Well, Italy was the biggest winner of the Polish War in relative terms. The country picked the right side (France + Britain), and took only limited losses against Germans in the Alps (and then, the invasion of Austria once the Reich started to collapse, which was rather easy). In return, Italy got a free hand in the Balkans (managing to build an empire with Yugoslavia and Albania, plus having Hungary, Romania and Bulgaria as junior partners).
However, all this success would be squandered as we know. Firstly, the fascist government mismanaged the economy, and even with the discovery of oil in Libya, it was not enough. Secondly, Libya became a hotbed of rebellion, with native Libyans as well as deported Slavs fighting both the Italian power and each other. And even many Italian colonists actually opposed the fascist power, as they wanted to create their own colonial autonomous government (free from fascist authoritarism and mismanagement). And of course, Soviet, UAR and Greek weapons found their way in Libya often.
Then, in 1957, as Nasser nationalized the Suez Canal, Italy launched an invasion of Egypt (and Sudan, which was still united with Egypt), which was initially a military success, but soon turned into a disaster, as Egyptians were well prepared and fought to the death, while Italian troops had been neglected (in terms of equipment) and had incompetent, glory-seeking and arrogant commanders appointed by the Duce and the Council. And as the Italians were mired in the Libyan troubles and invasion of Egypt, of course, Greece took advantage of this to finally boot the Italians out of Serbia and Albania (while the Turks guarded the Bulgarian border for Greece in the meantime, so Sofia didn't get funny ideas).
Italy lost the Balkan Liberation War (as Greeks call it), being driven from Serbia and Albania, and was soon forced to pull out of Egypt. Then, Italian fascism collapsed to the Carnation Revolution, which sparked a wave of democracy in Europe, toppling authoritarian regimes from Spain and Portugal to Austria, Hungary, Romania, and ironically, Greece and Turkey (which became vibrant democracies).