Giuseppe Esposito
Head of Investor Relations

Good morning, everyone, and welcome to Poste Italiane's First Quarter 2026 Results Conference Call. In a few moments, the CEO, Matteo Del Fante, will take you through some opening remarks as well as a short update on the TIM offer. Then our CFO, Camillo Greco, will cover the financials.

As usual, the presentation will be followed by a Q&A session where you can ask questions either via phone or through our webcast platform. For any topics we won't be able to cover today, please do contact the Investor Relations team, who will be happy to follow up.

With that, over to you, Matteo.

Matteo del Fante
CEO & Director

Good morning, everyone. Our Q1 2026 results highlight a very strong start of the year and confirm the strength of our platform model. We delivered a record first quarter with revenues of EUR 3.5 billion and a healthy 8% year-on-year growth supported by all business units. On profitability, we achieved a record adjusted EBIT of EUR 905 million, up 14% year-on-year, reflecting continued cost discipline in the current inflationary environment. Net profit reached EUR 617 million, up 3% year-on-year. Commercial trends remained solid with EUR 1.7 billion investment inflows, coupled with strong momentum in postal savings and stable retail deposits.

We continue