Poste Italiane Spa

Good afternoon, everyone, and welcome to Poste Italiana's second quarter and first half 2025 results conference call. In a few moments, the CEO, Matteo De Frante, will take you through some opening remarks, and then the CFO, Camillo Greco, will call the financials. As usual, the presentation will be followed by a Q&A session where you can ask questions either by phone or through our webcast platform. For any topics we won't be able to cover today, please do contact the IEF team. We will provide any qualifications you might require.

With that, over to you, Matteo.

And good afternoon, and thank you for joining us today for our Q2 and first round 2025 results call. It is great to have you. with us today as we share another record-breaking quarter of growth and an impressive first half of 2025 as we continue to deliver on our strategic plan. We have delivered record second quarter group revenues, EBIT and net income. All business units contributed to a solid 5% year-on-year top-line growth to 6.5 billion euros, EBIT growth at 12%, to over 1.7 billion euros. These results are yet another demonstration of the strength of our business model, seamless execution, continued ability to adapt and grow in a dynamic environment, supported by relentless cost discipline. Net profit at 1.2 billion is up a remarkable 14% compared to the same period of last year. Since the beginning of the year, we registered strong net inflows in investment products, confirming our robust commercial performance in insurance product capital with record quarterly net interest margin. Our balance sheet remained extremely solid, supporting our upgraded dividend policy. Solvency II ratio remains well above 300%, including the impact of the first 500 million of additional remittance from Poste Vita to the client company paid in June 2025. The strong momentum across our platform, and particularly in our financial insurance division, give us the confidence to increase our EBIT adjusted guidance for full year 2025 to 3.2 billion and our net profit guidance to 2.2 billion. Dividend policy at 70% payouts is confirmed. Let's move to group financial results on slide four. Posted delivered some performance in the second quarter and first half of the year. Less focus on the first half with a regular top line at 6.5 billion up 5% year-on-year. Adjusted EBIT is at 1.7 euro and net profit at 1.2 billion up a remarkable 12% and 14% respectively. These are our best ever first half results since going public. And for the quarter, adjusted EBIT is at €864 million and net profit is at €572 million, up 10% and 9% respectively. On slide 5, the strong underlying revenue momentum across all our business segments continues in the second quarter. In mail, parcel and distribution, revenue growth was driven by increasing parcel volumes. The anticipated decline in mail volume is effectively mitigated through ongoing repricing actions. In financial services, revenue increased by 6% year-on-year to $2.8 billion, supported by record-level quarterly NII and solid commercial performance. Insurance services increased delivers strong profitability in both life and protection segments. Revenues rose 10% in the first half, reflecting growing CSM and higher release. Post-appendix services' unique and integrated ecosystem of everyday services deliver growth in both revenues and profitability. Payment revenues benefited from an overall increase in charge users by our clients. the telco customer base remained solid and stable, while the number of energy clients has almost doubled year-on-year, reaching around 900,000 clients. Let's go, please, to slide 6, and edit evolution by segment. Mail password and distribution reported an adjusted edit of 67,000,000 for the first half of 2025, in line with our full year guidance. Financial services operating profitability is up a sound 27% in the half to 528 million euro, driven by record MAI and overall strong revenue strength across products. Insurance services EBIT is up 8% to $789 million in the first half, supported by both life, investments, and protection. Finally, off-the-pay services EBIT rose at 11% to $276 million in the first half, driven by resilient top-line performance and effective cost management. Let's move to a more detailed review of the financial by our CFO. Over to you, Camillo, please.