Poste Italiane

Investor Presentation • May 4, 2023

1

POSTE ITALIANE Q1-23 FINANCIAL RESULTS 4 MAY 2023

A PLATFORM COMPANY AT WORK

CONTENTS

EXECUTIVE SUMMARY

Q1-23 RESULTS OVERVIEW ROBUST START TO 2023 DRIVEN BY SOLID COMMERCIAL ACTIVITY AND CONTINUED COST MANAGEMENT

€ m unless otherwise stated

	Q1-22	Q1-23	VAR.	VAR. (%)
REVENUES	2,816	3,044	+227	+8.1%
TOTAL COSTS	2,127	2,277	+150	+7.0%
EBIT	690	767	+77	+11.2%
NET PROFIT	494	540	+46	+9.4%

OPERATING PROFIT BY SEGMENT STRONG OPERATING RESULTS ACROSS ALL BUSINESSES

CONTENTS

MAIL, PARCEL & DISTRIBUTION RESILIENT MARKET REVENUES AND IMPROVING OPERATING PROFITABILITY

• Mail revenues growth supported by ongoing repricing actions and favourable product mix
• Underlying parcel revenues flat – volumes with positive contribution from B2C
• Other revenues impacted by non-core activities
• Improving EBIT supported by higher distribution revenues in a challenging market

1. Q1-23 revenues include 15m from Plurima mitigating 18m lower revenues related to COVID-19 vaccination plan; 2. 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 and Sourcesense; 3. 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 UP WITH B2C TARIFF FLAT; MAIL REPRICING MORE THAN OFFSET VOLUME DECLINE

1. Including mix effect

FINANCIAL SERVICES REVENUE GROWTH DRIVEN BY NET INTEREST INCOME AND INSURANCE FEES

Active portfolio management Transaction banking² Net interest income Loan & mortgage distribution³ Postal savings Asset management Intersegment revenues¹ (o.w. insurance) Net profit EBIT ● Intersegment revenues up GROSS REVENUES EBIT& NET PROFIT Q1 HIGHLIGHTS ^{420 546} 176 168 434 425 181 69 202 ^{31 29 196} (147) Q1-23 44 Q1-22 1,507 1,648 234 (188) +141 +9% (7%) +19% +12% (36%) (2%) (5%) +30% +28% € m unless otherwise stated 231 256 171 187 Q1-22 Q1-23 +25 +11% +16 +9%

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

• driven by higher Insurance distribution fees
• NII growth supported by higher interest rates and increasing retail deposits
• Neutral active portfolio management, completed for 2023 (secured in early 2022)
• Postal savings fees in line with FY-23 guidance
• Transaction banking fees supported by repricing of current account fees implemented in H2-22
• Loan and mortgage fees impacted by higher partners' cost of funding – volumes up Y/Y
• Asset management fees impacted by financial markets performance

NET INTEREST INCOME EVOLUTION POSITIVE IMPACT FROM RISING INTEREST RATES AND INCREASING RETAIL DEPOSITS Y/Y

changes & Other

GROUP TOTAL FINANCIAL ASSETS INCREASING TFAs DRIVEN BY NET INFLOWS AND POSITIVE PERFORMANCE EFFECT

Q1 HIGHLIGHTS

• 92% of customers' TFA shielded from market fluctuations
• Postal savings flows supported by revamped commercial offer resulting in improving retail flows (y/y)
• Strong positive flows in Insurance – Insurance Reserves reclassified net of market effect following IFRS17 adoption
• Steady increase in deposits
• Net inflows in savings and investments supported by insurance products, deposits and mutual funds

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 deposits and Assets Under Custody; 3. Deposits do not include REPOs and Poste Italiane liquidity; 4. Includes net flows into postal savings, Mutual Funds, Moneyfarm, Insurance Reserves, Deposits and Assets Under Custody; 5. Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Insurance reserves, and Assets under Custody

INSURANCE SERVICES POSITIVE NET FLOWS AND LOW LAPSE RATE – OUTPERFORMING A CHALLENGING MARKET

1. Net of claims; includes Poste Insurance Broker; 2. Since 2022 lapse rate is calculated as surrenders divided by average reserves. 2017-2021 data have been restated accordingly in line with market practice; 3. 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

Q1 HIGHLIGHTS

• Life revenues growth supported by higher volumes and margins:
  • positive net flows, with a resiliently low lapse rate, outperforming the market
  • adapting product-mix to take advantage of increasing demand for capital guaranteed products
• Higher GWP in P&C across all product lines; revenues and combined ratio temporarily impacted by product mix, with a strong increase in welfare business
• Tender offer on Net Insurance successfully completed in Q2-23, as expected

SOLVENCY II RATIO SII RATIO WELL ABOVE MANAGERIAL AMBITION

PAYMENTS & MOBILE STRONG PERFORMANCE CONFIRMED ACROSS ALL BUSINESS LINES – ENERGY BUSINESS UP & RUNNING

• Strong card payments increasing usage and structural cash-to-card shift driving higher than expected transaction value (+18% in Q1-23 )
• LIS consolidation further supporting Card (+23m additional revenues) and other payments (+46m additional revenues)
• Other payments benefitting from transactions directly managed by PostePay as Payment Service Provider
• Telco revenues up in a competitive market
• EBIT growth driven by revenues and LIS consolidation, more than compensating energy business start-up costs

1. LIS revenues incremental contribution to Other Payments and Card Payments for a total of 68 in Q1-23; LIS EBIT contribution of 10 in 1Q23 (o.w. +12m EBIT and -2 PPA amortization)

HUMAN CAPITAL – FTEs CONTINUED FTE EFFICIENCY, WITH FOCUSED WORKFORCE RENEWAL

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

€ m unless otherwise stated

ORDINARY HR COSTS

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

CLOSING REMARKS

CONTENTS

SEGMENT REVENUES HEALTHY REVENUE PROGRESSION ACROSS BUSINESS UNITS

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. Shareholders' equity net of revaluation reserves and taking into consideration the dividend proposed for 2022 and IFRS17 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 (IFRS2)

MAIL, PARCEL AND DISTRIBUTION NET FINANCIAL POSITION IMPROVING UNDERLYING CASH GENERATION

1. Include hybrid instruments management and extraordinary effects

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE AVERAGE DEPOSITS UP THANKS TO RETAIL AND CORPORATE CLIENTS

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

FINANCIAL SERVICES – ASSETS LIABILITIES STRUCTURE STICKY AND WELL DIVERSIFIED DEPOSITS BASE

• Persistent deposits thanks to sticky and well diversified customer base (68% retail with average balance of c.€6k per account) across savings and investment products
• BTP portfolio duration closely replicates the behavioural profile of deposits
• Customers acknowledge Poste Italiane's solidity with increasing inflows in times of financial turbulence

UNREALISED GAINS & LOSSES AND SENSITIVITIES IMPROVING NET UNREALISED LOSSES – NO IMPACT ON CAPITAL POSITION

POSTAL SAVINGS NET OUTFLOWS IN LINE WITH 2023 TARGET OF POSTAL SAVING DISTRIBUTION FEES

€ m unless otherwise stated

ASSET MANAGEMENT POSITIVE NET FLOWS SUPPORTED BY MULTICLASS CLASS III PRODUCTS

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 OVER 13BN 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. Interest rates' impact at current rates for business accounted for using VFA (Variable Fee Approach) and at lock-in rates for business accounted for using the BBA (Building Block Approach)

INSURANCE SERVICES SOLVENCY II EVOLUTION

SWAP (BP)

(BP)

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

Q1 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 (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-22

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 STRONG NET INFLOWS OUTPERFORMING THE MARKET

INSURANCE SERVICES GWP GROWTH SUPPORTED BY SOLID COMMERCIAL ACTIVITY

1. Includes life protection and PPP; 2. Includes P&C Intercompany contracts and Life P&C Integration

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

IFRS17: KEY ACCOUNTING CHOICES AND OPTIONS ADOPTED

IMPACT OF

	APPROACH	Financial Assumptions	Technical Assumptions
	Life: ● 98%1 Variable Fee Approach (VFA) ●	CSM	CSM
	2%1 Building Block Approach ●	P&L/OCI	CSM
Measurement Model	P&C: ● 68%1 Premium Allocation Approach ●	P&L/OCI	P&L/OCI
	32%1 Building Block Approach ●	P&L/OCI	CSM
	OPTIONS ADOPTED	RATIONALE
Transition Approach	99%1 Modified Retrospective Approach ● ● 1%1 Fair Value Approach ●	Alignment to the present the underlying business valuation in first time business after transition	value of future profits of and continuity between adoption and the new date
Discount Rate	Bottom-up Approach: Risk-free rate + ● ● illiquidity premium (calibrated on own assets for VFA business) ●	Consistency with alignment for Building Matching assets & reducing earnings sensitivity	Solvency II framework (full Block Approach) liability valuations and to market volatility
Risk Adjustment	Percentile Approach: ● ● 70th Life: percentile ● 80th P&C: percentile ●	Reflecting appropriate underlying reserves	level of prudence on

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

INTERSEGMENT COSTS AS OF Q1-23 INTERSEGMENT DYNAMICS' KEY DRIVERS

MAIN

INDICATIVE MAIN

€ m unless otherwise stated	RATIONALE		REMUNERATION SCHEME	1Q-22	1Q-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	a) 60	a) 69
b)	Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network;	b)	fee (depending on the product) Fixed % of revenues	b) 51 Total: 112	b) 56 Total: 125
• c)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for	c)	Fixed % of upfront fees	c) 146	c) 191
d)	investment management services3 ; Mail, Parcel and Distribution for providing corporate services1 ;	d)	Depending on service/product	d) 21 Total: 167	d) 20 Total: 211
	Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 6	Total: 6
• e)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and	e)	Fixed % (depending on the product)	e) 1,189	e) 1,294
f)	PMD products throughout the network and for proving corporate services5 ; Payments & Mobile for providing certain payment services6	f)	of revenues Depending on service/product	f) 50	f) 47
				Total: 1,2397	Total: 1,3417
• g)	Mail, Parcel and Distribution remunerates: Payments & Mobile for acquiring services and postman electronic devices	g)	Annual fee	g) 10	g) 8
h)	Financial Services as distribution fees related to "Bollettino DTT"	h)	Flat fee for each "Bollettino"	h) 4 Total: 14	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

SINCE 2017 INCLUDED IN 16 ESG INDICES, 19 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	Q1-22	Q1-23	Var.	Var. %
Total revenues	2,816	3,044	+227	+8%
of which:
Mail, Parcel and Distribution	901	893	(8)	(1%)
Financial Services	1,311	1,414	+103	+8%
Insurance Services	373	393	+20	+5%
Payments and Mobile	231	343	+112	+48%
Total costs	2,127	2,277	+150	+7%
of which:
Total personnel expenses	1,224	1,235	+11	+1%
of which personnel expenses	1,225	1,232	+7	+1%
of which early retirement incentives	2	4	+2	+84%
of which legal disputes with employees	(3)	(0)	+3	+99%
Other operating costs	724	833	+109	+15%
Depreciation, amortisation and impairments	179	208	+29	+16%
EBIT	690	767	+77	+11%
EBIT Margin	+24%	+25%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	19	10	(9)	(47%)
Profit before tax	709	777	+68	+10%
Income tax expense	215	237	+22	+10%
Profit for the period	494	540	+46	+9%

CONSOLIDATED ACCOUNTS – SEGMENT VIEW PROFIT & LOSS

€m if not otherwise stated	Mail, Parcels & Distribution	Payment & Mobile	Financial Services	Insurance Services	Adjustments & eliminations1	Total
External Revenues	893	343	1,414	393	0	3,044
Intersegment Revenues	1,382	66	234	(49)	(1,634)	0
TOTAL REVENUES	2,276	409	1,648	344	(1,634)	3,044
Labour cost	1,326	13	12	2	(118)	1,235
COGS	601	167	9	3	(17)	763
Other Costs	52	5	27	(0)	0	83
Capitalised Costs and Expenses	(12)	(0)	0	0	0	(13)
Impairment Loss/(Reversal) on debt instruments, receivables and other assets	(4)	1	3	(0)	0	(0)
Intersegment Costs	8	125	1,341	6	(1,480)	(0)
TOTAL COST	1,970	311	1,391	10	(1,615)	2,068
D&A	217	10	0	0	(19)	208
EBIT	88	89	256	334	(0)	767
Finance income/(cost)	(11)	6	1	14	0	10
PBT	77	95	258	348	0	777
Tax cost/(income)	36	28	71	103	0	237
NET PROFIT	41	67	187	245	0	540

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	Q1-22	Q1-23	Var.	Var. %
Segment revenue	901	893	(8)	(1%)
Intersegment revenue	1,269	1,382	+114	+9%
Total revenues	2,170	2,276	+106	+5%
Personnel expenses	1,300	1,326	+26	+2%
of which personnel expenses	1,298	1,322	+25	+2%
of which early retirement incentives	2	4	+2	+79%
Other operating costs	610	636	+26	+4%
Intersegment costs	14	8	(6)	(43%)
Total costs	1,924	1,970	+46	+2%
EBITDA	246	305	+59	+24%
Depreciation, amortisation and impairments	190	217	+27	+14%
EBIT	56	88	+32	+58%
EBIT MARGIN	+3%	+4%
Finance income/(costs)	3	(11)	(13)	n.m.
Profit/(Loss) before tax	58	77	+19	+32%
Income tax expense	27	36	+9	+33%

FINANCIAL SERVICES PROFIT & LOSS

€m	Q1-22	Q1-23	Var.	Var. %
Segment revenue	1,311	1,414	+103	+8%
Intersegment revenue	196	234	+37	+19%
Total revenues	1,507	1,648	+141	+9%
Personnel expenses	11	12	+2	+14%
of which personnel expenses	11	12	+1	+13%
of which early retirement incentives	0	0	+0	n.m.
Other operating costs	26	38	+12	+47%
Depreciation, amortisation and impairments	0	0	(0)	n.m.
Intersegment costs	1,239	1,341	+102	+8%
Total costs	1,276	1,392	+116	+9%
EBIT	231	256	+25	+11%
EBIT MARGIN	15%	16%
Finance income/(costs)	5	1	(4)	(76%)
Profit/(Loss) before tax	236	258	+21	+9%
Income tax expense	65	71	+5	+8%
Profit for the period	171	187	+16	+9%

INSURANCE SERVICES PROFIT & LOSS

€m	Q1-22	Q1-23	Var.	Var. %
Segment revenue	373	393	+20	+5%
Intersegment revenue	(38)	(49)	(10)	(27%)
Total revenues	335	344	+10	+3%
Personnel expenses	1	2	+1	n.m.
of which personnel expenses	1	2	+1	n.m.
of which early retirement incentives	0	0	+0	n.m.
Other operating costs	2	2	+1	+54%
Depreciation, amortisation and impairments	1	0	(1)	(71%)
Intersegment costs	6	6	(0)	(5%)
Total costs	10	11	+1	+8%
EBIT	325	334	+9	+3%
EBIT MARGIN	97%	97%
Finance income/(costs)	11	14	+2	+21%
Profit/(Loss) before tax	336	348	+12	+3%
Income tax expense	101	103	+2	+2%
Profit for the period	235	245	+10	+4%

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q1-22	Q1-23	Var.	Var. %
Segment revenue	231	343	+112	+48%
Intersegment revenue	67	66	(1)	(1%)
Total revenues	298	409	+111	+37%
Personnel expenses	7	13	+6	+88%
of which personnel expenses	7	13	+6	+88%
Other operating costs	98	172	+74	+75%
Intersegment costs	112	125	+14	+12%
Total costs	217	311	+94	+43%
EBITDA	81	98	+17	+21%
Depreciation, amortisation and impairments	3	10	+6	n.m.
EBIT	78	89	+11	+14%
EBIT MARGIN	26%	22%
Finance income/(costs)	(0)	6	+6	n.m.
Profit/(Loss) before tax	78	95	+17	+22%
Income tax expense	22	28	+6	+25%
Profit for the period	55	67	+11	+20%

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.