In Q2 Payments and Mobile segment revenues continued to grow by a strong 49.4% y/y to €374m (+48.8% y/y to €717m), confirming the role played by PostePay as leader in the fast-growing and evolving digital payments environment in Italy. The consolidation of LIS generated additional €70.2m revenue in Q2-23.
In Q2 Card payments were up 31.5% y/y to €170m (+33.3% y/y to €332m in H1-23), thanks to increasing usage, structural cash-to-card shift driving higher transaction value and LIS consolidation contribution (+€25m additional revenues). In addition, the shift towards higher recurring margin Evolution cards continued, with the total stock now at 9.7million cards (up 10.4% y/y). E-commerce transactions continue the upward trend in the first six months of the year to 333.6m (+19.2% y/y).
In Q2 Other payments came to €93m, 2.3x the previous year’s level of €41m (+137.2% y/y to €180m in H1-23), mainly thanks to payment transactions directly managed by PostePay as Payment Service Provider and LIS contribution (€45m additional incremental revenues).
Telco revenues were up 6.2% y/y to €85m in Q2 (+4.6% y/y to €164m in H1-23), with a consistent customer base of 4.9 million users (+0.3% y/y) and supported by the fibre offer and a low churn rate in a competitive market. The new energy offer, launched in June 2022 for Poste's employees and retirees and now publicly available to market, contributed with €26m revenues in Q2-23 with a total number of about 300 thousand contracts signed as of today. PosteID (Poste Italiane’s National Digital ID solution) in H1-23 has now been adopted by 24.2m clients (+4.5% y/y vs H1-22).
In Q2 EBIT was up 21.1% y/y to €111m (+17.8% y/y to €199 in H1-23) driven by revenue growth and LIS contribution more than offsetting energy business start-up costs, net of which EBIT reached the record high levels of €117m in the quarter and €225m in the first half.