Poste Italiane

Investor Presentation • Jul 25, 2023

1

POSTE ITALIANE Q2 & H1-23 FINANCIAL RESULTS 25 JULY 2023

A PLATFORM COMPANY AT WORK

CONTENTS

EXECUTIVE SUMMARY

Q2 & H1-23 RESULTS OVERVIEW

RESULTS AHEAD OF GUIDANCE – ROBUST COMMERCIAL TRENDS WITH CONTINUED COST DISCIPLINE

€ m unless otherwise stated

	Q2-22	Q2-23	VAR.	VAR. (%)	H1-22	H1-23	VAR.	VAR. (%)
REVENUES	2,771	3,007	+236	+8.5%	5,588	6,050	+463	+8.3%
TOTAL COSTS	2,044	2,208	+163	+8.0%	4,171	4,484	+313	+7.5%
EBIT	727	799	+72	+9.9%	1,417	1,566	+150	+10.6%
NET PROFIT	492	601	+109	+22.1%	985	1,140	+155	+15.7%

SEGMENT REVENUES POSITIVE UNDERLYING REVENUE GROWTH ACROSS BUSINESS UNITS

OPERATING PROFIT BY SEGMENT

STRONG UNDERLYING OPERATING RESULTS BENEFITTING FROM A DIVERSIFIED BUSINESS MODEL

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%)

CONTENTS

MAIL, PARCEL & DISTRIBUTION POSITIVE OPERATING PROFIT IN AN INFLATIONARY ENVIRONMENT

• Repricing actions and a favourable product mix supporting resilient mail revenues
• Underlying parcel revenues up 2% driven by increasing volumes, mitigating lower contribution from PPE logistics
• Other revenues benefitting from 109m sennder capital gain³
• Distribution revenues up supported by positive commercial trends
• Positive EBIT confirmed in an inflationary environment

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; 3. Includes 109 of capital gain related to additional stake received in sennder Tech accounted at the latest fair value (new stake in sennder Tech c. 10.2%)

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

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

FINANCIAL SERVICES REVENUE GROWTH SUPPORTED BY NII AND POSITIVE COMMERCIAL TRENDS

Active portfolio management Transaction banking² Net interest income Loan & mortgage distribution³ Postal savings Asset management Intersegment revenues¹ (o.w. insurance) Net profit GROSS REVENUES EBIT& NET PROFIT Q2 HIGHLIGHTS 122 ^{564 436} 366 403 ^{186 173} 67 30 39 60 1,396 1,471 201 (144) 219 (166) +75 +5% +31% +9% +8% (10%) +10% n.m +29% € m unless otherwise stated 173 200 98 150 +27 +15% +52 +53% 299 168 856 1,109 800 828 354 136 388 ^{61 68} 398 (291) 105 453 (355) 2,903 3,119 +216 +7% +11% +14% +10% (23%) +4% (44%) +30% +15% +22%

H1-22

Q2-23

Q2-22

0

404

269

+52 +13%

H1-22 H1-23

456

+67 +25%

337

• EBIT NII growth supported by higher interest rates, increasing retail and corporate deposits and stable cost of funding
  • Postal savings fees up y/y with Q2-22 at floor remuneration
  • Transaction banking fees supported by repricing of current account and other payment services fees
  • Loan and mortgage fees bottoming due to partners' cost of funding peaking – volumes up Y/Y
  • Asset management fees supported by strong net inflows
  • Intersegment revenues up driven by steady insurance net inflows

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

H1-23

Q2-22 Q2-23

NET INTEREST INCOME EVOLUTION

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

changes & Other

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

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. Includes net flows into postal savings, Mutual Funds, Moneyfarm, Insurance Reserves, Deposits and Assets Under Custody; 6. Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Insurance reserves, and Assets under Custody

HIGHLIGHTS

• 92% of customers' TFA shielded from market fluctuations
• Postal savings outflows improving y/y thanks to renewed commercial effort
• Strong positive net flows in Insurance – adapting product-mix to increasing demand for capital guaranteed products
• Higher deposits and AuC increase by 1.2bn
• Strong net inflows in asset management, supported by target maturity fixed income funds

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

1. Net of claims; includes Poste Insurance Broker; 2. Includes 7 from Net Insurance (o.w 4 P&C) consolidated from 1 Apr 2023; 3. Includes 5 from Net Insurance (o.w 2 P&C); 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), 67 related to Net Insurance in Q2-23 and H1-23; 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

Q2 HIGHLIGHTS

• Life revenues comparing with a strong Q2-22 (which benefited from volatile components arising from the sharp increase in interest rates); recurring revenues increasing thanks to higher volumes
• Strong positive net flows in life, with a resiliently low lapse rate, outperforming in a challenging market
• Higher GWP in Protection also supported by Net Insurance consolidation
• Stable combined ratio despite an increasing share of welfare business embedding a structurally higher combined ratio

SOLVENCY II SII RATIO WELL ABOVE MANAGERIAL AMBITION

Q2 HIGHLIGHTS

• Strong Solvency II ratio at 274% (+7 p.p. since March 2023) net of the foreseeable dividend (-8 p.p.) on the basis of a 75% remittance ratio (increased from 50%) on H1-23 earnings
• Economic variances & other: positive impact of lower BTP spread
• Capital generation from new business and in force portfolio movements

PAYMENTS & MOBILE STRONG PERFORMANCE FROM ALL BUSINESS LINES

• Strong card payments increasing usage and structural cash-to-card shift driving higher transaction value (+13% Y/Y in Q2-23)
• LIS consolidation further supporting Card (+25 additional card revenues) and other payments (+45 additional other revenues)
• Energy business successfully up and running reaching c.300k contracts
• Telco revenues up in a competitive market
• EBIT growth driven by strong revenue trends and LIS consolidation, more than mitigating energy business start-up costs

HUMAN CAPITAL – FTEs CONTINUED FTE EFFICIENCY WITH FOCUSED WORKFORCE RENEWAL

HUMAN CAPITAL – HR COSTS LOWER FTEs PARTIALLY MITIGATING PLANNED SALARY INCREASE AND HIGHER VARIABLE COMP

€ m unless otherwise stated

ORDINARY HR COSTS

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

CLOSING REMARKS

CONTENTS

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

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

€ m unless otherwise stated

ORDINARY HR COSTS

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

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 IMPROVING NET UNREALISED LOSSES – NO IMPACT ON CAPITAL POSITION

POSTAL SAVINGS NET OUTFLOWS MAINLY DRIVEN BY POSTAL BONDS

€ m unless otherwise stated

ASSET MANAGEMENT AUM GROWTH SUPPORTED BY POSITIVE NET FLOWS

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

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

CONTRACTUAL SERVICE MARGIN EVOLUTION €13.3BN OF CSM SUPPORTING SUSTAINABLE PROFITABILITY GOING FORWARD

1. CSM of the business issued over the reporting period; 2. Impact of non-financial assumptions in future cash flow projections; 3. Impact from i) changes in real world interest rates on VFA (Variable Fee Approach) business and ii) changes in lock-in rates for BBA (Building Block Approach) business

INSURANCE SERVICES SOLVENCY II EVOLUTION

SWAP (BP)

(BP)

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

Q2 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-22
  • (29) p.p. as of Dec-22
  • (43) p.p. as of Mar-23
  • (37) p.p. as of Jun-23 (CVA not triggered)

● 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

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

€ m unless otherwise stated

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN

35

INSURANCE SERVICES GWP GROWTH SUPPORTED BY SOLID COMMERCIAL ACTIVITY

1. Includes 28 of life protection, 212 of PPP and 36 of Net Life in Q2-23; 2. Includes P&C Intercompany contracts and Life P&C Integration; 3. Includes 31 of Net Insurance of which 18 products sold via third parties (Other) and 13.5 salary-backed loans; 4. Protection includes total P&C and Life Protection (Class I-IV), 67 related to Net Insurance in Q2-23 and H1-23

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; 2. Includes life protection and PPP; 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

HIGHLIGHTS

• Postepay payment transaction value up strongly, Q2-23 +13% Y/Y supported by strong e-commerce growth (+19%)
• Further room for growth expected thanks to low penetration of digital payments in Italy (38%² in 2021)

INTERSEGMENT COSTS AS OF Q2-23 INTERSEGMENT DYNAMICS' KEY DRIVERS

MAIN

INDICATIVE MAIN

€ m unless otherwise stated	RATIONALE	REMUNERATION SCHEME		2Q-22	2Q-23
• a)	Payments and Mobile remunerates: Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1 ;	a)	Number of payment transactions flat fee (depending on the product)	a) 58	a) 61
b)	Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network;		Fixed % of revenues	b) 63 Total: 121	b) 63 Total: 124
• 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) 144 d) 21	c) 172 d) 25
d)	Mail, Parcel and Distribution for providing corporate services1 ;			Total: 165	Total: 197
	Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 7	Total: 9
• e)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and	e)	Fixed % (depending on the product)	e) 1,136	e) 1,190
f)	PMD products throughout the network and for proving corporate services5 ; Payments & Mobile for providing certain payment services6	of revenues f) Depending on service/product		f) 54 Total: 1,1897	f) 45 Total: 1,2357
• g)	Mail, Parcel and Distribution remunerates: Payments & Mobile for acquiring services and postman electronic devices	g)	Annual fee	g) 8	g) 8
h)	Financial Services as distribution fees related to "Bollettino DTT"	h)	Flat fee for each "Bollettino"	h) 0 Total: 8	h) 0 Total: 8

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 SUCCESSFULLY PROGRESSING ON OUR INTEGRATED STRATEGY

INCLUDED IN 17 ESG INDICES SINCE 2017, 20 AWARDS RECEIVED, >2X BRAND VALUE

POLIS PROJECT CONTRIBUTING TO SOCIAL COHESION

Selected indices, ratings and awards; 1. Source: Brand Finance Italy 100 2022;

2. Polis project was approved by Decree Law 59/2021 and funded with €0.8bn from the Complementary Fund of the National Recovery and Resilience Plan

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q2-22	Q2-23	Var.	Var. %	H1-22	H1-23	Var.	Var. %
Total revenues	2,771	3,007	+236	+9%	5,588	6,050	+463	+8%
of which:
Mail, Parcel and Distribution	904	1,002	+99	+11%	1,805	1,895	+91	+5%
Financial Services	1,194	1,252	+58	+5%	2,505	2,666	+161	+6%
Insurance Services	423	379	(44)	(10%)	796	772	(24)	(3%)
Payments and Mobile	250	374	+124	+49%	482	717	+235	+49%
Total costs	2,044	2,208	+163	+8%	4,171	4,484	+313	+8%
of which:
Total personnel expenses	1,162	1,196	+34	+3%	2,386	2,432	+46	+2%
of which personnel expenses	1,163	1,196	+33	+3%	2,388	2,427	+39	+2%
of which early retirement incentives	3	(0)	(3)	n.m	5	4	(1)	(26%)
of which legal disputes with employees	(4)	0	+5	n.m	(7)	0	+8	n.m
Other operating costs	685	802	+118	+17%	1,409	1,635	+227	+16%
Depreciation, amortisation and impairments	197	209	+12	+6%	376	417	+41	+11%
EBIT	727	799	+72	+10%	1,417	1,566	+150	+11%
EBIT Margin	+26%	+27%			+25%	+26%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	(15)	55	+69	n.m	4	65	+60	n.m
Profit before tax	713	854	+141	+20%	1,421	1,631	+210	+15%
Income tax expense	221	253	+33	+15%	436	491	+55	+13%
Profit for the period	492	601	+109	+22%	985	1,140	+155	+16%

CONSOLIDATED ACCOUNTS – SEGMENT VIEW H1-23 PROFIT & LOSS

€m	Mail, Parcels & Distribution	Payment & Mobile	Financial Services	Insurance Services	Adjustments & eliminations1	Total
External Revenues	1,895	717	2,666	772	0	6,050
Intersegment Revenues	2,655	132	453	(82)	(3,157)	0
TOTAL REVENUES	4,550	849	3,119	690	(3,157)	6,050
Labour cost	2,609	27	24	4	(232)	2,432
COGS	1,186	340	18	5	(32)	1,517
Other Costs	86	9	40	0	0	135
Capitalised Costs and Expenses	(27)	(1)	0	0	0	(27)
Impairment Loss/(Reversal) on debt instruments, receivables and other assets	(1)	6	6	0	0	11
Intersegment Costs	16	249	2,576	15	(2,856)	(0)
TOTAL COST	3,869	631	2,663	24	(3,120)	4,067
D&A	434	18	0	2	(38)	417
EBIT	247	199	456	664	(0)	1,566
Finance income/(cost)	10	14	8	33	(0)	65
PBT	257	214	464	697	(0)	1,631
Tax cost/(income)	67	70	128	226	0	491
NET PROFIT	190	144	337	471	(0)	1,140

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	Q2-22	Q2-23	Var.	Var. %	H1-22	H1-23	Var.	Var. %
Segment revenue	904	1,002	+99	+11%	1,805	1,895	+91	+5%
Intersegment revenue	1,212	1,273	+60	+5%	2,481	2,655	+174	+7%
Total revenues	2,116	2,275	+159	+8%	4,286	4,550	+264	+6%
Personnel expenses	1,237	1,283	+46	+4%	2,537	2,609	+72	+3%
of which personnel expenses	1,234	1,283	+49	+4%	2,532	2,605	+73	+3%
of which early retirement incentives	3	0	(3)	n.m	5	4	(2)	(31%)
Other operating costs	578	608	+30	+5%	1,188	1,244	+56	+5%
Intersegment costs	8	8	+0	+1%	22	16	(6)	(27%)
Total costs	1,823	1,898	+75	+4%	3,747	3,869	+122	+3%
EBITDA	293	376	+83	+28%	539	682	+143	+26%
Depreciation, amortisation and impairments	206	217	+11	+5%	397	434	+38	+10%
EBIT	87	159	+73	+84%	142	247	+105	+74%
EBIT MARGIN	+4%	+7%			+3%	+5%
Finance income/(costs)	1	21	+20	n.m	4	10	+6	n.m
Profit/(Loss) before tax	88	180	+92	n.m	146	257	+111	+76%
Income tax expense	32	31	(1)	(3%)	59	67	+8	+13%

FINANCIAL SERVICES PROFIT & LOSS

€m	Q2-22	Q2-23	Var.	Var. %	H1-22	H1-23	Var.	Var. %
Segment revenue	1,194	1,252	+58	+5%	2,505	2,666	+161	+6%
Intersegment revenue	201	219	+18	+9%	398	453	+55	+14%
Total revenues	1,396	1,471	+75	+5%	2,903	3,119	+216	+7%
Personnel expenses	10	12	+2	+17%	21	24	+3	+16%
of which personnel expenses	10	12	+2	+16%	21	24	+3	+15%
of which early retirement incentives	0	0	+0	n.m.	0	0	+0	n.m
Other operating costs	23	25	+2	+8%	49	63	+14	+29%
Depreciation, amortisation and impairments	0	0	(0)	(49%)	0	0	(0)	(48%)
Intersegment costs	1,189	1,235	+45	+4%	2,429	2,576	+147	+6%
Total costs	1,223	1,271	+49	+4%	2,499	2,663	+164	+7%
EBIT	173	200	+27	+15%	404	456	+52	+13%
EBIT MARGIN	12%	14%			14%	15%
Finance income/(costs)	(27)	7	+34	n.m	(22)	8	+30	n.m
Profit/(Loss) before tax	146	207	+61	+42%	382	464	+82	+21%
Income tax expense	48	57	+9	+19%	113	128	+14	+13%
Profit for the period	98	150	+52	+53%	269	337	+67	+25%

INSURANCE SERVICES PROFIT & LOSS

€m	Q2-22	Q2-23	Var.	Var. %	H1-22	H1-23	Var.	Var. %
Segment revenue	423	379	(44)	(10%)	796	772	(24)	(3%)
Intersegment revenue	(35)	(33)	+1	+4%	(73)	(82)	(9)	(13%)
Total revenues	388	345	(43)	(11%)	723	690	(33)	(5%)
Personnel expenses	2	2	+0	+2%	3	4	+1	+36%
of which personnel expenses	2	2	+0	+2%	3	4	+1	+36%
of which early retirement incentives	0	0	+0	n.m	0	0	+0	n.m
Other operating costs	2	3	+1	+84%	3	5	+2	+69%
Depreciation, amortisation and impairments	1	1	(0)	(20%)	3	2	(1)	(43%)
Intersegment costs	7	9	+2	+31%	13	15	+2	+14%
Total costs	12	15	+3	+26%	22	26	+4	+18%
EBIT	376	330	(46)	(12%)	701	664	(37)	(5%)
EBIT MARGIN	97%	96%			97%	96%
Finance income/(costs)	12	19	+7	+64%	23	33	+10	+43%
Profit/(Loss) before tax	388	349	(39)	(10%)	724	697	(27)	(4%)
Income tax expense	115	123	+8	+7%	215	226	+10	+5%
Profit for the period	273	226	(47)	(17%)	508	471	(38)	(7%)

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q2-22	Q2-23	Var.	Var. %	H1-22	H1-23	Var.	Var. %
Segment revenue	250	374	+124	+49%	482	717	+235	+49%
Intersegment revenue	69	65	(4)	(5%)	136	132	(4)	(3%)
Total revenues	319	439	+120	+38%	618	849	+231	+37%
Personnel expenses	7	13	+6	+86%	14	27	+12	+87%
of which personnel expenses	7	13	+6	+86%	14	27	+12	+87%
Other operating costs	96	183	+87	+90%	194	355	+161	+83%
Intersegment costs	121	124	+3	+3%	233	249	+17	+7%
Total costs	224	320	+96	+43%	441	631	+190	+43%
EBITDA	95	120	+24	+25%	177	218	+41	+23%
Depreciation, amortisation and impairments	4	9	+5	n.m	7	18	+11	+149%
EBIT	91	111	+19	+21%	169	199	+30	+18%
EBIT MARGIN	29%	25%			27%	23%
Finance income/(costs)	0	8	+8	n.m	(0)	14	+14	n.m
Profit/(Loss) before tax	91	119	+28	+30%	169	214	+45	+26%
Income tax expense	26	42	+16	+62%	48	70	+22	+45%
Profit for the period	66	77	+12	+18%	121	144	+23	+19%

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.