Poste Italiane

Investor Presentation • Mar 30, 2023

POSTE ITALIANE 2017-2022 ACHIEVEMENTS & 2023 STRATEGY UPDATE

A PLATFORM COMPANY AT WORK

ROME, MARCH 30, 2023

POSTE ITALIANE – 2022 RESULTS AND 2023 GUIDANCE AGENDA

10:00 - 10:30 – Achievements and 2023 Strategy Update Matteo Del Fante – CEO and GM

Camillo Greco – CFO

Focus on Insurance Services Andrea Novelli – Poste Vita CEO

11:10 – 12:00 Q&A Session

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.

POSTE ITALIANE 2017-2022 ACHIEVEMENTS & 2023 STRATEGY UPDATE A PLATFORM COMPANY AT WORK

ROME, MARCH 30, 2023

Matteo Del Fante, CEO

A PLATFORM COMPANY AT WORK

A VISIBLE BASELINE FOR THE NEW STRATEGIC PLAN IN H2-23 – STAY TUNED

CONTENTS

BACK TO THE FUTURE – OUR ORIGINAL PROMISE IN FEBRUARY 2018 EXTRACT FROM DELIVER 2022 (FEBRUARY 27, 2018) PAGE 4

PROVEN TRACK RECORD – A NEW PLATFORM COMPANY IN PLACE CONSISTENTLY OVERDELIVERING TARGETS WHILE DRIVING SUSTAINABLE RETURNS

€bn unless otherwise stated		Impacted by COVID-19
		2017	2018	2019	2020	2021	2022
	REVENUES	10.57	10.82	10.96	10.53	11.22	11.89
	EBIT	1.12	1.50	1.77	1.52	1.85	2.29
	NET PROFIT1	0.69	1.40	1.34	1.21	1.58	1.51
	DPS (€)	0.42	0.44	0.46	0.49	0.59	0.65
	Achieved	Overachieved

2017-19 revenues are restated net of interest expenses and capital losses on investment portfolio; 1. 0.76bn excluding write-off of 0.07bn for 2017; 1.01bn excluding positive tax one-offs of 0.39bn for 2018; 1.23bn excluding SIA stake revaluation and positive tax one-offs of 0.11bn for 2019; 1.11bn excluding positive tax one-offs of 0.1bn for 2020; 1.33bn excluding Nexi stake revaluation and positive tax one-offs of 0.25bn for 2021

KEY ACHIEVEMENTS SINCE 2017 INTEGRATED DISTRIBUTION PLATFORM MEETING DAILY NEEDS OF ITALIANS

Insurance Services – A fully-fledged and resilient insurance company

• Stabilized Solvency II, reduced sensitivity
• Life business at the core of Group wealth management a safe harbor for clients
• Integrating ESG in investment strategy and products

Mail & Parcel – Building a fully-fledged logistics operator

STRATEGIC KPIs SUCCESSFUL EVOLUTION ACROSS ALL BUSINESS UNITS

		2017	2022
	Parcel revenues/ MPD market revenues	19%	38%
	TFAs (€bn) (o.w. capital guaranteed)	510 (97%)	562 (93%)
	Payment transactions (#bn) (o.w. % e-comm.)	0.9 (18%)	2.3 (26%)
	Life average reserves (€bn)	105	148
	Protection GWP (€m)	210	520
	Value added/FTE (€k)	59	75
	Capex (€m)	467	810
	1 Shareholders' equity (€bn)	7	11
	ESG indices & ratings (#)	0	16
	revenues2 New channel	7%	22%

1. Shareholders equity net of revaluation reserves and taking into consideration the dividend proposed for 2022; 2. New channel revenues refer to Digital, LIS & 3rd party points of sales addressable markets, excluding recurring revenues from TFA's management and those related to public tender contracts

2017-2022 REVENUES EVOLUTION BUSINESS SUCCESFULLY REPOSITIONED TOWARDS GROWING MARKETS AND RECURRING REVENUES

1. Declining markets: mainly mail and payment slips; 2. Stable markets: telco, postal savings and asset management; 3. Growing markets: parcels, life insurance, P&C and payments; 4. Investment products loans & mortgages and P&C; 5. Recurring revenues not directly related to commercial activity

M&A ACTIVITIES KEY PARTNERS TO ACCELERATE GROUP STRATEGY IMPLEMENTATION

UNMATCHED OMNICHANNEL SERVICE MODEL DATA DRIVEN CAPABILITIES TO BOOST TRANSACTIONS AND SALES

1. Interactions defined as any contact the customer has with Poste Italiane (e.g., entry into Post Office, ATM transactions, entry into a physical third-party network point, APP login, access to website etc.); 2. Excludes expired agreements

DIGITAL TRANSFORMATION AND CUSTOMER EXPERIENCE INCREASING OMNICHANNEL CUSTOMERS – IMPROVING CUSTOMER SATISFACTION

1. Defined as all purchases and all transactions that occurred through Poste Italiane APPs (BP, PP, PT), SPID APP and website; 2.Clients that used a Poste Italiane digital channel in 2022; 3. CX refers to Customer Experience and is calculated as the average between Net Promoter Score "NPS" (70%) and Customer Effort Score "CES" (30%); 4. CES refers to Customer Effort Score and is calculated as percentage of promoters minus percentage of detractors for Poste Italiane's APPs; 5. Average Poste Italiane APPs rating – rating 1 to 5

HUMAN CAPITAL DRIVING TRANSFORMATION 5 YEARS LATER… WE ARE 2 YEARS YOUNGER

GREEN TRANSITION ACHIEVEMENTS IN 2022 PROGRESSING IN LINE WITH CARBON NEUTRALITY TARGET BY 2030

CONTENTS

A VISIBLE GUIDANCE: 2023 EBIT AT 2.5BN GROWTH PATH CONFIRMED IN A CHALLENGING ENVIRONMENT – DPS INCREASED FOR 2022 AND 2023

€bn unless
otherwise stated		2017	2022	2023 GUIDANCE
	REVENUES	10.571	Net of upfront fees2 (11.89 11.60 stated)	11.9
	EBIT	1.12	2.29	2.5
	NET PROFIT3	0.69	1.51	1.7
	DPS, €	0.42	0.65	0.71

1. 2017 revenues are restated net of interest expenses and capital losses on investment portfolio; 2. Under IFRS17 costs directly attributable to insurance policies (such as upfront fees) will be netting off revenues within the CSM release; 3. Net Profit of 0.76bn excluding write-off of 0.07bn for 2017

M A R K E T E N V I R O N M E N T M I T I G A T I N G F A C T O R S

REDUCED GDP GROWTH EXPECTATIONS

PERSISTENT INFLATION

MARKET VOLATILITY

• Businesses positioned on structurally growing markets
• Diversified business new services to be introduced with Polis
• Mainly exposed to clients' non-discretionary spending
• Corporate energy costs fully hedged for 2023
• Labour agreement in place until end of 2023
• Strong track record of flexible cost management
• Loyal customers positive net flows in any market condition
• Sound capital and liquidity stabilized SII & prudent ALM
• 93% of TFAs not exposed to market

Historically increasing deposits also in highly volatile market conditions

1. Excluding Treasury and Poste Italiane liquidity

A PLATFORM COMPANY LEVERAGING ON NEW CHANNELS FOCUSING ON INTERACTIONS TO BOOST REVENUE GROWTH

20 1. LIS & 3rd party points of sales; 2. 2022 data includes LIS as of 1 Jan 2022; 3. Revenues from new channels addressable markets (excluding recurring revenues from TFA's management and those related to public tender contracts)

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

CONTENTS

2023 EXPECTED GROWTH DRIVERS SUPPORTIVE BUSINESS TRENDS AND VISIBILITY ON COST BASE

• Group capital optimization to support growth Solvency II ratio volatility successfully managed
• Visible dividend backed by steady and sustainable cash & capital generation
• All subsidiaries to contribute to the diversification of dividend upstream

FROM A MAIL TO A PARCEL PLAYER TO A FULLY FLEDGED LOGISTICS OPERATOR MAIL & PARCEL: TRANSFORMATIONAL JOURNEY

B2C leadership & excellence in parcel segment

MULTI-SEGMENT ACTIVITY, BUILT ON A STRONG CUSTOMER BASE

• Strengthening partnerships with key online retailers to gain revenue stream visibility
• LIS further enhancing PUDO's network
• Partnerships to enter international market

Building a fully fledged logistics operator

UNMATCHED PLATFORM TO DRIVE VALUE CREATION

• Contract logistics to provide innovative E2E solutions
• Leveraging on sector specific expertise (e.g. health logistics) and margin attractiveness

B2C volumes on PUDO

c.15% in 2023 vs 5% in 2020

c.40% in 2023 Share of revenues from multi-year agreements² network¹ Logistics revenues³ +c.45% in 2023 vs 2022

1. Share of Click & Collect network volumes (including returns and LIS) over total B2C volumes; 2. Includes share of revenues from Partnerships and long-term contracts for parcels, as well as revenues from logistics; 3. Logistics includes warehousing and integrated logistics, Plurima, Pac cargo revenues, excluding Personal Protective Equipment contract deliveries and Sennder and Sengi

STRENGTHENED POSITIONING ACROSS NATIONAL AND EU VOLUMES INITIATIVES FOSTERING A SUSTAINABLE GROWTH IN PARCELS

Renewed Amazon partnership New partnership with DHL

• 3+2 years commitment until 2027 ensuring mid term visibility on revenues and volumes
• Pricing mechanism designed to foster growth
• Enhanced B2C network to guarantee speed, flexibility and scalability to manage peaks
• Process innovation for returns and deliveries via third party networks, increasing coincidence to optimize costs and environmental impact

• Poste Italiane to manage the last mile of DHL e-Commerce solutions inbound volumes
• Poste Italiane to launch¹ outbound services to the rest of Europe
• Joint parcel lockers network for both domestic and international volumes
• MoU signed, inbound & outbound services by year end 2023

FINANCIAL SERVICES – POSTAL SAVINGS HIGHER VISIBILITY ON POSTAL SAVINGS DISTRIBUTION FEES – 1.7BN EXPECTED IN 2023

Revised distribution offer agreed

• Swift increase in interest rates early in 2022 resulted in significant redemptions and negative postal savings flows
• Postal savings offer adapting to market environment since mid 2022
• New postal savings books offer strongly boosted new customers' liquidity flows
• Digital product offering a competitive advantage to improve customer experience

Postal savings flows trend 21.2 19.6 22.5 28.0 30.2 43.0 2017 2018 2019 2020 2021 2022 (7.9) (4.8) (3.5) (0.6) (5.3) (11.1) NET TOTAL FLOWS GROSS POSTAL BONDS FLOWS H2-22 28.1 H1-22 14.9 c.10 in Jan-Feb 2023 Super smart time deposit flows (new liquidity) Post office network Online 1.8

PAYMENTS & MOBILE – GROWTH TRAJECTORY CONFIRMED POSTEPAY DIGITAL PAYMENTS ECOSYSTEM BOOSTED BY CASH TO CARDS SHIFT

INSURANCE: GROWTH OF VOLUMES & MARGINS IN LIFE AND PROTECTION REMITTANCE RATIO OF POSTE VITA TO BE INCREASED IN 2023

• Life positive net flows and product mix driving higher profitability – investment yields increasing
• Protection business profitable growth to continue leveraging on a still low penetration on group large and loyal customer base, helped by the launch of an integrated investment and protection advisory and sales platform
• IFRS17 to improve visibility on underlying value of the insurance business, with 11bn CSM and 12bn comprehensive equity arising from transition and neutral or slightly positive impact on P&L
• c.1bn gross SCR mass lapse insurance transaction ahead of internal model implementation
• High and less volatile solvency ratio, at 253%, allows for an increased remittance to the parent company

2023 growth drivers Remittance to parent to be increased

POSTE ITALIANE 2017-2022 ACHIEVEMENTS & 2023 STRATEGY UPDATE A PLATFORM COMPANY AT WORK

ROME, MARCH 30, 2023

Camillo Greco, CFO

PROVEN TRACK RECORD – GROWTH PATH CONFIRMED CONSISTENTLY OVERDELIVERING TARGETS WHILE DRIVING SUSTAINABLE RETURNS

2017-19 revenues are restated net of interest expenses and capital losses on investment portfolio; 1. Under IFRS17 costs directly attributable to insurance policies (such as upfront fees) will be netting off revenues within the CSM release; 2. 0.76 excluding write-off of 0.07 for 2017; 1.01 excluding positive tax one-offs of 0.39 for 2018; 1.23 excluding SIA stake revaluation and positive tax one-offs of 0.11 for 2019; 1.11 excluding positive tax one-offs of 0.1 for 2020; 1.33 excluding Nexi stake revaluation and positive tax one-offs of 0.25 for 2021.

BASELINE EBIT OF 2.36BN IN 2022 – EXCEEDING GUIDANCE A VISIBLE BASELINE FOR OPERATING PROFITABILITY GOING FORWARD

€m unless otherwise stated

FROM STATED TO BASELINE EBIT HIGHLIGHTS

• Lower commercial incentives and early retirement charges vs 2022 plan – early retirement funds of c.350m available as of Dec-22
• Subsidies on energy costs granted in 2022
• Insurance investment margin benefitting from inflation-linked bonds and release of other reserves ahead of IFRS 17 implementation
• Charges and releases on single tickets one-off provisioning
• One-off non-cash provision on tax credits – a conservative approach on the overall 9bn investment

2023 EBIT WALK STEADY GROWTH CONFIRMED – MORE THAN OFFSETTING HEADWINDS

MAIL, PARCEL & DISTRIBUTION STABLE REVENUES – PARCELS BACK TO GROWTH AND MAIL DECLINE MITIGATED BY REPRICING ACTIONS

1. Includes Philately, Patenti Via Poste, Poste Motori, Poste Air Cargo, Poste Welfare Service, Agile, Sourcesense, tax credit contribution and national vaccination plan related expense recovery; 2. Includes income received by Other Segments in return for use of the distribution network and Corporate Services

MP&D 2023 EBIT GUIDANCE AT (0.1)BN IN A CHALLENGING ENVIRONMENT CLEAR PATH TO 2023 TARGET THANKS TO VISIBILITY ON COSTS

€bn unless otherwise stated

FINANCIAL SERVICES HIGHER RATES TO DELIVER RECURRING CONTRIBUTION FROM INVESTMENT PORTFOLIO

1. Including intersegment distribution revenues 2. Including revenues from payment slips (bollettino), banking accounts related revenues, fees from INPS and money transfers, Postamat (until oct 2021); 3. Including revenues from custody accounts, credit cards, other revenues from third party products distribution.

NET INTEREST INCOME EVOLUTION CLEAR VISIBILITY ON NII GOING FORWARD

• Volumes expected to remain stable throughout 2023
• Further support from increasing interest rates on the variable rate portion of the portfolio (ca. 30%)
• Interest expenses to increase mostly due to Public Administration and Corporates

GROUP TOTAL FINANCIAL ASSETS STRONG NET INFLOWS INTO SAVINGS AND INVESTMENT PRODUCTS

HIGHLIGHTS

• Postal savings impacted by one-offs, institutional clients, lower postal saving books and postal bonds early redemptions
• Net technical reserves supported by strong positive inflows, also in Q4-22 – against negative inflows in the market
• Retail clients contributed to higher deposits
• Net inflows in saving and investments supported by insurance products and mutual funds
• 93% of customers' TFA unaffected by negative market performance

1. EoP figures; 2. Includes deposits and Assets Under Custody; 3. Deposits do not include REPOs and Poste Italiane liquidity, includes early pension payment effect; 4. Impact of the end of early pension payment scheme related to COVID-19 measures expired in March 2022; 5. Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Net Technical Reserves, and Assets under Custody

PAYMENTS & MOBILE REVENUES AND OPERATING PROFIT DOUBLING SINCE 2017

1. Excludes 219m from Nexi revaluation. Nexi closing price of €13.99 per share as of 30/12/2021; 2. 2022 includes 93m incremental revenues and 13m EBIT from LIS (o.w. +17m EBIT and -3m PPA amortization) ; 3. Pro-forma EBITDA including intercompany D&A expenses

INSURANCE SERVICES FULLY FLEDGED PRODUCT OFFERING CONFIRMING AMBITIOUS TOP LINE GROWTH

1. Includes Private Pension Plan (PPP); 2. Includes Poste Insurance Broker (PIB) net of claims, Poste Welfare Servizi (PWS) restated since 2021; 3. Net revenues defined as CSM release, Time Value of Minimum Guarantees (TVOG) and risk adjustment, net of release of expected expenses and claims; 4. Since 2022 lapse rate is calculated as surrenders divided by average reserves. 2017-2021 data have been restated accordingly in line with market practice; 5. Net Profit 2018 includes 385m DTAs; 6. Net of reinsurance. 2023 COR defined as insurance expenses, net reinsurance expenses, other technical income and expenses, not directly attributable expenses divided by gross insurance revenues.

POSTE ITALIANE 2024 SUSTAIN & INNOVATE STREAMING, MARCH 19, 2021 2017-2022 ACHIEVEMENTS & 2023 STRATEGY UPDATE A PLATFORM COMPANY AT WORK

ROME, MARCH 30, 2023

CFO

Camillo Greco Andrea Novelli, Poste Vita CEO

LIFE INSURANCE - SUSTAINABLE AND PROFITABLE MIX STEADY GROWTH OF VOLUMES AND MARGINS DRIVES INCREASING PROFITABILITY…

stated

Margin, costs and time value of the options and guarantees on average reserves (bp); 3. % Management fee on new business 2023; 4. Net profit / allocated capital; 5. Value for money index, customer view

LIFE INSURANCE – PRODUCT MIX ADAPTING TO MARKET CONDITIONS …SUPPORTED BY AN INCREASINGLY SUSTAINABLE IN-FORCE PORTFOLIO

C H I E F F I N A N C I A L O F F I C E R

BUILDING A FULLY FLEDGED & PROFITABLE PROTECTION BUSINESS GROWING MODULAR AND HEALTH INSURANCE LEVERAGING ON A STRONG LIFE CLIENT BASE

⁴³ 1. Includes third party motor offer and life protection GWP, excluding Net Insurance contribution; 2. Source: ANIA. Scope: Individual and collective policies. Italian, non-EU and EU companies authorized to operate in Italy under the right of establishment or in "Libera Prestazione di Servizio". Data for the year 2022 are internal estimates; 3. Protection policies purchased by the customer at the same time or in the 15 days following the purchase of an investment product; 4. Claims on full time equivalent people of Poste Assicura and Poste Welfare Servizi

SOLVENCY II RATIO SII RATIO ABOVE AMBITION IN A NEW MARKET SCENARIO – ENHANCED BY MANAGERIAL ACTIONS

• Solvency II ratio at 253%, net of 3pp foreseeable dividend to be paid to the parent (9pp. In FY-22 equal to c.450m) – proposal to increase payout to up to 75% from 2023
• Economic variances: longer duration liabilities and lower corporate credit spread more than offsetting BTP swap increase
• Positive capital generation from new business and in force portfolio
• Managerial actions: lapse risk partially transferred to top 5 global reinsurers resulting in +30pp, thanks to 1bn gross SCR reduction

44 1. EoP figures; 2. Net of foreseeable dividend, subject to review by the Independent Auditor

SII RATIO VOLATILITY SUCCESSFULLY MANAGED – REMITTANCE RATIO TO BE INCREASED IN 2023 SOLVENCY II RATIO

1. Excluding transitional measures; 2. Net of foreseeable dividends and subject to auditors' review; 3. SII ratio lower than risk appetite but target through the cycle reached: no actions needed. Target through the cycle checked against Own Risk and Solvency Assessment ("ORSA") projections; 4. SII ratio lower than risk appetite and target through the cycle not reached: actions considered. Target through the cycle checked against Own Risk and Solvency Assessment ("ORSA") projections; 5. Dividends to be paid in 2024 based on 2023 P&L; 6. 2023 data under IFRS 17

SOLVENCY CAPITAL – MASS LAPSE RISK INSURANCE INSURANCE AGREEMENT TO SHIELD POTENTIAL LAPSE RISK – SII RATIO +30PP AS OF DEC-22

1. Impact on mass lapse SCR gross of diversification, Loss Absorbing Capacity of deferred taxes ("LAC DT") and other effects; 2. Foreclosure option at the end of the second year; 3. Impact on mass lapse SCR prior to diversification and LAC DT effects

• Release ratio of CSM expected to be in the range of 6-8%
• IFRS 17 to have a neutral or slightly positive impact on P&L

TRANSITION TO IFRS 17: IMPROVED VISIBILITY ON PROFIT EMERGENCE CSM OF 11BN REFLECTING PROFITABILITY OF IN-FORCE BUSINESS – EXPECTED TO GROW SUSTAINABLY OVER TIME

€bn unless otherwise

stated

• No impact on cash and capital generation, dividends and Solvency II
• Change in shareholders' equity on transition (c.1bn reduction) driven by discounting of long-term liabilities and recognition of CSM and risk adjustment
• Value of investments (assets) unchanged, already accounted at fair value – Poste Italiane already adopting IFRS 9 since 2018
• Group CSM of 11bn on transition, reflecting profitability of in-force business mainly related to life business
  -

POSTE ITALIANE 2024 SUSTAIN & INNOVATE STREAMING, MARCH 19, 2021 2017-2022 ACHIEVEMENTS & 2023 STRATEGY UPDATE A PLATFORM COMPANY AT WORK

ROME, MARCH 30, 2023

CFO

Camillo Greco Greco, CFO

HUMAN CAPITAL – VIRTUOUS PROGRESSION ASSESSMENT OF FURTHER EFFICIENCIES TO COME WITH THE NEW STRATEGIC PLAN

ORDINARY HR COSTS/REVENUES DOWN 10PP SINCE 2017 LOWER FTEs AS A KEY DRIVER OF HR-COSTS REDUCTION – VISIBLE COST BASE FOR 2023

1. Excluding legal disputes with employees; 2. The adoption of IFRS 17 requires the accounting of the costs directly attributable to insurance policies in the CSM. This results in 0.4 lower HR costs compared to pre-IFRS 17 adoption

NON-HR COSTS TOTAL COSTS INCREASE TO SUPPORT BUSINESS GROWTH – MANAGEABLE IMPACT FROM INFLATION

1. 2017 and 2018 pro forma including Nexive and IFRS 16; 2019 and 2020 proforma including Nexive. Including COVID-19 related expenses in 2020 and 2021 2. Including costs for 106m in 2020 and 85m in 2021 to face the emergency, 3. Benefitting from €20m of energy subsidies, 4. The adoption of IFRS 17 requires the accounting of the costs directly attributable to insurance policies in the CSM. This results in 0.2 lower Non-HR costs compared to pre-IFRS 17 adoption

RECORD HIGH CAPEX IN 2023 CONTINUED TRANSFORMATION SUPPORTED

ICT¹

GROUP SHAREHOLDERS' EQUITY EVOLUTION POSITIVE AND SUSTAINABLE CAPITAL GENERATION TO SUPPORT GROWTH AND DIVIDEND DISTRIBUTION

HIGHLIGHTS

• Capital generation between Jan-17 and Dec-22 of 4.5 (incl. 0.8bn hybrid bond) in addition to c.4bn dividends distributed
• Throughout the period the group financed:
• Capex plan: c.4bn
• M&A³ : c.1.1bn
• Group shareholders' equity above 11bn as of Dec-22 – ready to support growth opportunities across Business Units

1. Shareholders equity net of revaluation reserves and taking into consideration the dividend proposed for 2022; 2. Other includes the coupon on the hybrid bond, the purchase of options for minority acquisitions, gains/losses on TFR ,reserve variation related to incentive schemes and buyback; 3. Net of capital gains, excluding Net Insurance

POSTE ITALIANE 2017-2022 ACHIEVEMENTS & 2023 STRATEGY UPDATE A PLATFORM COMPANY AT WORK

ROME, MARCH 30, 2023

Matteo Del Fante, CEO

DIVIDEND INCREASED THANKS TO OUTPERFORMANCE, BOTH IN 2022 AND 2023 SHAREHOLDERS' REMUNERATION

● Dividend increased vs Plan:

• 2022 DPS up to 0.65 (+10% y/y)
• 2023 DPS up to 0.71 (+9% y/y)

● 2022 and 2023 upgrade driven by:

• Strong financial performance payout at c.60% on average
• Increased visibility and sustainability of cash & capital generation

● Dividend policy under assessment in line with new strategic plan to be released in H2-23

● Commitment to a competitive dividend

1. 2021 payout calculated on underlying net profit of 1.33bn (excluding the revaluation in Nexi's stake of 0.2bn - closing price of €13.99 per share as of 30/12/2021- and positive tax-offs)

A PLATFORM COMPANY AT WORK

A VISIBLE BASELINE FOR THE NEW STRATEGIC PLAN IN H2-23 – STAY TUNED

POSTE TRANSFORMATION JOURNEY: AN ITALIAN STORY SUPPORTING THE DIGITALIZATION PROCESS CONNECTING THE COUNTRY

A STRATEGIC PILLAR FOR ITALY SIGNIFICANT IMPACTS ON THE COUNTRY'S SOCIO-ECONOMIC DEVELOPMENT

● ECONOMIC VALUE FOR THE COUNTRY¹

• Gross Domestic Product: €62.1bn
• Taxes paid: €10bn
• Employment income: €36.8bn

● SUPPORT TO DIGITAL AND FINANCIAL INCLUSION

• 70,000 participants in financial, postal and digital inclusion events in 2022
• 100% Financial advisors ISO 22222 certified

● PROXIMITY TO CITIZENS AND CONSTANT DIALOGUE WITH INSTITUTIONS

• Zero post offices closed; 97% of citizens living within 5 min. from a Poste touchpoint²
• Key support during the COVID-19 pandemic, providing vaccine platform/logistics

POLIS PROJECT – HOME TO DIGITAL SERVICES

SUPPORTING COUNTRY'S ECONOMIC AND SOCIAL COHESION THROUGH DIGITALIZATION AND INNOVATION

FINANCIAL SERVICES – PRIVATE CUSTOMERS & POSTE PREMIUM A DEDICATED SERVICE MODEL

ALIGNING STRATEGIC OBJECTIVES AND MANAGEMENT INCENTIVES REMUNERATION POLICY TO ENABLE SUSTAINABLE VALUE CREATION

INCENTIVE PLAN

Integrating

financial

Short & Long-term

sustainability

& ESG KPIs

PEOPLE STRATEGY

REWARD STRATEGY

• Gates: EBIT and qualifying conditions on supervised businesses

• Deferral / Retention / Lock-up periods
• Malus and Claw back conditions

Short-term variable incentive plan ('MBO')

Long-term variable incentive Plan (LTIP) – Performance Share

63

posteitaliane.it