Poste Italiane

Investor Presentation • Jul 28, 2022

1

POSTE ITALIANE Q2 & H1-22 FINANCIAL RESULTS 28 JULY 2022

A PLATFORM COMPANY AT WORK

CONTENTS

EXECUTIVE SUMMARY

RECURRING REVENUES AND COST DISCIPLINE TO SUCCESSFULLY NAVIGATE A CHALLENGING ENVIRONMENT

● REVENUES UP BY OVER 5% IN Q2-22 DRIVEN BY FINANCIAL SERVICES AND PAYMENTS & MOBILE

● RECORD HIGH EBIT AT €1.4BN IN H1-22 WITH POSITIVE CONTRIBUTION FROM ALL SEGMENTS

● DIVERSIFIED BUSINESS MODEL AND PROACTIVE COST MANAGEMENT INITIATIVES TO ENSURE

SUSTAINABLE REVENUE & EBIT GROWTH

● STRONG VISIBILITY ON 2022 EBIT TARGET – ADAPTING TO CHANGING MACRO SCENARIO

Q2 & H1-22 RESULTS OVERVIEW RECORD HIGH EBIT OF €1.4BN IN H1-22

€ m unless otherwise stated

	Q2-21	Q2-22	VAR.	VAR. (%)	H1-21	H1-22	VAR.	VAR. (%)
REVENUES	2,751	2,892	+141	+5.1%	5,684	5,865	+181	+3.2%
TOTAL COSTS	2,322	2,194	(128)	(5.5%)	4,634	4,473	(161)	(3.5%)
EBIT	429	698	+269	+62.7%	1,049	1,392	+342	+32.6%
NET PROFIT	326	469	+143	+44.0%	773	964	+191	+24.7%

OPERATING PROFIT BY SEGMENT PAVING THE WAY TO A STRONG 2022 PERFORMANCE

1. 2021 figures have been restated to account for Poste Welfare Servizi (PWS) change of perimeter

6

STRONG OPERATING TRACK RECORD DIVERSIFIED BUSINESS MODEL ADAPTING TO CHANGING MACRO SCENARIO

CONTENTS

MAIL, PARCEL & DISTRIBUTION LOWER COSTS AND HIGHER DISTRIBUTION FEES MORE THAN OFFSETTING PARCEL SLOWDOWN

1. 2021 figures have been restated to include Poste Welfare Servizi (PWS), in Mail, Parcel & Distribution; 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

8

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING PARCELS IMPACTED BY MARKET ENVIRONMENT AND RESILIENT MAIL – POSITIVE TARIFF EFFECT

1. Including mix effect; 2.Including logistics value chain contribution from China inbound volumes

⁹

PARCEL MARKET TRENDS

MANAGEMENT ACTIONS TO OFFSET SHORT-TERM HEADWINDS AND EXPAND GROWTH OPPORTUNITIES

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

• Declining consumer confidence since early 2022 impacting ecommerce demand¹
• Reduced propensity to spend on discretionary items driving parcel volumes down²

SUSTAINABLE MARKET DRIVERS

• Strong growth of e-commerce in Italy – CAGR +23% since 2017³
• Long-term growth confirmed (16 parcels per capita/year in Italy – average of 21 in Europe⁴ )

^{52 66 81} 145 174 174 +115% +27% CAGR

Q2-17 Q2-18 Q2-19 Q2-20 Q2-21 Q2-22

POSTE ITALIANE B2C PARCEL REVENUES (M, €)

HIGHLIGHTS

• Successful parcel strategy − business strengthened throughout the pandemic, with volumes well above 2019 (+67% revenues vs Q2-19)
• Flexible cost management to offset short-term headwinds – full visibility on 2022 EBIT target for MPD
• Entering new businesses (e.g. healthcare) to develop a sustainable business mix – towards a fully-fledged logistics operator

1. ISTAT; 2. Non-food discretionary items. Source: McKinsey & Company Pulse survey (calculated by subtracting all "lower" from all "higher" answers); 3. Politecnico di Milano; 4. The European Regulators Group for Postal Services and internal estimates

FINANCIAL SERVICES REVENUES SUPPORTED BY STRONG CONTRIBUTION FROM INVESTMENT PORTFOLIO

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

• contribution, supported by rising interest rates and tax credit investments
• Active portfolio management for FY-22 mostly booked
• Postal savings fees at floor remuneration in H1-22
• Transaction banking fees impacted by lower payment slips volumes
• Loan and mortgage fees stable in a challenging interest rate environment
• Asset management fees supported by resilient AUM
• Increasing EBIT mirroring revenue trends – Net Profit impacted by one-off noncash charges

11

12

NET INTEREST INCOME EVOLUTION

income

POSITIVE IMPACT Y/Y FROM RISING INTEREST RATES AND TAX CREDIT INVESTMENTS

€ m unless

1. Including repo and interest expenses; 2. Including mix effect; 3. Of which (19) temporary effect related to mark-to-market of a hedge due to expire in H2-22, 4. Of which (32) temporary effect related to mark-to-market of a hedge due to expire in H2-22

GROUP TOTAL FINANCIAL ASSETS POSITIVE NET INFLOWS DRIVEN BY DEPOSITS AND INSURANCE PRODUCTS

otherwise stated

€ bn unless HIGHLIGHTS

• Postal savings down due to lower cash inflows and higher cash outflows in postal books and early redemptions in postal bonds
• Net technical reserves impacted by interest rates increase despite positive net inflows
• Higher deposits mainly thanks to Public Administration
• Positive net inflows in Mutual funds – negative impact from market effect

o.w. (3.5) related to end of early pension payment scheme5

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

INSURANCE SERVICES LIFE REVENUES IMPACTED BY TIMING OF POLICYHOLDERS REBATES Y/Y – SOLID P&C GROWTH

Q2 HIGHLIGHTS

• Resilient life revenues Y/Y comparison impacted by front loading of FY-21 investment margin in Q2-21
• Positive net flows, with product mix adapting to changing market conditions
• P&C supported by higher GWP (+25% Y/Y) driven by health insurance products
• EBIT impacted by higher maintenance fees rebated to the network, driven by increasing stock

1. Includes Private Pension Plan (PPP); 2. Net of claims; includes Poste Insurance Broker and Other Revenues and Income; 3. 2021 figures have been restated net of Poste Welfare Servizi (PWS), included in Mail, Parcel & Distribution business segment; 4. Net of reinsurance

IFRS 17 ADOPTION STARTING FROM JAN-23 ON INSURANCE BUSINESS SIGNIFICANT STOCK OF FUTURE PROFITS (CSM) AT INCEPTION, TO BE RELEASED IN P&L OVER TIME

Key takeaways

• IFRS 17 expected to have a neutral or slightly positive impact on life business P&L. Impact assessment still ongoing for non-life business
• Solvency II ratio unaffected, as the new standard does not impact own funds calculation

IFRS 17

• As a result of the transition, a significant stock of CSM² , a proxy of value in-force, is expected to emerge also providing a guidance on the insurance business embedded value
• Value of investments (assets) unchanged, already accounted at fair value – Poste Italiane is the first insurance group already adopting IFRS 9
• IFRS 17 allows for the accounting of an additional release of CSM, to reduce unwanted P&L volatility arising from market conditions

IFRS 17 providing guidance on embedded value¹

15

SOLVENCY II RATIO SOLVENCY RATIO ABOVE MANAGERIAL AMBITION OF c.200% IN A VOLATILE ENVIRONMENT

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

SOLVENCY II RATIO SENSITIVITIES RATIOS ABOVE RISK TOLLERANCE UNDER SIMULATED SCENARIOS – REDUCED SENSITIVITY TO BTP SPREAD

PAYMENTS & MOBILE IMPRESSIVE GROWTH ACROSS ALL BUSINESS LINES

€ m unless otherwise stated

19

HUMAN CAPITAL HR COSTS DOWN SUPPORTED BY LOWER FTEs WHILE EMBEDDING HIGHER AVG. HIRINGS THAN FY-21

1. Excluding Nexive consolidation of 1.1k FTEs; 2.Annualised figures; 3. Group revenues minus cost of goods sold

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

RECURRING REVENUES AND COST DISCIPLINE TO SUCCESSFULLY NAVIGATE A CHALLENGING ENVIRONMENT

● REVENUES UP BY OVER 5% IN Q2-22 DRIVEN BY FINANCIAL SERVICES AND PAYMENTS & MOBILE

● RECORD HIGH EBIT AT €1.4BN IN H1-22 WITH POSITIVE CONTRIBUTION FROM ALL SEGMENTS

● DIVERSIFIED BUSINESS MODEL AND PROACTIVE COST MANAGEMENT INITIATIVES TO ENSURE

SUSTAINABLE REVENUE & EBIT GROWTH

● STRONG VISIBILITY ON 2022 EBIT TARGET – ADAPTING TO CHANGING MACRO SCENARIO

CONTENTS

SEGMENT REVENUES POSITIVE TOP-LINE CONTRIBUTION FROM FINANCIAL SERVICES AND PAYMENTS & MOBILE

SEGMENT OPERATING PROFIT PAVING THE WAY TO A SUCCESSFUL 2022

25

POSTE ITALIANE'S ESG RATED PERFORMANCE, AWARDS AND MEMBERSHIPS

Rating agency	Performance
CDP	A- Rating (Leader)
MSCI	A Rating (Average)
ISS E&S Disclosure Quality Score	1- Environmental & Social
Equileap Gender Equality Index	Top 100 globally
Vigeo Eiris Eurozone 120	#1 (Universo - Transport & Logistics)
Borsa Italiana	#1 MIB ESG
Sustainalytics	ESG Industry Top-Rated

Included in these indices

ESG Index Scores Awards & Recognitions Memberships LinkedIn - Best Talent Acquisition Team 2021 Most attractive employer 2021 Postepay Green product of the year 2022 European Funds Trophy 2021 Financial Innovation-Italian Award Top Employer Italia 2022 One of the World's Top 25 strongest brands Certificate of Excellence 2021 Celent Model Insurer Award for Customer Experience Transformation Top Rated ESG Performer

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 POSITIVE UNDERLYING PFN NET OF IFRS 16

Net financial position excluding IFRS 16 IFRS 16

HUMAN CAPITAL LOWER FTE BASE MORE THAN OFFSETTING SALARY INCREASE IMPACT ON HR COSTS

1. Excluding legal disputes with employees; 2. Unpaid leave and provisions for holidays, extraordinary items on bonuses and compensation, family subsidy (Assegno familiare), turnover and other

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE CURRENT ACCOUNT DEPOSITS SUPPORTED MAINLY BY PUBLIC ADMINISTRATION

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

30

Figures presented consistent with 24SI perimeter

€ bn unless otherwise

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

31

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED LOSSES AT € 1.9BN

€ m unless otherwise stated

SWAP 30Y 0.48 0.48 1.02 1.98 +97

TAX CREDIT PURCHASE – OVERVIEW €9.0BN PURCHASED, NEARING APPETITE LEVEL

POSTAL SAVINGS LOWER SAVINGS AND RAPID RATES INCREASE LEAD TO OUTFLOWS

€ m unless otherwise stated

35

POSTAL SAVINGS FLOWS IMPACTED BY THE RAPID CHANGE IN MACRO ENVIRONMENT

TOTAL POSTAL SAVINGS NET FLOWS (€BN)

POSTAL BONDS GROSS FLOWS (DAILY AVG €M)

KEY FLOWS DRIVERS

• Postal books impacted by lower saving capacity, expected to continue
• Positive trend on postal bond flows after significant repricing actions taken by CDP in early July, in response to a rapid increase in interest rates in H1-22
• Stock of postal bonds embedding lower yields: early redemptions expected to continue in H2-22
• Early redemptions and outflows driving postal savings distribution fees towards the floor remuneration of €1.6bn for FY-22

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 5 Pension payments due to the end of extraordinary COVID-19 related measures which envisaged early pension payments (expired in Mar-22); 3. Refers to 1 January 2021 to 5 July 2022; 4. Refers to 6 July 2022 to 21 July 2022

ASSET MANAGEMENT POSITIVE NET INFLOWS SUPPORTED BY MULTICLASS PRODUCTS

€ m unless otherwise stated

36

ASSET MANAGEMENT NET INFLOWS POSITIVE NET INFLOWS 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

39

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

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

INSURANCE SERVICES STRONG MULTICLASS PRODUCT NET INFLOWS – UNREALIZED GAINS IMPACTED BY HIGHER RATES

€ bn unless otherwise stated

41

INSURANCE SERVICES GWP LIFE IMPACTED BY VOLATILE ENVIRONMENT – NON-LIFE GROWING

1. Includes life protection and PPP

INSURANCE SERVICES NET INFLOWS POSITIVE NET INFLOWS THANKS TO MULTICLASS INSURANCE 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

POSTEPAY TRANSACTION VALUE (BASE 100)¹

HIGHLIGHTS

• PostePay payment transaction value up by a strong 19% 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 Q2-22 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless	MAIN		INDICATIVE MAIN
otherwise stated	RATIONALE	REMUNERATION SCHEME		2Q-21	2Q-22
•	Payments and Mobile remunerates:			a) 59	a) 57
a) b)	Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1 ; Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network;	a) b)	Number of payment transactions flat fee (depending on the product) Fixed % of revenues	b) 51 Total: 109	b) 63 Total: 121
•	Insurance Services remunerates:	c)	Fixed % of upfront fees	c) 128	c) 144
c)	Financial Services for promoting and selling insurance products2 and for investment management services3 ;	d)	Depending on service/product	d) 18	d) 21
d)	for providing corporate services1 Mail, Parcel and Distribution ;			Total: 146	Total: 165
• e)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and PMD products throughout the network and for proving corporate services4 ;	e)	Fixed % (depending on the product) of revenues	e) 995	e) 1,136
f)	Payments & Mobile for providing certain payment services5	f)	Depending on service/product	f) 66 Total: 1,0606	f) 54 Total: 1,1896
•	Mail, Parcel and Distribution remunerates:	g)	Annual fee	g) 11	g) 8
g) h)	Payments & Mobile for acquiring services and postman electronic devices Financial Services as distribution fees related to "Bollettino DTT"	h)	Flat fee for each "Bollettino"	h) 10 Total: 21	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. 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	Q2-21	Q2-22	Var.	Var. %	H1-21	H1-22	Var.	Var. %
Total revenues	2,751	2,892	+141	+5%	5,684	5,865	+181	+3%
of which:
Mail, Parcel and Distribution	912	904	(8)	(1%)	1,831	1,805	(26)	(1%)
Financial Services	1,082	1,194	+112	+10%	2,409	2,505	+96	+4%
Insurance Services	550	544	(7)	(1%)	1,044	1,073	+29	+3%
Payments and Mobile	207	250	+44	+21%	399	482	+83	+21%
Total costs	2,322	2,194	(128)	(6%)	4,634	4,473	(161)	(3%)
of which:
Total personnel expenses	1,335	1,263	(71)	(5%)	2,693	2,590	(103)	(4%)
of which personnel expenses	1,328	1,265	(64)	(5%)	2,687	2,592	(95)	(4%)
of which early retirement incentives	10	3	(7)	(69%)	11	5	(6)	(55%)
of which legal disputes with employees	(3)	(4)	(1)	n.m.	(5)	(7)	(2)	n.m.
Other operating costs	788	719	(69)	(9%)	1,543	1,477	(66)	(4%)
Depreciation, amortisation and impairments	200	212	12	+6%	398	406	+8	+2%
EBIT	429	698	+269	+63%	1,049	1,392	+342	+33%
EBIT Margin	+16%	+24%			+18%	+24%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	19	(15)	(34)	n.m.	39	4	(35)	(89%)
Profit before tax	448	683	+235	+52%	1,088	1,396	+308	+28%
Income tax expense	122	214	+92	+75%	315	432	+117	+37%
Profit for the period	326	469	+143	+44%	773	964	+191	+25%

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q2-21	Q2-22	Var.	Var. %	H1-21	H1-22	Var.	Var. %
Segment revenue	912	904	(8)	(1%)	1,831	1,805	(26)	(1%)
Intersegment revenue	1,072	1,212	+141	+13%	2,347	2,481	+135	+6%
Total revenues	1,984	2,116	+132	+7%	4,178	4,286	+108	+3%
Personnel expenses	1,306	1,237	(69)	(5%)	2,639	2,537	(102)	(4%)
of which personnel expenses	1,298	1,234	(63)	(5%)	2,629	2,532	(97)	(4%)
of which early retirement incentives	8	3	(5)	(64%)	10	5	(5)	(49%)
Other operating costs	620	578	(42)	(7%)	1,209	1,188	(21)	(2%)
Intersegment costs	21	8	(13)	(63%)	41	22	(19)	(46%)
Total costs	1,947	1,823	(124)	(6%)	3,889	3,747	(142)	(4%)
EBITDA	37	293	+256	n.m.	289	539	+250	+87%
Depreciation, amortisation and impairments	195	206	+12	+6%	389	397	+8	+2%
EBIT	(158)	87	+244	n.m.	(100)	142	+242	n.m.
EBIT MARGIN	(8%)	+4%			(2%)	+3%
Finance income/(costs)	(4)	1	+5	n.m.	1	4	+3	n.m.
Profit/(Loss) before tax	(162)	88	+250	n.m.	(99)	146	+245	n.m.
Income tax expense	(56)	32	+89	n.m.	(32)	59	+91	n.m.

FINANCIAL SERVICES PROFIT & LOSS

€m	Q2-21	Q2-22	Var.	Var. %	H1-21	H1-22	Var.	Var. %
Segment revenue	1,082	1,194	+112	+10%	2,409	2,505	96	+4%
Intersegment revenue	181	201	+21	+11%	380	398	17	+5%
Total revenues	1,263	1,396	+133	+11%	2,789	2,903	+114	+4%
Personnel expenses	11	10	(1)	(11%)	22	21	(1)	(6%)
of which personnel expenses	11	10	(1)	(10%)	22	21	(1)	(5%)
of which early retirement incentives	0	0	(0)	n.m.	0	0	(0)	(81%)
Other operating costs	35	23	(12)	(35%)	77	49	(28)	(36%)
Depreciation, amortisation and impairments	0	0	+0	n.m.	0	0	+0	+56%
Intersegment costs	1,060	1,189	+129	+12%	2,329	2,429	+100	+4%
Total costs	1,107	1,223	+116	+10%	2,428	2,499	+71	+3%
EBIT	156	173	17	+11%	362	404	43	+12%
EBIT MARGIN	12%	12%			13%	14%
Finance income/(costs)	2	(27)	(30)	n.m.	7	(22)	(30)	n.m.
Profit/(Loss) before tax	159	146	(13)	(8%)	369	382	13	+4%
Income tax expense	46	48	1	+3%	105	113	8	+7%
Profit for the period	112	98	(14)	(13%)	264	269	5	+2%

INSURANCE SERVICES PROFIT & LOSS

€m	Q2-21	Q2-22	Var.	Var. %	H1-21	H1-22	Var.	Var. %
Segment revenue	550	544	(7)	(1%)	1,044	1,073	+29	+3%
Intersegment revenue	1	1	+0	+8%	1	1	+0	+3%
Total revenues	551	544	(6)	(1%)	1,046	1,074	+29	+3%
Personnel expenses	10	9	(1)	(14%)	18	18	(0)	(3%)
of which personnel expenses	9	9	(0)	(2%)	17	18	+1	+4%
of which early retirement incentives	1	0	(1)	n.m.	1	0	(1)	n.m.
Other operating costs	24	22	(2)	(9%)	51	46	(5)	(10%)
Depreciation, amortisation and impairments	1	1	0	+47%	2	3	1	+26%
Intersegment costs	146	165	+19	+13%	318	332	+14	+4%
Total costs	182	197	+15	+8%	389	399	+9	+2%
EBIT	369	347	(22)	(6%)	656	676	+20	+3%
EBIT MARGIN	67%	64%			63%	63%
Finance income/(costs)	16	12	(4)	(28%)	27	23	(5)	(17%)
Profit/(Loss) before tax	385	359	(26)	(7%)	684	699	15	+2%
Income tax expense	115	108	(8)	(7%)	205	211	+6	+3%
Profit for the period	270	251	(19)	(7%)	479	487	9	+2%

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q2-21	Q2-22	Var.	Var. %	H1-21	H1-22	Var.	Var. %
Segment revenue	207	250	+44	+21%	399	482	+83	+21%
Intersegment revenue	84	69	(15)	(18%)	167	136	(31)	(19%)
Total revenues	291	319	+28	+10%	567	618	+51	+9%
Personnel expenses	7	7	+0	+3%	13	14	+1	+6%
of which personnel expenses	7	7	+0	+3%	13	14	+1	+6%
Other operating costs	109	96	(13)	(12%)	206	194	(12)	(6%)
Intersegment costs	109	121	+11	+10%	208	233	+25	+12%
Total costs	225	224	(1)	(1%)	427	441	+14	+3%
EBITDA	66	95	+30	+45%	139	177	+37	+27%
Depreciation, amortisation and impairments	4	4	0	+3%	8	7	(1)	(8%)
EBIT	62	91	+30	+48%	131	169	+38	+29%
EBIT MARGIN	21%	29%			23%	27%
Finance income/(costs)	5	0	(5)	n.m.	3	0	(4)	n.m.
Profit/(Loss) before tax	67	91	+25	+37%	135	169	+34	+25%
Income tax expense	17	26	+9	+56%	36	48	+12	+33%
Profit for the period	50	66	+15	+31%	99	121	+22	+23%

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.