Updating Estimates Post Q1'26

Goldman Sachs updated its estimates for Poste Italiane following a strong Q1'26 earnings beat and a management guidance upgrade for FY26 EBIT. The firm remains Not Rated on the stock.

Key Takeaways

• 1.Poste Italiane reported Q1 2026 net income of €817mn, which was 19% ahead of consensus estimates.
• 2.The company upgraded its FY26 Adjusted EBIT guidance to €3.4bn from its previous guidance of >€3.3bn.
• 3.Goldman Sachs forecasts FY26 revenues of €13.75bn, slightly ahead of company guidance of €13.5bn, citing historical management conservatism.

Table of Contents

• Exhibit 1: GSe vs consensus estimates
• Exhibit 2: Estimate changes
• Exhibit 3: SX7P Index, Last 5 Years
• Exhibit 4: SX7P vs SXXP Relative Performance
• Exhibit 5: Consensus 12-Months Forward P/E Multiple vs Coverage Average
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Ratings, coverage universe and related definitions

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