Poste Italiane

Investor Presentation • Nov 7, 2023

POSTE ITALIANE Q3 & 9M-23 FINANCIAL RESULTS 7 NOVEMBER 2023

A PLATFORM COMPANY AT WORK

CONTENTS

EXECUTIVE SUMMARY

● 9M-23 REVENUES UP 7% Y/Y TO €8.9BN – SUPPORTED BY PARCELS, PAYMENTS AND NII

● EBIT PROGRESSION AT €2.1BN SUPPORTED BY COST DISCIPLINE IN INFLATIONARY ENVIRONMENT

● CONTINUED POSITIVE INFLOWS IN NET SAVINGS & INVESTMENT PRODUCTS – RESILIENT INSURANCE INFLOWS

● SOLID BALANCE SHEET WITH IMPROVING NET FINANCIAL POSITION

● INTERIM DIVIDEND PAYMENT OF €0.237 P/S (€307M) ON 22 NOVEMBER 2023, UP 13% FROM 2022

UPGRADED FY-23 EBIT GUIDANCE TO €2.6BN DRIVEN BY FINANCIAL OUTPERFORMANCE

Q3 & 9M-23 RESULTS OVERVIEW STRONG RESULTS LEADING TO UPGRADED FY-23 EBIT GUIDANCE

€ m unless otherwise stated

	Q3-22	Q3-23	VAR.	VAR. (%)	9M-22	9M-23	VAR.	VAR. (%)
REVENUES	2,728	2,827	+99	+3.6%	8,315	8,878	+562	+6.8%
TOTAL COSTS	2,071	2,289	+217	+10.5%	6,242	6,773	+531	+8.5%
EBIT	657	539	incl -90 due to one-off bonus (118)	(18.0%)	2,073	2,105	incl -90 due to one-off bonus and +109 related +32	to sennder +1.5%
NET PROFIT	454	382	(72)	(15.9%)	1,439	1,522	+83	+5.8%

SEGMENT REVENUES TOP-LINE GROWTH DRIVEN BY PARCELS, PAYMENTS & NII – POSTAL SAVINGS HEADWINDS

Note: Figures reported under IFRS17 starting from 2023. 2022 figures restated accordingly; 1. Includes 109 of capital gain from the additional stake received in sennder Tech accounted at the latest fair value (new stake in sennder Tech c. 10.2%)

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

Note: Figures reported under IFRS17 starting from 2023. 2022 figures restated accordingly

2023 EBIT GUIDANCE REVISED UPWARDS DIVERSIFIED BUSINESS MODEL CONSTANTLY DELIVERING – c.€5BN¹DIVIDENDS DISTRIBUTED SINCE 2016

STEADY DELIVERY OF A DIVERSIFIED BUSINESS MODEL – EBIT EVOLUTION 2016 – 2023²

1. Includes dividend payment of €307m to be paid in November 2023; 2. 2018 and 2020 targets: Deliver 2022 – Feb 2018; 2019 target: 2019 Guidance – Mar 2019; 2021 target: 24 SI – Mar 2021; 2022 target: 24SI Plus – Mar 2022; 2023 target CMD 2023 – Mar 2023

CONTENTS

MAIL, PARCEL & DISTRIBUTION INCREASED MARKET REVENUES, RESILIENT EBIT EXCLUDING ONE-OFF BONUS

1. Includes Tax Credit contribution, Digital Identities fees, vaccination plan related expense recovery, EGI, Poste Air Cargo, Patenti Via Poste, Philately, Poste Motori, Poste Welfare Service, Agile Lab and Sourcesense; 2. Includes income received by other segments in return for use of the distribution network and Corporate Services

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING PARCEL VOLUMES ACCELERATING; MAIL REPRICING AND MIX MORE THAN OFFSETTING VOLUME DECLINE

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

FINANCIAL SERVICES REVENUE GROWTH DRIVEN BY NII & RESILIENT COMMERCIAL PERFORMANCE

Active portfolio management Transaction banking² Net interest income Loan & mortgage distribution³ Postal savings Asset management Intersegment revenues¹ (o.w. insurance) Net profit EBIT ● NII growth supported by GROSS REVENUES EBIT& NET PROFIT Q3 HIGHLIGHTS 525 566 400 374 185 201 49 39 29 205 (145) 36 0 Q3-22 28 208 (155) Q3-23 1,445 1,400 (45) (3%) +37% +2% (8%) (43%) (7%) n.m +8% € m unless otherwise stated 244 ^{192 178} 146 Q3-22 Q3-23 (52) (21%) (32) (18%) 335 1,381 1,675 1,200 1,202 ^{554 573 185} 90 107 9M-22 602 (436) 661 (509) 168 133 9M-23 4,348 4,519 +171 +4% +20% +10% +3% (28%) 0% (50%) +21% 649 648 447 483 9M-22 9M-23 (1) (0%) +36 +8% +7% +17%

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

• higher interest rates, increasing retail and corporate deposits and low cost of funding
• Postal savings fees impacted by product mix and commercial trends
• Transaction banking fees impacted by a lower current account repricing that started in April 2023, mitigated by other payment services fees
• Loan and mortgage fees impacted by higher partners' cost of funding – volumes up Y/Y
• Asset management fees supported by strong net inflows
• Intersegment revenues up driven by insurance inflows

GROUP TOTAL FINANCIAL ASSETS INCREASING TFAs SUPPORTED BY SAVINGS AND INVESTMENT PRODUCTS NET INFLOWS

1. EoP figures, 2022 Insurance Reserves 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 reserves exclude Protection; 6. Includes net flows into postal savings, Mutual Funds, Moneyfarm, Insurance Reserves, Deposits and Assets Under Custody; 7. Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Insurance reserves, and Assets under Custody

HIGHLIGHTS

• 91% of customers' TFA shielded from market fluctuations
• Postal savings outflows improving y/y thanks to renewed commercial effort put in place to counterbalance the impact from the new market trends and interest rates environment
• Strong Insurance net flows outperforming the market
• Stable deposits and AuC with resilient retail deposits
• Increasing Mutual Funds confirming strong net flows into target maturity fixed income funds

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

Q3 HIGHLIGHTS

• Confirmed positive net flows and resiliently low lapse rate in Life, outperforming the market
• Growth in Life revenues supported by higher volumes and margins
• Higher GWP in Protection also supported by Net Insurance consolidation
• Protection combined ratio in line with 2023 guidance

1. Net of claims; includes Poste Insurance Broker; 2. Includes 8 from Net Insurance (o.w 1 P&C) in Q3 and 15 (o.w 5 P&C) in 9M, consolidated from1 Apr 2023; 3. Includes 6 from Net Insurance in Q3 and 11 in 9M; 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), 63 related to Net Insurance in Q3-23 and 130 in 9M-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

SOLVENCY II SII RATIO WELL ABOVE MANAGERIAL AMBITION, SUCCESSFULLY NAVIGATING A VOLATILE ENVIRONMENT

1. EoP figures; 2. Net of foreseeable dividend

PAYMENTS & MOBILE STRONG PERFORMANCE ACROSS ALL BUSINESS LINES

• Strong card payment performance with higher transaction values (+12% Y/Y) driven by: e-commerce growth (+18% Y/Y), increase in usage and structural cash to card shift
• LIS consolidation further supporting Card (+17) and other payments (+29)¹
• Energy business successfully up and running, reaching c.400k contracts
• Steady growth of Telco business supported by fiber offer
• EBIT growth driven by strong payment revenues and LIS contribution, more than offsetting energy business start-up costs

HUMAN CAPITAL – FTEs CONTINUED FTE EFFICIENCY WITH FOCUSED WORKFORCE RENEWAL

HUMAN CAPITAL – HR COSTS VARIABLE COMP UP REFLECTING POSITIVE COMMERCIAL ACTIVITY – ORDINARY COSTS % DOWN

€ m unless otherwise stated

1. Excluding one-off bonus of 90; 2. Unpaid leave and provisions for holidays, extraordinary items on bonuses and compensation, turnover and other

NON-HR COSTS PROGRESSING AHEAD OF PLAN – INCREASE DUE TO NEW ENERGY BUSINESS, LIMITED INFLATION IMPACT

CLOSING REMARKS

● 9M-23 REVENUES UP 7% Y/Y TO €8.9BN – SUPPORTED BY PARCELS, PAYMENTS AND NII

● EBIT PROGRESSION AT €2.1BN SUPPORTED BY COST DISCIPLINE IN INFLATIONARY ENVIRONMENT

● CONTINUED POSITIVE INFLOWS IN NET SAVINGS & INVESTMENT PRODUCTS – RESILIENT INSURANCE INFLOWS

● SOLID BALANCE SHEET WITH IMPROVING NET FINANCIAL POSITION

● INTERIM DIVIDEND PAYMENT OF €0.237 P/S (€307M) ON 22 NOVEMBER 2023, UP 13% FROM 2022

UPGRADED FY-23 EBIT GUIDANCE TO €2.6BN DRIVEN BY FINANCIAL OUTPERFORMANCE

CONTENTS

HUMAN CAPITAL – HR COSTS PLANNED SALARY INCREASE OFFSET BY LOWER FTEs – HIGHER VARIABLE COMPENSATION

€ m unless otherwise stated

NON-HR COSTS ENERGY BUSINESS START-UP COSTS AND INFLATION INCREASE – IN LINE WITH EXPECTATIONS

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, the purchase of options for minority acquisitions, TFR, reserve variation related to incentive schemes (IFRS 2)

MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION IMPROVING 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 (1,435)

NET INTEREST INCOME EVOLUTION

POSITIVE IMPACT FROM RISING INTEREST RATES AND INCREASING RETAIL DEPOSITS YEAR-ON-YEAR

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE AVERAGE RETAIL AND CORPORATE 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

POSTAL SAVINGS NET OUTFLOWS MAINLY DRIVEN BY POSTAL BONDS

€ m unless

ASSET MANAGEMENT AUM GROWTH SUPPORTED BY POSITIVE NET FLOWS

ASSET MANAGEMENT NET INFLOWS POSITIVE NET FLOWS THANKS TO MUTUAL FUNDS AND MULTICLASS CLASS III PRODUCTS

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

CONTRACTUAL SERVICE MARGIN EVOLUTION €12.8BN OF CSM SUPPORTING SUSTAINABLE PROFITABILITY GOING FORWARD

INSURANCE SERVICES SOLVENCY II EVOLUTION

SWAP (BP)

(BP)

SOLVENCY II RATIO SENSITIVITIES RATIOS WELL ABOVE RISK TOLERANCE UNDER SIMULATED SCENARIOS

Q3 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

● 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. (31) p.p. as of Sep-23

35

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 66 of life protection, 226 of PPP and 36 of Net Life in Q3-23; 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), 63 related to Net Insurance in Q3-23

INSURANCE SERVICES RESERVES STRONG NET INFLOWS OUTPERFORMING THE MARKET

1. EoP figures, 2022 Insurance Reserves restated to exclude the Deferred Policyholders' Liabilities "DPL" (-14bn as of Dec-22), in line with local GAAP. Includes non-life insurance reserves. 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 ACROSS ALL PRODUCTS

INSURANCE SERVICES INVESTMENT PORTFOLIO ONGOING DIVERSIFICATION

1. Includes financial assets covering Class I technical provisions and free surplus investments according to local GAAP

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

1. Refers to PostePay SpA transaction value; 2. Osservatorio Innovative Payments

INTERSEGMENT COSTS AS OF Q3-23 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless otherwise stated	MAIN RATIONALE	INDICATIVE MAIN REMUNERATION SCHEME								3Q-22	3Q-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) 54 b) 66 Total: 120	a) 63 b) 64 Total: 127
• c) d)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for investment management services3 ; Mail, Parcel and Distribution for providing corporate services1 ;	c) d)	Fixed % of upfront fees Depending on service/product	c) 145 d) 19 Total: 164	c) 159 d) 21 Total: 180
	Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 9	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) 1,122 f) 50 Total: 1,1737	e) 1,131 f) 45 Total: 1,1767
• g) h)	Mail, Parcel and Distribution remunerates: Payments & Mobile for acquiring services and postman electronic devices Financial Services as distribution fees related to "Bollettino DTT"	g) h)	Annual fee Flat fee for each "Bollettino"	g) 7 h) 0 Total: 7	g) 10 h) 0 Total: 10

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

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

INDICES AND RATINGS

MEMBERSHIPS

45

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q3-22	Q3-23	Var.	Var. %	9M-22	9M-23	Var.	Var. %
Total revenues	2,728	2,827	+99	+4%	8,315	8,878	+562	+7%
of which:
Mail, Parcel and Distribution	843	860	+16	+2%	2,648	2,755	+107	+4%
Financial Services	1,240	1,192	(48)	(4%)	3,745	3,858	+113	+3%
Insurance Services	348	371	+23	+7%	1,144	1,142	(1)	0%
Payments and Mobile	297	405	+109	+37%	779	1,122	+344	+44%
Total costs	2,071	2,289	+217	+10%	6,242	6,773	+531	+9%
of which:
Total personnel expenses	1,156	1,263	+107	+9%	3,542	3,695	+153	+4%
of which personnel expenses	1,144	1,170	+26	+2%	3,532	3,597	+65	+2%
of which early retirement incentives	12	2	(10)	(84%)	17	6	(11)	(66%)
of which legal disputes with employees	1	91	+91	n.m	(7)	92	+99	n.m
Other operating costs	722	825	+103	+14%	2,130	2,460	+330	+15%
Depreciation, amortisation and impairments	193	200	+7	+4%	569	617	+48	+8%
EBIT	657	539	(118)	(18%)	2,073	2,105	+32	+2%
EBIT Margin	+24%	+19%			+25%	+24%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	7	12	+5	+68%	11	76	+65	n.m
Profit before tax	663	550	(113)	(17%)	2,085	2,181	+96	+5%
Income tax expense	210	168	(41)	(20%)	646	659	+13	+2%
Profit for the period	454	382	(72)	(16%)	1,439	1,522	+83	+6%

CONSOLIDATED ACCOUNTS – SEGMENT VIEW 9M-23 PROFIT & LOSS

€m	Mail, Parcels & Distribution	Payment & Mobile	Financial Services	Insurance Services	Adjustments & eliminations1	Total
External Revenues	2,755	1,122	3,858	1,142	0	8,878
Intersegment Revenues	3,870	196	661	(116)	(4,612)	0
TOTAL REVENUES	6,625	1,319	4,519	1,026	(4,612)	8,878
Labour cost	3,949	38	36	8	(336)	3,695
COGS	1,776	540	26	7	(46)	2,303
Other Costs	115	11	49	2	0	177
Capitalised Costs and Expenses	(40)	(1)	0	0	0	(40)
Impairment Loss/(Reversal) on debt instruments, receivables and other assets	4	9	8	0	0	21
Intersegment Costs	26	376	3,751	22	(4,176)	0
TOTAL COST	5,829	974	3,870	39	(4,558)	6,155
EBITDA	796	345	649	987	(54)	2,723
D&A	642	28	0	1	(54)	617
EBIT	154	317	648	986	(0)	2,105
Finance income/(cost)	5	22	18	32	(0)	76
PBT	159	339	666	1,018	(0)	2,181
Tax cost/(income)	36	107	183	333	0	659
NET PROFIT	123	232	483	685	(0)	1,522

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	Q3-22	Q3-23	Var.	Var. %	9M-22	9M-23	Var.	Var. %
Segment revenue	843	860	+16	+2%	2,648	2,755	+107	+4%
Intersegment revenue	1,194	1,215	+22	+2%	3,675	3,870	+195	+5%
Total revenues	2,037	2,075	+38	+2%	6,323	6,625	+302	+5%
Personnel expenses	1,227	1,340	+114	+9%	3,763	3,949	+185	+5%
of which personnel expenses	1,215	1,338	+123	+10%	3,747	3,943	+197	+5%
of which early retirement incentives	11	2	(10)	(84%)	17	5	(11)	(67%)
Other operating costs	588	610	+23	+4%	1,776	1,854	+79	+4%
Intersegment costs	7	10	+3	+38%	29	26	(3)	(11%)
Total costs	1,822	1,961	+139	+8%	5,569	5,829	+261	+5%
EBITDA	215	114	(101)	(47%)	755	796	+41	+5%
Depreciation, amortisation and impairments	202	207	+5	+2%	599	642	+43	+7%
EBIT	13	(93)	(106)	n.m	155	154	(1)	(1%)
EBIT MARGIN	+1%	(4%)			+2%	+2%
Finance income/(costs)	(6)	(5)	+1	+15%	(2)	5	+7	n.m
Profit/(Loss) before tax	7	(98)	(105)	n.m	153	159	+6	+4%
Income tax expense	9	(31)	(40)	n.m	68	36	(32)	(47%)
Profit for the period	(2)	(67)	(65)	n.m	85	123	+38	+45%

FINANCIAL SERVICES PROFIT & LOSS

€m	Q3-22	Q3-23	Var.	Var. %	9M-22	9M-23	Var.	Var. %
Segment revenue	1,240	1,192	(48)	(4%)	3,745	3,858	+113	+3%
Intersegment revenue	205	208	+3	+2%	602	661	+58	+10%
Total revenues	1,445	1,400	(45)	(3%)	4,348	4,519	+171	+4%
Personnel expenses	10	11	+1	+10%	31	36	+4	+14%
of which personnel expenses	10	11	+1	+12%	31	35	+4	+14%
of which early retirement incentives	0	0	(0)	(100%)	0	0	(0)	(6%)
Other operating costs	17	20	+3	+19%	66	83	+17	+26%
Depreciation, amortisation and impairments	0	0	(0)	(48%)	0	0	(0)	(48%)
Intersegment costs	1,173	1,176	+3	+0%	3,601	3,751	+150	+4%
Total costs	1,200	1,208	+7	+1%	3,699	3,870	+172	+5%
EBIT	244	192	(52)	(21%)	649	648	(1)	(0%)
EBIT MARGIN	17%	14%			15%	14%
Finance income/(costs)	(0)	10	+10	n.m	(22)	18	+40	n.m
Profit/(Loss) before tax	244	202	(42)	(17%)	626	666	+40	+6%
Income tax expense	67	56	(11)	(16%)	180	183	+4	+2%
Profit for the period	178	146	(32)	(18%)	447	483	+36	+8%

INSURANCE SERVICES PROFIT & LOSS

€m	Q3-22	Q3-23	Var.	Var. %	9M-22	9M-23	Var.	Var. %
Segment revenue	348	371	+23	+7%	1,144	1,142	(1)	(0%)
Intersegment revenue	(36)	(34)	+2	+6%	(109)	(116)	(7)	(6%)
Total revenues	312	336	+25	+8%	1,034	1,026	(8)	(1%)
Personnel expenses	2	3	+1	+55%	5	8	+2	+43%
of which personnel expenses	2	3	+1	+55%	5	8	+2	+43%
of which early retirement incentives	0	0	+0	n.m	0	0	+0	n.m
Other operating costs	2	4	+2	n.m	5	9	+4	+89%
Depreciation, amortisation and impairments	0	(0)	(1)	n.m	3	1	(2)	(55%)
Intersegment costs	9	7	(1)	(13%)	21	22	+1	+3%
Total costs	13	15	+2	+15%	35	41	+6	+17%
EBIT	299	322	+23	+8%	1,000	986	(14)	(1%)
EBIT MARGIN	96%	96%			97%	96%
Finance income/(costs)	13	(1)	(14)	n.m	36	32	(4)	(11%)
Profit/(Loss) before tax	312	321	+9	+3%	1,036	1,018	(18)	(2%)
Income tax expense	105	107	+2	+2%	320	333	+12	+4%
Profit for the period	207	214	+7	+3%	715	685	(30)	(4%)

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q3-22	Q3-23	Var.	Var. %	9M-22	9M-23	Var.	Var. %
Segment revenue	297	405	+109	+37%	779	1,122	+344	+44%
Intersegment revenue	65	65	(0)	(1%)	201	196	(5)	(2%)
Total revenues	362	470	+108	+30%	980	1,319	+339	+35%
Personnel expenses	8	12	+4	+44%	22	38	+16	+71%
of which personnel expenses	8	12	+3	+41%	22	38	+16	+70%
Other operating costs	128	204	+76	+60%	323	559	+237	+73%
Intersegment costs	120	127	+7	+6%	352	376	+24	+7%
Total costs	256	343	+87	+34%	698	974	+276	+40%
EBITDA	106	127	+21	+20%	282	345	+63	+22%
Depreciation, amortisation and impairments	5	9	+4	+86%	12	28	+15	n.m
EBIT	101	118	+17	+17%	270	317	+47	+18%
EBIT MARGIN	28%	25%			28%	24%
Finance income/(costs)	(0)	7	+8	n.m	(0)	22	+22	n.m
Profit/(Loss) before tax	100	125	+25	+25%	270	339	+70	+26%
Income tax expense	29	37	+8	+27%	77	107	+30	+38%
Profit for the period	72	89	+17	+24%	192	232	+40	+21%

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 presentation includes summary financial information and 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.