officer, General Manager, Director

Good afternoon, and thank you for attending our Q2 and half-one 2024 call. I will start the call with thanking again all our employees and stakeholders. Our people play an important role, and I'm proud to say we have signed in record time a new collective labor contract, which represents a key milestone in the execution of our business plan as it enables us to implement the logistic and distribution transformation and increases visibility on the cost base.

We are accelerating our strong, profitable, and cash-generative growth. For consistency with business plan targets, in today's

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