Poste Italiane

Investor Presentation • Nov 10, 2022

POSTE ITALIANE Q3 & 9M-22 FINANCIAL RESULTS 10 NOVEMBER 2022

A PLATFORM COMPANY AT WORK

CONTENTS

EXECUTIVE SUMMARY

Q3 & 9M-22 RESULTS OVERVIEW

FY-22 GUIDANCE ALREADY OVERACHIEVED - RECORD HIGH EBIT OF €2.05BN IN 9M-22

€ m unless otherwise stated

	Q3-21	Q3-22	VAR.	VAR. (%)	9M-21	9M-22	VAR.	VAR. (%)
REVENUES	2,761	2,880	+119	+4.3%	8,445	8,745	+300	+3.6%
TOTAL COSTS	2,195	2,218	+23	+1.0%	6,830	6,691	(139)	(2.0%)
EBIT	566	663	+97	+17.1%	1,615	2,054	+439	+27.2%
NET PROFIT	401	461	+60	+15.0%	1,174	1,425	+251	+21.4%

OPERATING PROFIT BY SEGMENT STRONG OPERATING RESULTS ACROSS BUSINESS LINES

€ m unless otherwise stated

2022 EBIT GUIDANCE REVISED UPWARDS PROVEN BUSINESS MODEL DELIVERING IN A CHALLENGING ENVIRONMENT

EBIT EVOLUTION 2016 – 2022¹

LIS – A FAST GROWING PAYTECH COMPANY 100% ACQUISITION CONDUCIVE TO ACCELERATE OMNICHANNEL STRATEGY

€ m unless otherwise stated	KEY INVESTMENT HIGHLIGHTS	TRANSACTION RATIONALE		KEY FINANCIALS
INTEGRATED PAYTECH PLATFORM	• Specialized hardware and software	IMPROVE PAYTECH PROPOSITION
UNMATCHED PHYSICAL PRESENCE	• Points of sale to be rebranded • 0.9 points of sale per 1k inhabitants	STRENGTHEN
COMPREHENSIVE PROXIMITY PAYMENT OFFER & COMMERCIAL SERVICES	• 1m daily average transactions	OMNICHANNEL STRATEGY	• • • •	Sustained revenue growth Operating profitability further accelerating in Q4-22 Expected c.10m cost synergies by 2024 Lean cost base
FULL RANGE OF CORE MERCHANT SERVICES	• Platform enabling all merchants' activity • Product offer evolution	INCREASE CUSTOMER REACH	•	Low financial leverage	7

CONTENTS

MAIL, PARCEL & DISTRIBUTION POSITIVE EBIT FOR THE THIRD QUARTER IN A ROW

1. Q3-22 Revenues include 14 from Plurima, Q3-22 EBIT includes 1 from Plurima, 9M-22 Revenues include 29 from Plurima, 9M-22 EBIT includes 3 from Plurima; 2. Includes Tax Credit contribution, Digital Identities fees, vaccination plan related expense recovery, EGI, Poste Air Cargo, Patenti Via Poste, Philately, Poste Motori; 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 RECOVERING - MAIL TARIFFS REPRICING MITIGATING VOLUME DECLINE

PARCEL TRENDS IN A CHALLENGING MACRO SUPPORTIVE STRUCTURAL TRENDS AND ONGOING DIVERSIFICATION FOR A SUSTAINABLE GROWTH

MACROECONOMIC HEADWINDS POSTE ITALIANE TOTAL PARCEL REVENUES (M, €)

• 2022 parcel trends resilient in a deteriorating environment
• A potential recession scenario could have a cyclical impact on e-commerce demand

HIGHLIGHTS

• Revenues higher than pre-pandemic levels supported by structural trends and strong positioning of Poste Italiane
• Ongoing diversification into a fully-fledged logistics operator pursuing additional medium/long-term growth opportunities

SUPPORTIVE STRUCTURAL TRENDS

• Strong growth of e-commerce in Italy – CAGR +22% since 2017¹
• Long-term growth supported by low e-commerce penetration (16 parcels per capita/year in Italy – average of 21 in Europe² )

POSTE ITALIANE B2C PARCEL REVENUES (M, €)

1. Politecnico di Milano; 2. The European Regulators Group for Postal Services and internal estimates

FINANCIAL SERVICES REVENUES SUPPORTED BY STRONG NET INTEREST INCOME CONTRIBUTION

€ m unless

• contribution supported by rising interest rates and tax credits
• Postal savings fees at floor remuneration in Q3-22 due to negative net flows
• Transaction banking fees up Y/Y supported by repricing of current account fees
• Loan and mortgage fees impacted by higher partners' cost of funding and IFRS 15 – volumes broadly stable Y/Y
• Asset management fees affected by financial markets performance
• EBIT up Y/Y thanks to lower costs

1. Figures presented include intersegment distribution revenues; 2. Includes revenues from payment slips (bollettino), banking accounts related revenues, fees from INPS and money transfers, Postamat (only for 2021); 3. Includes reported revenues from custody accounts, credit cards, other revenues from third party products distribution

NET INTEREST INCOME EVOLUTION POSITIVE IMPACT FROM RISING INTEREST RATES

1. Includes Tax credit and BTP investment income; 2. Pro-forma for valuation changes on a hedge covering the Public Administration deposits yield; 3. Including repo and interest expenses

GROUP TOTAL FINANCIAL ASSETS POSITIVE NET FLOWS INTO SAVINGS AND INVESTMENT PRODUCTS

otherwise stated

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. Includes Moneyfarm; 5. Scheme related to extraordinary COVID-19 related measures expired in March 2022; 6. Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Net Technical Reserves, and Assets under Custody

€ bn unless HIGHLIGHTS

• Postal savings down due to one monthly pension payment less (-1.5bn), institutional clients accounts (-1.5bn), lower saving in postal books and postal bonds early redemptions
• Net technical reserves affected by financial markets despite positive net flows
• PA deposits increasing and sticky retail deposits
• Net inflows in saving and investments supported by insurance products and mutual funds
• Approximately 93% of TFA unaffected by negative market performance

INSURANCE SERVICES SOLID FINANCIAL RESULTS ACROSS LIFE AND P&C

Q3 HIGHLIGHTS

• Life revenues growth supported by strong volumes and investment margin benefit from inflation-linked bonds
• Positive net flows, thanks to a resiliently low lapse rate
• P&C supported by higher GWP and better profitability
• EBIT up thanks to higher revenues, partly offset by higher rebates
• Proposed acquisition of Net Insurance to further accelerate protection business growth

1. Includes Private Pension Plan (PPP); 2. Net of claims; includes Poste Insurance Broker and Other Revenues and Income; 3. Net of reinsurance

SOLVENCY II RATIO SOLVENCY RATIO IN LINE WITH MANAGERIAL AMBITION IN A NEW MARKET SCENARIO

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

SOLVENCY II RATIO SENSITIVITIES

RATIOS ABOVE RISK TOLERANCE UNDER SIMULATED SCENARIOS – SENSITIVITIES CONTINUE TO REDUCE

PAYMENTS & MOBILE IMPRESSIVE GROWTH ACROSS ALL BUSINESS LINES

€ m unless otherwise stated

HUMAN CAPITAL – FTEs CONTINUED FTE REDUCTION WHILE EMBEDDING HIGHER AVERAGE HIRINGS THAN FY-21

HUMAN CAPITAL – HR COSTS LOWER FTEs MORE THAN OFFSETTING SALARY INCREASE IMPACT ON HR COSTS

€ m unless otherwise stated

NON-HR COSTS CONTINUED UNIT VARIABLE COST OPTIMIZATION MITIGATING INFLATION IMPACT

2023 EXPECTED GROWTH DRIVERS

POSITIVE BUSINESS TRENDS IN A DETERIORATING MACRO – COST FLEXIBILITY AS ADDITIONAL BUFFER

MAIL, PARCEL & DISTRIBUTION

• Low e-commerce penetration in Italy
• Mail slowdown mitigated by repricing

INSURANCE SERVICES

• Life growth driven by in-force business and new production
• Protection business supported by organic growth and potential Net Insurance acquisition

GROUP COSTS

• HR-costs increase in line with 24SI – lower FTE reduction
• Non-HR costs increase mitigated by energy cost hedges & efficiencies
• posteitaliane.it ● Insourcing program to accelerate transformation

FINANCIAL SERVICES

• Higher interest rates environment to support NII
• Evolution of service model to improve customers' portfolio allocation

PAYMENTS & MOBILE

• Secular trend of cash to card shift
• LIS to accelerate growth trajectory

CAPITAL OPTIMIZATION

• Group capital optimization to support growth, in line with 24SI Plus, addressing SII capital absorption
• All subsidiaries to contribute to the diversification of dividend upstream
• Group dividend distribution for 24SI Plus fully covered by FY-22¹ stock of distributable reserves

CLOSING REMARKS

CONTENTS

SEGMENT REVENUES POSITIVE REVENUE PROGRESSION

SEGMENT REVENUES STEADY REVENUE PROGRESSION

SEGMENT OPERATING PROFIT STRONG OPERATING RESULTS ACROSS BUSINESS LINES

HUMAN CAPITAL – HR COSTS LOWER FTEs MORE THAN OFFSETTING SALARY INCREASE IMPACT ON HR COSTS

€ m unless otherwise stated

NON-HR COSTS UNIT VARIABLE COST OPTIMIZATION MORE THAN OFFSETTING INFLATION IMPACT

POSTE ITALIANE'S ESG RATED PERFORMANCE, AWARDS AND MEMBERSHIPS CONFIRMED GROUP'S COMMITMENT AND THE QUALITY OF OUR SUSTAINABILITY STRATEGY

Italian Award

2022

Ratings & selected index rankings: Awards & recognitions: Memberships:

	Performance
CDP	A- Rating (Leader)
MSCI	AA Rating (Average)
ISS Quality Score	#1- Environmental & Social
Sustainalytics	ESG Industry Top-Rated
Equileap Gender Equality index	Top 100 globally
Euronext Vigeo-Eiris 120 indices	#1 (Universe; Transport & Logistics)
Borsa Italiana	#1 MIB ESG

Indices:

Find out more about our awards and recognition in our annual report

• UN Global Compact
• Principles for Responsible Investment
• UNEP FI Principles for Sustainable Insurance
• UN Women
• CSR Exhibition
• Sodalitas
• Anima per Il Sociale
• CSR Manager
• Valore D
• Fondazione ASPHI Onlus
• Organismo Italiano di Business Reporting – Sustainability, Non-Financial e Integrated Reporting (O.I.B.R.)
• Parks Liberi e Uguali

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

MAIL, PARCEL AND DISTRIBUTION NET FINANCIAL POSITION IMPROVING ORGANIC CASH GENERATION – NET FINANCIAL POSITION IMPACTED BY M&A

1. Excludes IFRS16; 2. Include hybrid instruments management and share-buy back; 3. Includes M&A, downstream of capital to subsidiaries

³⁴

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE CURRENT ACCOUNT DEPOSITS SUPPORTED BY PUBLIC ADMIN AND STICKY RETAIL CLIENTS

1. Entirely invested in floating rate deposits c/o MEF; 2. Including deposits from PA, liquidity buffer, deposits c/o other financial institutions, short term bonds (for treasury management); 3. Includes business current accounts, PostePay business and other customers debt; 4. Average yield calculated as interest income on average current account deposits

Figures presented consistent with 24SI perimeter

1. Annual average, includes Public Administration deposits with the Ministry of Economy and Finance and tax credits; 2. Return including the contribution from active portfolio management; calculated on average bond portfolio

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED LOSSES NOT IMPACTING CAPITAL POSITION

€ m unless otherwise stated

SWAP 30Y 0.48 0.48 1.98 2.40 +41

POSTAL SAVINGS LOWER SAVINGS AND SUDDEN RATES INCREASE IMPACTING NET FLOWS

€ m unless otherwise stated

1. Average postal savings excludes interests accrued year-to-date and interests compounded, but not yet payable, on postal bonds not matured as of the reporting date; 2. Scheme related to extraordinary COVID-19 related measures expired in March 2022

POSTAL SAVINGS FLOWS RECOVERY SUPPORTED BY REPRICING ACTIONS

TOTAL POSTAL SAVINGS NET FLOWS (€BN)

POSTAL BONDS GROSS FLOWS (DAILY AVG €M)

POSTAL BONDS EARLY REDEMPTIONS (€BN)

POSTAL BONDS NET FLOWS (DAILY AVG €M)

1. Includes 13 Pension payments due to extraordinary COVID-19 related measures which envisaged early pension payments; 2. Includes a pension payment less due to the end of extraordinary COVID-19 related measures which envisaged early pension payments (expired in Mar-22); 3. -1.5bn pension payment less related to one monthly pension payment less, -1.5bn corporate accounts, lower saving in postal books and postal bonds early redemptions 4. Refers to 1 January 2021 to 5 July 2022; 5. Refers to 6 July 2022 to 30 September 2022

ASSET MANAGEMENT POSITIVE NET FLOWS SUPPORTED BY MULTICLASS PRODUCTS

€ m unless otherwise stated

40

Sep-22

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

€ m unless otherwise stated

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

INSURANCE SERVICES SOLVENCY II EVOLUTION

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN (€ M)

INSURANCE SERVICES STRONG NET INFLOWS – UNREALISED GAINS IMPACTED BY HIGHER RATES

€ bn unless otherwise stated

INSURANCE SERVICES GWP POSITIVE COMMERCIAL RESULTS ACROSS LIFE AND NON-LIFE SUPPORTING GWP GROWTH

INSURANCE SERVICES NET INFLOWS POSITIVE NET FLOWS ACROSS ALL PRODUCTS

€ m unless otherwise stated

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 by a strong 22% CAGR, compared to a market growth of 11%²
• Significant room for growth also thanks to the low penetration of digital payments in Italy (38%³ in 2021)
• E-commerce transactions accelerated by post pandemic customer behaviour

INTERSEGMENT COSTS AS OF Q3-22 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless	MAIN		INDICATIVE MAIN
otherwise stated	RATIONALE	REMUNERATION SCHEME		3Q-21	3Q-22
•	Payments and Mobile remunerates:
a)	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) 57	a) 54
b)	Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network;	b)	Fixed % of revenues	b) 54	b) 66
•				Total: 110	Total: 120
c)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for	c)	Fixed % of upfront fees	c) 123	c) 145
	investment management services3 ;	d)	Depending on service/product	d) 16	d) 19
d)	for providing corporate services1 Mail, Parcel and Distribution ;			Total: 139	Total: 164
	Financial Services remunerates:	e)	Fixed % (depending on the product)	e) 1,166	e) 1,122
e)	Mail, Parcel and Distribution for promoting and selling Financial, Insurance and PMD products throughout the network and for proving corporate services4 ;		of revenues	f) 62	f) 50
f)	Payments & Mobile for providing certain payment services5	f)	Depending on service/product	Total: 1,2286	Total: 1,1736
•	Mail, Parcel and Distribution remunerates:
g)	Payments & Mobile for acquiring services and postman electronic devices	g)	Annual fee	g) 9	g) 7
h)	Financial Services as distribution fees related to "Bollettino DTT"	h)	Flat fee for each "Bollettino"	h) 10	h) 0
				Total: 19	Total: 7

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. E.g. Corporate services are remunerated according to number of allocated FTEs, volumes of letters sent and communication costs; 5. E.g. "Bollettino" 6. Excluding interest charges

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q3-21	Q3-22	Var.	Var. %	9M-21	9M-22	Var.	Var. %
Total revenues	2,761	2,880	+119	+4%	8,445	8,745	+300	+4%
of which:
Mail, Parcel and Distribution	851	843	(8)	(1%)	2,682	2,648	(34)	(1%)
Financial Services	1,286	1,240	(46)	(4%)	3,695	3,745	+50	+1%
Insurance Services	404	500	+97	+24%	1,448	1,573	+125	+9%
Payments and Mobile	220	297	+77	+35%	619	779	+159	+26%
Total costs	2,195	2,218	+23	+1%	6,830	6,691	(139)	(2%)
of which:
Total personnel expenses	1,242	1,254	+13	+1%	3,934	3,844	(91)	(2%)
of which personnel expenses	1,227	1,242	+15	+1%	3,914	3,833	(80)	(2%)
of which early retirement incentives	14	12	(2)	(14%)	25	17	(8)	(32%)
of which legal disputes with employees	1	1	(0)	(16%)	(5)	(7)	(2)	(47%)
Other operating costs	755	756	+1	+0%	2,298	2,233	(65)	(3%)
Depreciation, amortisation and impairments	199	207	+9	+4%	597	614	+17	+3%
EBIT	566	663	+97	+17%	1,615	2,054	+439	+27%
EBIT Margin	+21%	+23%			+19%	+23%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	20	7	(13)	(65%)	59	11	(48)	(81%)
Profit before tax	586	670	+84	+14%	1,674	2,066	+391	+23%
Income tax expense	185	209	+23	+13%	500	641	+140	+28%
Profit for the period	401	461	+60	+15%	1,174	1,425	+251	+21%

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q3-21	Q3-22	Var.	Var. %	9M-21	9M-22	Var.	Var. %
Segment revenue	851	843	(8)	(1%)	2,682	2,648	(34)	(1%)
Intersegment revenue	1,237	1,194	(44)	(4%)	3,584	3,675	+91	+3%
Total revenues	2,088	2,037	(51)	(2%)	6,266	6,323	+57	+1%
Personnel expenses	1,219	1,227	+8	+1%	3,858	3,763	(95)	(2%)
of which personnel expenses	1,206	1,215	+10	+1%	3,834	3,747	(88)	(2%)
of which early retirement incentives	14	11	(2)	(16%)	24	17	(7)	(30%)
Other operating costs	578	588	+10	+2%	1,787	1,776	(12)	(1%)
Intersegment costs	19	7	(12)	(62%)	60	29	(31)	(51%)
		1,822	+5	+0%	5,705	5,569	(137)	(2%)
Total costs	1,816
EBITDA	272	215	(57)	(21%)	561	755	+194	+35%
Depreciation, amortisation and impairments	193	202	+9	+5%	582	599	+17	+3%
EBIT	79	13	(66)	(83%)	(21)	155	+177	n.m.
EBIT MARGIN	+4%	+1%			(0%)	+2%
Finance income/(costs)	6	(6)	(12)	n.m.	7	(2)	(9)	(133%)
Profit/(Loss) before tax	85	7	(78)	(92%)	(14)	153	+168	n.m.
Income tax expense	39	9	(30)	(77%)	8	68	+61	n.m.

FINANCIAL SERVICES PROFIT & LOSS

€m	Q3-21	Q3-22	Var.	Var. %	9M-21	9M-22	Var.	Var. %
Segment revenue	1,286	1,240	(46)	(4%)	3,695	3,745	+50	+1%
Intersegment revenue	180	205	+25	+14%	560	602	+43	+8%
Total revenues	1,466	1,445	(21)	(1%)	4,255	4,348	+93	+2%
Personnel expenses	9	10	+1	+11%	32	31	(0)	(1%)
of which personnel expenses	9	10	+1	+8%	31	31	(0)	(1%)
of which early retirement incentives	0	0	+0	n.m.	0	0	+0	+27%
Other operating costs	48	17	(31)	(65%)	125	66	(59)	(47%)
Depreciation, amortisation and impairments	0	0	+0	+64%	0	1	+0	+58%
Intersegment costs	1,228	1,173	(55)	(4%)	3,556	3,601	+45	+1%
Total costs	1,286	1,200	(85)	(7%)	3,713	3,699	(14)	(0%)
EBIT	180	244	+64	+36%	542	649	+107	+20%
EBIT MARGIN	12%	17%			13%	15%
Finance income/(costs)	2	(0)	(2)	n.m.	9	(22)	(31)	n.m.
Profit/(Loss) before tax	182	244	+62	+34%	551	626	+75	+14%
Income tax expense	52	67	+15	+28%	158	180	+22	+14%
Profit for the period	130	178	+48	+37%	393	447	+53	+14%

INSURANCE SERVICES PROFIT & LOSS

€m	Q3-21	Q3-22	Var.	Var. %	9M-21	9M-22	Var.	Var. %
Segment revenue	404	500	+97	+24%	1,448	1,573	+125	+9%
Intersegment revenue	1	1	(0)	(30%)	2	2	(0)	(10%)
Total revenues	405	501	+96	+24%	1,450	1,575	+125	+9%
Personnel expenses	7	9	+2	+22%	26	27	+1	+4%
of which personnel expenses	7	9	+1	+20%	24	26	+2	+9%
of which early retirement incentives	0	0	+0	n.m	1	0	(1)	(92%)
Other operating costs	24	23	(0)	(1%)	75	69	(5)	(7%)
Depreciation, amortisation and impairments	1	0	(1)	(63%)	3	3	(0)	(3%)
Intersegment costs	139	164	+25	+18%	457	496	+39	+9%
Total costs	171	196	+26	+15%	560	595	+35	+6%
EBIT	234	305	+71	+30%	890	980	+90	+10%
EBIT MARGIN	58%	61%			61%	62%
Finance income/(costs)	13	13	+0	+4%	40	36	(4)	(10%)
Profit/(Loss) before tax	247	318	+71	+29%	930	1,017	+86	+9%
Income tax expense	73	104	+31	+43%	278	315	+37	+13%
Profit for the period	174	214	+40	+23%	653	701	+49	+7%

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q3-21	Q3-22	Var.	Var. %	9M-21	9M-22	Var.	Var. %
Segment revenue	220	297	+77	+35%	619	779	+159	+26%
Intersegment revenue	79	65	(13)	(17%)	246	201	(45)	(18%)
Total revenues	299	362	+63	+21%	866	980	+114	+13%
Personnel expenses	6	8	+3	+45%	19	22	+3	+17%
of which personnel expenses	6	8	+3	+45%	19	22	+3	+17%
Other operating costs	105	128	+23	+22%	311	323	+12	+4%
Intersegment costs	110	120	+10	+9%	318	352	+35	+11%
Total costs	221	256	+36	+16%	648	698	+49	+8%
EBITDA	78	106	+28	+36%	217	282	+65	+30%
Depreciation, amortisation and impairments	4	5	+0	+9%	13	12	(0)	(2%)
EBIT	73	101	+27	+37%	205	270	+65	+32%
EBIT MARGIN	25%	28%			24%	28%
Finance income/(costs)	(1)	(0)	+0	n.m.	3	(0)	(3)	n.m.
Profit/(Loss) before tax	73	100	+28	+38%	208	270	+62	+30%
Income tax expense	21	29	+8	+39%	57	77	+20	+35%
Profit for the period	52	72	+20	+38%	150	192	+42	+28%

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 recent Covid-19 pandemic and 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.