Poste Italiane

Investor Presentation • Feb 29, 2024

POSTE ITALIANE Q4 & FY-23 PRELIMINARY FINANCIAL RESULTS

29 FEBRUARY 2024

A PLATFORM COMPANY AT WORK

1

CONTENTS

EXECUTIVE SUMMARY

RECORD HIGH EBIT AT €2.62BN – PROPOSED DIVIDEND INCREASE TO €0.80 (+23% Y/Y) FOR FY-23

● FY-23 REVENUES UP 5% Y/Y TO €11.99BN – DRIVEN BY PAYMENTS AND FINANCIAL SERVICES

● BREAKEVEN FOR MP&D IN FY-23, AHEAD OF PREVIOUS GUIDANCE

● POSITIVE RETAIL NET FLOWS – GROWTH IN INVESTMENTS AND INSURANCE, WITH STABLE RETAIL DEPOSITS

● RECORD HIGH EBIT AT €2.62BN (+9% Y/Y) – 2.5x 2017 EBIT – FURTHER SUPPORTED BY COST DISCIPLINE

● NET PROFIT AT €1.93BN CORRESPONDING TO AN EPS OF €1.48, +22% Y/Y

A STRONG BASELINE TO THE 2024-28 STRATEGIC PLAN TO BE ANNOUNCED ON MARCH 20

Q4 & FY-23 RESULTS OVERVIEW RECORD EBIT IN 2023, +9% Y/Y IN LINE WITH RECENTLY UPGRADED GUIDANCE

€ m unless otherwise stated

	Q4-22	Q4-23	VAR.	VAR. (%)	FY-22	FY-23	VAR.	VAR. (%)
REVENUES1	3,060	3,186	126	+4.1%	11,374	11,989	615	+5.4%
TOTAL COSTS2	2,738	2,671	(67)	(2.5%)	8,978	9,369	390	+4.3%
EBIT	322	515	193	+59.9%	2,396	2,620	225	+9.4%
NET PROFIT	144	411	267	+185.4%	1,583	1,933	350	+22.1%

Note: Figures reported under IFRS17 starting from 2023. 2022 figures restated accordingly; Revenues and costs are restated net of commodity price and pass-through charges of the energy business, please refers to slide 41 for a full reconciliation; 1. Revenues include +109 of capital gain related to sennder in FY-23; 2. Costs include the employee one-off bonus announced in August 2023 for a total of 133 in FY-23 (43 in 4Q-23)

SEGMENT REVENUES TOP-LINE GROWTH DRIVEN BY PAYMENTS AND FINANCIAL SERVICES

OPERATING PROFIT BY SEGMENT UNDERLYING OPERATING RESULTS BENEFITTING FROM A DIVERSIFIED BUSINESS MODEL

PROPOSED FY-23 DIVIDEND OF €0.80 P/S, €1.0BN IN TOTAL – UP 23% vs FY-22 UPGRADED DIVIDEND POLICY TRACK RECORD

CONTENTS

MAIL, PARCEL & DISTRIBUTION STABLE MARKET REVENUES, BREAKEVEN IN FY-23 AHEAD OF GUIDANCE

556 551 404 403 43 Q4-22 38 Q4-23 1,003 991 (12) (1%) SEGMENT REVENUES Mail Parcel & logistics Other¹ EBIT € m unless otherwise stated Q4 HIGHLIGHTS (481) (197) Q4-22 Q4-23 +284 +59% 0% (1%) (12%) Distribution Revenues² 1,187 1,374 4,862 5,244 2,066 2,070 1,395 1,395 190 281 FY-22 FY-23 3,651 3,746 +95 +3% (326) (43) FY-22 FY-23 +283 +87% Early retirement incentives 76 171 o.w.+109 sennder capital gain o.w. c.-43 due to one-off bonus o.w. +109 sennder capital gain and c.-133 due to one-off bonus 0% 0% +48%

• Stable mail revenues driven by repricing actions and a favourable product mix
• Flat parcel revenues, +6% excluding impact of COVID logistics mandate gradual phase-out and one-off effects, mainly related to sennder Italia deconsolidation
• Distribution revenues up supported by positive commercial performance
• Improving EBIT as a result of positive commercial trends and effective cost control despite increase in early retirement incentives

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING STRONG PARCEL VOLUMES GROWTH; MAIL RE-PRICING MITIGATING VOLUME DECLINE

1. Parcel tariffs adjusted for COVID-19 related contract for COVID logistics mandate and sennder Italia; 2. Including mix effect

FINANCIAL SERVICES REVENUE GROWTH DRIVEN BY POSTAL SAVINGS, NII AND CONSUMER LOANS DISTRIBUTION

• higher interest rates and low cost of funding
• Postal savings fees up thanks to strong commercial performance and fees related to inflows target as per 2023 amended agreement
• Transaction banking fees impacted by current account re-pricing from April 2023, mitigated by other payment services fees
• Consumer loans fees trend reversal with normalizing interest rate environment
• Asset management fees supported by strong net inflows
• EBIT impacted by non proportional distribution cost allocation

1. Includes intersegment distribution revenues; 2. Includes revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer; 3. Includes reported revenues from custody accounts, credit cards and other revenues from third party products distribution

GROUP TOTAL FINANCIAL ASSETS GROWING TFAs SUPPORTED BY INCREASING RETAIL NET INFLOWS AT €1.2BN

1. EoP figures, 2022 Insurance technical provisions restated to exclude the Deferred Policyholders' Liabilities "DPL" (-14bn as of Dec-22), in line with local GAAP; 2. Includes Moneyfarm; 3. Includes deposits and Assets Under Custody; 4. Deposits do not include REPOs and Poste Italiane liquidity; 5. Insurance technical provisions exclude Protection; 6. Includes net flows into postal savings, Mutual Funds, Moneyfarm, Insurance Technical provisions, Deposits and Assets Under Custody; 7. Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Insurance technical provisions, and Assets under Custody

INSURANCE SERVICES POSITIVE NET FLOWS & LOW LAPSE RATE – STRONG RESULTS IN A CHALLENGING MARKET

Q4 HIGHLIGHTS

• Confirmed positive net flows outperforming the market, resiliently low lapse rate in a challenging environment
• Life revenues comparing with a strong Q4-22 IFRS17 restated - which benefited from volatile components arising from the sharp increase in interest rates
• Protection GWP reaching €0.8 bn also supported by Net Insurance consolidation
• Healthy profitability in protection with a stable combined ratio

1. Net of claims; includes Poste Insurance Broker; 2. Includes 8 from Net Insurance (o.w 4 P&C) in Q4 and 23 (o.w 9 P&C) in FY, consolidated from1 Apr 2023; 3. Includes 7 from Net Insurance in Q4 and 19 in FY; 4. Since 2022 lapse rate is calculated as surrenders divided by average reserves; 5. Protection includes total P&C and Life Protection (Class I-IV), 61 related to Net Insurance in Q4-23 and 191 in FY-23; 6. Protection CoR reclassified as insurance expenses, net reinsurance expenses, other technical income and expenses, not directly attributable expenses divided by gross insurance revenues, net of reinsurance

CONTRACTUAL SERVICE MARGIN EVOLUTION €13.7BN CSM SUPPORTING SUSTAINABLE PROFITABILITY GOING FORWARD

SOLVENCY II STRONG SII RATIO - WELL ABOVE MANAGERIAL AMBITION

Q4 HIGHLIGHTS

• Strong Solvency II ratio at 305% (+53 p.p. since Sep 2023) net of the foreseeable dividend (-4 p.p. in Q4) on the basis of a 75% remittance ratio
• Economic variances & other: positive impact from reduction of rates and BTP spread
• Positive capital generation from new business and in force portfolio movements

1. EoP figures; 2. Net of foreseeable dividend

PAYMENTS & MOBILE STRONG PERFORMANCE ACROSS ALL PRODUCTS

• Card payments continue to grow double digit supported by e-commerce growth (+15% Y/Y), increase in card usage and structural cash to card shift
• Energy business successfully up and running, reaching c.500k contracts
• Telco business steady growth supported by fiber offer
• EBIT growth driven by strong payment revenues, more than offsetting energy business start-up costs

1. LIS revenues incremental contribution to Other Payments and Card Payments due to change in perimeter for a total of 184 in FY-23 (LIS was consolidated from 1 Sep 2022); 2. Revenues are restated net of commodity price and pass-through charges of the energy business for a total of 11 for 4Q-22, 75 for 4Q-23, 12 for FY-22, and 150 for FY23; 3. LIS EBIT incremental contribution due to change in perimeter for a total of 30 in FY-23 (LIS was consolidated from 1 Sep 2022)

HUMAN CAPITAL – FTEs

CONTINUED WORKFORCE TRANSFORMATION WITH STABLE FTEs EVEN INCLUDING M&A

HUMAN CAPITAL – HR COSTS VARIABLE COMPENSATION REFLECTING POSITIVE COMMERCIAL ACTIVITY

€ m unless otherwise stated

ORDINARY HR COSTS¹

NON-HR COSTS INCREASE DUE TO VARIABLE COSTS REFLECTING GROWING BUSINESS ACTIVITY

CLOSING REMARKS

RECORD HIGH EBIT AT €2.62BN – PROPOSED DIVIDEND INCREASE TO €0.80 (+23% Y/Y) FOR FY-23

● FY-23 REVENUES UP 5% Y/Y TO €11.99BN – DRIVEN BY PAYMENTS AND FINANCIAL SERVICES

● BREAKEVEN FOR MP&D IN FY-23, AHEAD OF PREVIOUS GUIDANCE

● POSITIVE RETAIL NET FLOWS – GROWTH IN INVESTMENTS AND INSURANCE, WITH STABLE RETAIL DEPOSITS

● RECORD HIGH EBIT AT €2.62BN (+9% Y/Y) – 2.5x 2017 EBIT – FURTHER SUPPORTED BY COST DISCIPLINE

● NET PROFIT AT €1.93BN CORRESPONDING TO AN EPS OF €1.48, +22% Y/Y

A STRONG BASELINE TO THE 2024-28 STRATEGIC PLAN TO BE ANNOUNCED ON MARCH 20

CONTENTS

HUMAN CAPITAL – HR COSTS HIGHER VARIABLE COMPENSATION AND PLANNED SALARY INCREASE

€ m unless otherwise stated

NON-HR COSTS MARGINAL INCREASE DUE TO VARIABLE COSTS AND INFLATION

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. Shareholders' equity net of revaluation reserves and IFRS 17 restatement effects; 2. Other includes buyback, the coupon on the hybrid bond, options for minority buyouts, TFR, reserve variation related to incentive schemes (IFRS 2)

MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION STEADY UNDERLYING CASH GENERATION

1. Includes dividends from subsidiaries, dividends to shareholders, coupons on hybrid instruments and buyback. In 2022 includes M&A and downstream of capital to subsidiaries (1,436)

NET INTEREST INCOME EVOLUTION POSITIVE IMPACT FROM RISING INTEREST RATES YEAR-ON-YEAR

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE AVERAGE RETAIL DEPOSITS UP

1. Includes short term REPO and collateral 2. Entirely invested in floating rate deposits c/o MEF; 3. Includes business current accounts, PostePay business, Long-term REPO, Poste Italiane liquidity and other customers debt; 4. Includes Tax Credits & Others; 5. Average yield calculated as net interest income on average deposits

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED LOSSES (NOT IMPACTING CAPITAL POSITION) MATERIALLY IMPROVED IN Q4-23

POSTAL SAVINGS NET OUTFLOWS MAINLY DRIVEN BY POSTAL BONDS – SIGNIFICALLY IMPROVED FROM FY-22 AVERAGE POSTAL SAVINGS¹ POSTAL SAVINGS NET FLOWS Postal Bonds Postal savings books 93,945 91,016 221,592 221,231 FY-22 FY-23 315,537 312,247 (3,290) (5,298) (11,126) (7,220) FY-21 FY-22 FY-23 (3%) 0% € m unless otherwise stated

ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS

ASSET MANAGEMENT NET INFLOWS POSITIVE NET FLOWS THANKS TO MUTUAL FUNDS

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION AN ASSET GATHERER WITH A CAPITAL LIGHT BALANCE SHEET

(BP)

(BP)

Impact on SII ratio

(41) p.p.

(5) p.p.

+47 p.p.

(38) p.p.

SOLVENCY II RATIO SENSITIVITIES

WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS

Q4 HIGHLIGHTS

• Solvency II ratio sensitivity to BTP-Swap spread (+100bp):
  • (129) p.p. as of Dec-20
  • (98) p.p. as of Dec-21
  • (71) p.p. as of Mar-22
  • (60) p.p. as of Jun-22
  • (34) p.p. as of Sep-22²
  • (29) p.p. as of Dec-22²
  • (43) p.p. as of Mar-23
  • (37) p.p. as of Jun-23
  • (29) p.p. as of Sep-23²
  • (41) p.p. as of Dec-23

● Solvency II ratio sensitivity to Swap rate (+100bp):

• (42) p.p. as of Jun-22
• (27) p.p. as of Sep-22
• (32) p.p. as of Dec-22
• (35) p.p. as of Mar-23
• (37) p.p. as of Jun-23
• (31) p.p. as of Sep-23
• (38) p.p. as of Dec-23

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

€ m unless otherwise stated

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN

INSURANCE SERVICES GWP SOLID COMMERCIAL ACTIVITY IN A CHALLENGING ENVIRONMENT

1. Includes 62 of life protection, of which 34 of Net Life and 381 of PPP in Q4-23; 2. Includes P&C Intercompany contracts and Life P&C Integration; 3. Includes 27 of Net Insurance of which 15 products sold via third parties (Other) and 12 credit protection related products; 4. Protection includes total P&C and Life Protection (Class I-IV), 61 related to Net Insurance in Q4-23

INSURANCE SERVICES TECHNICAL PROVISIONS STRONG NET INFLOWS OUTPERFORMING THE MARKET

1. EoP figures, 2022 Insurance Technical provisions restated to exclude the Deferred Policyholders' Liabilities "DPL" (-14bn as of Dec-22), in line with local GAAP. Includes non-life insurance technical provisions. Life Protection is included under Protection; 2. Includes PPP and Other reserves; 3. EoP figure; 4. Includes interests, upfront fees and other minor items

INSURANCE SERVICES NET INFLOWS POSITIVE NET FLOWS DRIVEN BY CLASS I PRODUCTS

INSURANCE SERVICES INVESTMENT PORTFOLIO ONGOING DIVERSIFICATION

1. Includes financial assets covering Class I technical provisions and free surplus investments according to local GAAP; 2. Refers only to GS Posta Valore Più

ENERGY RECLASSIFICATION COMMODITY PRICES AND PASS-THROUGH CHARGES

€ m unless otherwise stated

	Q4-22		Q4-23		FY-22		FY-23
	PAYMENTS & MOBILE	CONSOLIDATED ACCOUNTS	PAYMENTS & MOBILE	CONSOLIDATED ACCOUNTS	PAYMENTS & MOBILE	CONSOLIDATED ACCOUNTS	PAYMENTS & MOBILE	CONSOLIDATED ACCOUNTS
External revenue - reported	368	3,071	464	3,251	1,147	11,386	1,586	12,128
Commodity and pass-through charges for external clients prices	(11)	(11)	(65)	(65)	(12)	(12)	(140)	(140)
External revenue reclassified	357	3,060	399	3,186	1,134	11,374	1,447	11,989
revenue - reported Intersegment	62		78		264		275
Commodity and pass-through charges for prices Group consumption	0		(10)		0		(11)
revenue reclassified Intersegment	62		68		264		264
of goods and - reported Cost services	164	840	237	935	466	2,828	777	3,237
for Commodity and pass-through charges external clients prices	(11)	(11)	(65)	(65)	(12)	(12)	(140)	(140)
Commodity and pass-through charges for prices Group consumption	0	0	(10)	0	0	0	(11)	0
Cost of goods and reclassified services	153	829	162	869	454	2,815	627	3,098

PAYMENTS & MOBILE KEY METRICS STEADY INCREASE ACROSS KEY METRICS

1. Including social measures related cards; 2. Including payments, top-ups and withdrawals; 3. Includes e-commerce and web transactions on Poste Italiane channels; 4. An innovative electronic tool associated to a single customer, able to authorize in app payment transactions

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

POSTEPAY TRANSACTION VALUE (BASE 100)¹

INTERSEGMENT COSTS AS OF Q4-23 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless otherwise stated	MAIN RATIONALE	INDICATIVE MAIN REMUNERATION SCHEME		4Q-22	4Q-23
• a) b)	Payments and Mobile remunerates: Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1 ; Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network;	a) b)	Number of payment transactions flat fee (depending on the product) Fixed % of revenues	a) 57 b) 73 Total: 129	a) 72 b) 70 Total: 142
• c)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for investment management services3 ;	c) d)	Fixed % of upfront fees Depending on service/product	c) 152 d) 19	c) 155 d) 23
d)	for providing corporate services1 Mail, Parcel and Distribution ; Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 172 Total: 9	Total: 178 Total: 7
• e) f)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and PMD products throughout the network and for proving corporate services5 ; Payments & Mobile for providing certain payment services6	e) f)	Fixed % (depending on the product) of revenues Depending on service/product	e) 1,111 f) 45 Total: 1,1567	e) 1,282 f) 48 Total: 1,3297
• g) h)	Mail, Parcel and Distribution remunerates: Payments & Mobile for acquiring services, postman electronic devices and utilities Financial Services as distribution fees related to "Bollettino DTT"	g) h)	Annual fee, fee * volumes Flat fee for each "Bollettino"	g) 9 h) 0 Total: 9	g) 20 h) 0 Total: 20

1. Corporate Services such as communication, anti money laundering, IT, back office and call centres; 2. Which, in turn, remunerates Mail, Parcel and Distribution; 3. Investment management services provided by BancoPosta Fondi SGR; 4. Under IFRS17 costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – are attributed to Insurance Services' revenues; 5. E.g. Corporate services are remunerated according to number of allocated FTEs, volumes of letters sent and communication costs; 6. E.g. "Bollettino"; 7. Excluding interest charges

MEMBERSHIPS

POSTE ITALIANE'S SUSTAINABILITY PATH CONFIRMED GROUP'S COMMITMENT AND THE QUALITY OF OUR ESG STRATEGY

INDICES AND RATINGS

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€ m	Q4-22	Q4-23	Var.	Var. %	FY-22	FY-23	Var.	Var. %
Total revenues	3,060	3,186	+126	+4%	11,374	11,989	+615	+5%
of which:
Mail, Parcel and Distribution	1,003	991	(12)	(1%)	3,651	3,746	+95	+3%
Financial Services	1,194	1,371	+178	+15%	4,939	5,229	+290	+6%
Insurance Services	506	425	(82)	(16%)	1,650	1,567	(83)	(5%)
Payments and Mobile	357	399	+42	+12%	1,134	1,447	+312	+28%
Total costs	2,738	2,671	(67)	(2%)	8,978	9,369	+390	+4%
of which:
Total personnel expenses	1,281	1,476	+195	+15%	4,823	5,170	+347	+7%
of which personnel expenses	1,222	1,262	+40	+3%	4,754	4,859	+105	+2%
of which early retirement incentives	60	165	+105	n.m	77	171	+94	n.m
of which legal disputes with employees	(1)	48	+49	n.m	(7)	140	+147	n.m
Other operating costs	1,257	1,002	(255)	(20%)	3,386	3,388	+2	+0%
Depreciation, amortisation and impairments	200	193	(7)	(3%)	769	811	+42	+5%
EBIT	322	515	+193	+60%	2,396	2,620	+225	+9%
EBIT Margin	+11%	+16%			+21%	+22%
and profit/(loss) on investments accounted for Finance income/(costs) using the equity method	26	31	+5	+20%	37	107	+70	n.m
Profit before tax	348	546	+198	+57%	2,433	2,727	+295	+12%
Income tax expense	204	135	(69)	(34%)	850	794	(56)	(7%)
Profit for the period	144	411	+267	+185%	1,583	1,933	+350	+22%

CONSOLIDATED ACCOUNTS – SEGMENT VIEW FY-23 PROFIT & LOSS

€m	Mail, Parcel & Distribution	Financial Services	Insurance Services	Payments & Mobile	Adjustments & 1 eliminations	Total
External Revenues	3,746	5,229	1,567	1,447	0	11,989
Intersegment Revenues	5,244	866	(148)	264	(6,226)	0
Total revenues	8,991	6,095	1,419	1,710	(6,226)	11,989
Labour cost	5,494	45	9	53	(431)	5,170
COGS	2,473	37	11	627	(51)	3,098
Other Costs	184	58	9	25	0	275
Capitalised and Costs Expenses	(54)	0	0	(1)	0	(56)
Loss/(Reversal) on debt Impairment receivables and other instruments, assets	46	11	0	13	0	71
Intersegment Costs	46	5,081	28	518	(5,673)	0
Total costs	8,190	5,232	57	1,235	(6,155)	8,558
EBITDA	801	863	1,362	476	(71)	3,431
and Depreciation, amortisation impairments	844	0	2	36	(71)	811
EBIT	(43)	863	1,360	440	0	2,620
income/(cost) Finance	(5)	30	50	32	0	107
Profit before tax	(48)	893	1,410	471	0	2,727
cost/(income) Tax	(2)	246	417	134	0	794
Profit for the period	(46)	647	994	338	0	1,933

1. IFRS17 requires the attribution of costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – to Insurance Services' revenues. To ensure full elimination of intersegment costs we make an adjustment at Group level, allocating such costs to Labour costs, COGS and D&A

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€ m	Q4-22	Q4-23	Var.	Var. %	FY-22	FY-23	Var.	Var. %
Segment revenue	1,003	991	(12)	(1%)	3,651	3,746	+95	+3%
Intersegment revenue	1,187	1,374	+188	+16%	4,862	5,244	+383	+8%
Total revenues	2,189	2,365	+176	+8%	8,512	8,991	+478	+6%
Personnel expenses	1,351	1,545	+194	+14%	5,114	5,494	+380	+7%
of which personnel expenses	1,292	1,380	+88	+7%	5,039	5,324	+285	+6%
of which early retirement incentives	59	165	+106	n.m	76	171	+95	n.m
Other operating costs	1,104	795	(309)	(28%)	2,880	2,649	(231)	(8%)
Intersegment costs	9	20	+11	n.m	39	46	+8	+20%
Total costs	2,464	2,360	(104)	(4%)	8,033	8,190	+157	+2%
EBITDA	(275)	5	+280	n.m	480	801	+321	+67%
Depreciation, amortisation and impairments	206	202	(4)	(2%)	805	844	+38	+5%
EBIT	(481)	(197)	+284	+59%	(326)	(43)	+283	+87%
EBIT MARGIN	(22%)	(8%)			(4%)	(0%)
Finance income/(costs)	19	(10)	(29)	n.m	17	(5)	(22)	n.m
Profit/(Loss) before tax	(462)	(207)	+255	+55%	(309)	(48)	+261	+85%
Income tax expense	(17)	(38)	(21)	n.m	52	(2)	(53)	n.m
Profit for the period	(445)	(169)	+276	+62%	(361)	(46)	+315	+87%

FINANCIAL SERVICES PROFIT & LOSS

€ m	Q4-22	Q4-23	Var.	% Var.	FY-22	FY-23	Var.	% Var.
Segment revenue	1,194	1,371	+178	+15%	4,939	5,229	+290	+6%
Intersegment revenue	218	205	(13)	(6%)	820	866	+46	+6%
Total revenues	1,411	1,576	+165	+12%	5,759	6,095	+336	+6%
Personnel expenses	10	10	+0	+1%	41	45	+4	+11%
of which personnel expenses	10	10	+0	+3%	40	45	+5	+11%
of which early retirement incentives	0 2	0	(0)	(100%)	1	0	(0)	(44%)
Other operating costs	7	23	+16	n.m	73	106	+33	+46%
and Depreciation, amortisation impairments	(0)	0	+0	n.m	0	0	(0)	(13%)
Intersegment costs	1,156	1,329	+173	+15%	4,757	5,081	+323	+7%
Total costs	1,173	1,362	+189	+16%	4,872	5,232	+361	+7%
EBIT	239	214	(24)	(10%)	887	863	(25)	(3%)
EBIT MARGIN	17%	14%			15%	14%
Finance income/(costs)	0	13	+12	n.m	(22)	30	+52	n.m
Profit/(Loss) before tax	239	227	(12)	(5%)	865	893	+27	+3%
Income tax expense	63	62	(1)	(2%)	243	246	+3	+1%
Profit for the period	176	165	(11)	(6%)	622	647	+25	+4%

INSURANCE SERVICES PROFIT & LOSS

€ m	Q4-22	Q4-23	Var.	Var. %	FY-22	FY-23	Var.	Var. %
Segment revenue	506	425	(82)	(16%)	1,650	1,567	(83)	(5%)
Intersegment revenue	(39)	(32)	+7	+18%	(148)	(148)	(0)	(0%)
Total revenues	468	393	(75)	(16%)	1,502	1,419	(83)	(6%)
Personnel expenses	3	1	(2)	(62%)	9	9	+0	+5%
of which personnel expenses	3	1	(2)	(61%)	9	9	+0	+5%
of which early retirement incentives	0	0	+0	(100%)	0	0	+0	n.m
Other operating costs	2	11	+9	n.m	7	20	+13	n.m
and Depreciation, amortisation impairments	0	0	+0	+21%	3	2	(2)	(46%)
Intersegment costs	7	6	(1)	(16%)	29	28	(0)	(1%)
Total costs	1 3	1 8	+6	+43%	4 8	5 9	+11	+24%
EBIT	455	375	(80)	(18%)	1,455	1,360	(94)	(6%)
EBIT MARGIN	97%	95%			97%	96%
income/(costs) Finance	5	18	+13	n.m	41	50	+9	+21%
Profit/(Loss) before tax	460	393	(67)	(15%)	1,496	1,410	(86)	(6%)
Income tax expense	124	84	(40)	(33%)	445	417	(28)	(6%)
Profit for the period	336	309	(27)	(8%)	1,051	994	(57)	(5%)

PAYMENTS & MOBILE PROFIT & LOSS

€ m	Q4-22	Q4-23	Var.	Var. %	FY-22	FY-23	Var.	Var. %
Segment revenue	357	399	42	12%	1,134	1,447	312	28%
Intersegment revenue	62	68	6	9%	264	264	0	0%
Total revenues	420	467	4 7	11%	1,398	1,710	312	22%
Personnel expenses	12	15	3	21%	35	53	19	54%
of which personnel expenses	12	14	3	22%	34	53	18	54%
Other operating costs	158	179	21	13%	479	663	184	38%
Intersegment costs	129	142	13	10%	482	518	36	8%
Total costs	300	336	3 6	12%	996	1,235	239	24%
EBITDA	120	131	1 1	9 %	402	476	7 4	18%
and Depreciation, amortisation impairments	10	9	(2)	(18%)	23	36	13	59%
EBIT	109	122	1 3	12%	379	440	6 0	16%
EBIT MARGIN	26%	26%			27%	26%
income/(costs) Finance	1	10	9	n.m	1	32	31	n.m
Profit/(Loss) before tax	111	132	2 2	19%	380	471	9 1	24%
Income tax expense	33	27	(6)	(19%)	110	134	23	21%
Profit for the period	7 7	105	2 8	36%	270	338	6 8	25%

DISCLAIMER

This document contains certain forward-looking statements that reflect Poste Italiane's management's current views with respect to future events and financial and operational performance of the Company and of the Company's Group.

These forward-looking statements are made as of the date of this document and are based on current expectations, reasonable assumptions and projections about future events and are therefore subject to risks and uncertainties. Actual future results and performance may indeed differ materially from what is expressed or implied in this presentation, due to any number of different factors, many of which are beyond the ability of Poste Italiane to foresee, control or estimate precisely, including, but not limited to, changes in the legislative and regulatory framework, market developments, price fluctuations and other risks and uncertainties, such as, for instance, risks deriving from the direct and indirect effects resulting from the international conflict in Eastern Europe.

Forward-looking statements contained herein are not a guarantee of future performance and you are therefore cautioned not to place undue reliance thereon.

This document does not constitute a recommendation regarding the securities of the Company; it does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane or any of its Group companies or other forms of financial assets, products or services.

Except as may be required by applicable law, Poste Italiane denies any intention or obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances after the date of this presentation.

Pursuant to art. 154- BIS, par.2,of the Consolidated Financial Bill of February 24, 1998, the executive (Dirigente Preposto) in charge of preparing the corporate accounting documents at Poste Italiane, Alessandro Del Gobbo, declares that the accounting information contained herein corresponds to document results and accounting books and records.

This document includes preliminary results and forward-looking statements that are not a guarantee of future performance as well as summary financial information that should not be considered a substitute for Poste Italiane's full financial statements.

Numbers in the document may not add up only due to roundings.